Insurance
The insurance industry has an important role to play in meeting the challenges of climate change. NN Group can help enable the transition to a low-carbon economy by offering products and services that address the environmental challenges our customers face. Such as developing new products and services that contribute to a low-carbon economy and helping insure our customers against the impacts of climate change.
Commitment to net-zero underwriting portfolio
NN’s objective is to transition our underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.
Our approach
Decarbonise our underwriting portfolio by reducing insurance-associated GHG emissions
Engage in the value chain to accelerate action to reach net-zero in the real economy
Insure climate solutions to play our part in enabling the transition to a net-zero economy
Contributing to the decarbonisation of the economy is a relatively new area for insurers, with work still being done to assess how to approach this. We believe that knowledge sharing with key players in the international (re)insurance market is an important part of exploring how insurance companies can play a role. We are, for example, a member of the Forum for Insurance Transition to Net Zero (FIT) where we collaborate to advance net-zero insurance thinking and practices.
Coal policy for insurance underwriting
NN Group has implemented a coal policy that states NN does not provide insurance services to companies that derive their revenues from thermal coal mining or unconventional oil and gas. This includes project specific underwriting and corporate underwriting. Exempt from this policy for coal exclusion is our marine cargo business where this includes package and company insurance. Stand-alone coverage of thermal coal transport is not part of NN’s existing product offering, and will not be considered in the future. This decision will not apply to the provision of products or services if they are intended for the benefit of employees, such as pension products and workers compensation as per our regular policy applicability. While our insurance underwriting exposure is limited, we believe this gives a strong signal to the real economy.
