Chaucer, the global specialty re/insurance group, has updated its ESG sustainability strategy.
In 2022, the company originally revealed that it had aimed to reach net zero greenhouse gas emissions by 2050 or sooner, and to become carbon neutral by 2030 or sooner. To further accelerate this plan, Chaucer announced that its updated ESG strategy will be applied across all six of its defined core functions – investments, marketing, underwriting, operations, risk and governance.
As part of its updated ESG strategy, Chaucer also revealed that it is already taking the following actions:
Chaucer also shared in a release some of the other changes it has previously made in line with its sustainability goals. The changes include using 100% renewable energy in its London headquarters, reducing in-office monitors from 920 to 330, and using rechargeable batteries for all IT equipment.
Also last year, Chaucer launched its ESG Balanced Scorecard, developed together with Moody’s. The scorecard measures the performance of clients and business partners to produce ESG scores for each of them. The company is working to enhance data quality and embed a pre-bind tool to determine the ESG of prospective clients.
“At Chaucer, we believe ESG should underpin everything we do to meet the increasing need for global sustainability progress,” said Chaucer CEO John Fowle.
“The (re)insurance industry has an important role to play to encourage its business partners to improve on Environmental, Social and Governance matters and Chaucer is determined to be at the forefront of this movement.”
Fowle added that Chaucer’s ESG strategy has been designed to produce measurable results, to hold the company itself and its counterparties to account on ESG factors.
“Our ESG vision should produce real change and have a visible impact on the way we do business across all of our core functions,” he said.
Earlier this month, Chaucer entered into a partnership with insurtech Crown Jewel Insurance to provide insurance for company secrets – the first product of its kind. The new product offers protection for the loss in value a business can suffer if its trade secrets are stolen and made public or given to a competitor.