MS Amlin has announced that it has finalized its sustainability strategy for the next 36 months.
According to the (re)insurer, the detailed plan will act as a “statement of positive intent about how MS Amlin plans to support clients, partners, and the business,” as it moves forward to a low carbon economy.
The detailed sustainability strategy lays out the steps which the company will take over the next 36 months and provides multi-point plans for how it will implement ESG criteria and monitor its performance effectively, a release said. MS Amlin added that the plan would support its commitment to minimizing the environmental impacts of its operations globally, while also expanding its social and governance practices.
The plan also aligns MS Amlin’s business strategy with the vision of its parent company MS&AD., while addressing the increased appetite from clients looking for support on sustainability.
MS Amlin’s sustainability strategy has three components:
- Supporting profitable growth – Deploying data, analytics and underwriting expertise to: i) support and influence clients aligning with the UN Sustainable Development Goals (UNSDGs) and transitioning to net zero; and ii) appropriately price for exposures arising from this transition.
- Empowering our people – Embedding sustainability practices to attract, engage, motivate and empower employees, while having a positive impact on the wider community.
- Delivering on obligations – Ensuring MS Amlin is well placed to fulfil its regulatory and other sustainability-related obligations, particularly in relation to climate risk
During the 36-month period, MS Amlin will fulfil the target setting requirements as specified by the Science Based Targets Institute (SBTi). The (re)insurer will also submit its targets for validation to the SBTi.
“MS Amlin has a key role to play in the transition to net-zero. Insurance is one of the enablers of growth and trade, meaning it can spearhead and support with the transition of economies and driving decarbonization,” said MS Amlin Underwriting Limited CEO Johan Slabbert. “This document and the subject at its heart, sustainability, touches every aspect of our business.”
Slabbert added that the sustainability plan’s scope is broad and that the challenge to meet the requirements is “sizeable,” and that it will not be easily solved in a matter of years – but the opportunity ahead of the company is enormous.
“As the world continues on its journey to transition to a low carbon economy, we recognize that it is our duty to act, and responsibly contribute to these developments,” said MS Amlin head of sustainability and ESG Amir Sethu. “In addition to our corporate responsibility to act ethically, our employees have told us that they are passionate about, and prioritize sustainability, in their personal lives. Our new Sustainability Strategy sets out our goals, and we are certain that we can rise to the challenge and effectively tackle some of the biggest questions we are currently facing in the world.”