Insurer has committed to achieving an underwriting portfolio for energy production that is over 75% low carbon by 2030
RSA today announced the launch of a low-carbon underwriting policy, effective 1 January 2023, and a commitment to achieving an underwriting portfolio for energy production that is over 75% low carbon by 2030.
The strategy will use independent and verifiable climate data and metrics to both measure portfolio performance and inform underwriting and portfolio management processes.
As part of the new policy, RSA will progressively rebalance its underwriting portfolio in favour of net zero energy production via renewable energy service offerings for clients.
Adaptation and transition
Additionally, the insurer intends to tap into parent company IFC’s experience of delivering climate adaptation and resilience in North America, to place increased focus on climate adaptation in the geographies and communities in which it operates.
The new undertaking also furthers the commitment made to enabling the transition to net-zero through:
- The provision of products and services supporting net zero energy generation;
- Supporting clients on their Net-Zero transition pathways; and
- Ensuring that RSA does not underwrite new business that does not align with its own organisational net zero goals and timelines.
Speaking about the new policy, Ken Norgrove, CEO, UK&I, said: “It’s never been clearer that urgent action is needed to tackle the climate crisis. At RSA, we’ve long been committed to responsible business and doing what we can to help protect our clients, our environment and the societies in which we live and work. The launch of this new low-carbon underwriting policy furthers that commitment.”
Commenting, Michael Gregory, head of Underwriting Strategy & Delivery, added: “Having exceeded the targets we set out under the low-carbon underwriting policy that was implemented in late 2019, today we have the confidence to push ourselves and our business even further, establishing achievable criteria that are among the most progressive in the industry.”