British insurance company, RSA, has announced the launch of a new low-carbon underwriting policy and a commitment to achieving an underwriting portfolio for energy production that is over 75% low carbon by 2030.
This move promises to help enable and foster the transition to Net-Zero through the provision of products and services supporting Net-Zero energy generation.
The new policy, which will be effective on 1 January 2023, will utilise robust, independent and verifiable climate data and metrics to both measure portfolio performance and inform underwriting and portfolio management processes.
It will also progressively rebalance underwriting portfolio in favour of Net-Zero energy production via Renewable Energy service offerings for clients, which will be made available across geographies.
In addition, RSA said it will tap into Intact Financial Corporation’s (IFC) experience of delivering climate adaptation and resilience in North America, in order to place increased focus on climate adaptation in the geographies and communities in which it operates.
Ken Norgrove, CEO, UK&I, commented: “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.”
In its 2019 Climate Change and Low Carbon Policy the firm set out its commitment to enabling the transition to Net-Zero. It aims to achieve this through the provision of products and services supporting Net-Zero energy generation; supporting clients on their Net-Zero transition pathways; and ensuring not to underwrite new business that does not align with its own organisational Net-Zero goals and timelines.
Michael Gregory, Head of Underwriting Strategy & Delivery, said: “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.”