Sustainable non-life insurance 2023
In the sustainability analysis related to non-life insurance, we assess how non-life insurance companies consider sustainability aspects in claims handling, their own procurement, adaptation to climate change, and asset management. We also evaluate how companies raise awareness among their customers and employees about the climate impacts of claims covered by non-life insurance and their overall impact on sustainable development. We classify companies in each area according to a traffic light model; red, yellow, or green rating. Additionally, we evaluate insurance products separately, including corporate insurance, traffic insurance, and transportation insurance.
Scope of the analysis
In the report related to non-life insurance, we analyse six non-life insurance companies operating in Finland:
- Pohjola Vakuutus
What do we assess?
In our assessment, we focus on the most commonly purchased insurance categories by our customers, namely transportation insurance, traffic insurance, and corporate insurance, with the latter emphasizing property insurance. The emphasis is on the products themselves rather than the companies, ensuring meaningful and fair comparisons. For customers purchasing insurance policies, it's crucial to be able to compare companies that offer the specific types of insurance they seek. Therefore, we have created relative ratings for these three categories and assessed all companies based on how they manage their insurance premiums, collaborate, and share information.
How is the analysis conducted?
The analysis evaluates how non-life insurance companies consider sustainability in claims handling, procurement, adaptation to climate change, and asset management, as well as how they raise awareness among their customers and employees about the climate impacts of claims covered by non-life insurance and their overall impact on sustainable development.
The analysis is based on publicly available information and data collected from the relevant companies through questionnaires we developed ourselves. The questionnaires include detailed questions related to the companies' sustainability efforts. Based on the responses received from the questionnaires, additional questions are often posed. If a company refuses to respond to the survey, we use publicly available sources such as the company's website.
The evaluation of non-life insurance companies' sustainability efforts is relative in each area, meaning that the sustainability efforts of companies are compared to those of other companies. According to our assessment, a company with a green rating is more actively engaged in sustainability issues compared to a company with a yellow or red rating.
Why choose an insurance company with a green rating in one or more areas?
When you choose an insurance company with a green rating, you can be assured that the company actively works to manage and minimize the sustainability-related risks your organization faces. By selecting a company that considers sustainability in its asset management, you can contribute to a more sustainable future through your insurance premiums. The insurance industry plays a crucial role in addressing both current and future climate challenges and transitioning toward a more sustainable society. When you choose a company that actively shares information in industry-wide initiatives, you support the development of the entire industry.