Sustainability Analysis Reveals - Finnish Non-Life Insurance Companies Have a Lot of Work to Do in Terms of Sustainability
Insurance companies have a great opportunity to reduce their environmental impact through sustainable claims solutions and damage prevention. Insurance companies also manage significant investment assets where responsible choices can be made.
In our sustainability analysis, we assessed how non-life insurance companies consider sustainability in claims handling, procurement, adaptation to climate change, and asset management.
We also examined how companies raise awareness among their customers and employees about the climate impacts of claims covered by non-life insurance and their impact on sustainable development.
Three insurance products were analyzed separately
The focus of the analysis was on the most common insurance products offered to our corporate clients: corporate, traffic, and transportation insurance.
The analysis is based on publicly available data and data obtained directly from the companies through survey questionnaires. Additional questions were often asked based on the responses received from the questionnaires. Two companies refused to respond to the survey.
The assessment of the sustainability efforts of non-life insurance companies is relative to each product area, meaning that the sustainability efforts of companies are compared to those of other companies.
Companies receive ratings of either green, yellow, or red for their activities. 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.
The goal of the analysis is to identify and classify non-life insurance companies as green, those that have gone furthest in their sustainability efforts and do so in an innovative way compared to their competitors.
Which insurance companies received a green rating in 2023?
The survey was sent to If, LähiTapiola, Pohjola Vakuutus, Pohjantähti, Turva, and Fennia, with the latter two refusing to participate in the survey. The activities of these companies were evaluated based on publicly available information.
The most significant result was that the most sustainability measures were taken by If and LähiTapiola. If was the only company to receive a green rating in every assessed area. LähiTapiola, on the other hand, received four yellow ratings and one green rating. Pohjola Vakuutus and Pohjantähti had all three ratings, while Turva and Fennia received only red ratings.
If you want to explore the results in more detail, please see the full report here.