ESRS E1 - Climate change
Topic | Climate change |
Sub-topic | Energy |
Sub-sub-topic |
|
IRO | Impact - actual negative |
Location | Own operations |
Time-frame | Long-term |
Title | High energy consumption in insurance company operations contributes to GHG emissions. |
Example | Insurance companies, with their extensive office networks and data centers, contribute significantly to greenhouse gas emissions through high energy consumption. A failure to adopt renewable energy sources and energy-efficient practices can result in increased operational costs and a negative environmental impact. Allianz is addressing this issue by investing in green building certifications and renewable energy for its offices, as well as enhancing energy efficiency in its data centers to mitigate environmental impact and reduce costs. |
Reference | Allianz Sustainability Report, 2023 |
ESRS E4 - Biodiversity and ecosystems
Topic | Biodiversity and ecosystems |
Sub-topic | Impacts on the state of species |
Sub-sub-topic | Species population size |
IRO | Impact - actual positive |
Location | Own operations |
Time-frame | Long-term |
Title | Supporting biodiversity conservation through investments. |
Example | Munich Re invests in projects that support biodiversity conservation and ecosystem restoration. By integrating biodiversity considerations into investment decisions and underwriting practices, Munich Re contributes to environmental sustainability and resilience against biodiversity loss. |
Reference | Munich Re Sustainability Report, 2023 |
ESRS S1 - Own workforce
Topic | Own workforce |
Sub-topic | Equal treatment and opportunities for all |
Sub-sub-topic |
|
IRO | Opportunity |
Location | Own operations, downstream |
Time-frame | Medium-term |
Title | Skill development improves customer satisfaction. |
Example | Continuous skills development is crucial in the insurance sector. Allianz invests in ongoing training programs for its staff to ensure high-quality services, and thus higher customer satisfaction. |
Reference | llianz Sustainability Report, 2023 |
ESRS S4 - Consumers and end-users
Topic | Consumers and end-users |
Sub-topic | Information-related impacts for consumers and/or end-users |
Sub-sub-topic | Access to (quality) information |
IRO | Risk |
Location | Downstream |
Time-frame | Short-term |
Title | Regulatory risks in insurance product disclosures. |
Example | Insurers face regulatory risks if product disclosures are incomplete or misleading, leading to fines and legal liabilities. AXA conducts regular audits and updates to ensure accurate and transparent product information, mitigating regulatory risks and enhancing customer trust. |
Reference | AXA Corporate Responsibility Report, 2023 |
ESRS G1 - Business conduct
Topic | Business conduct |
Sub-topic | Corporate culture |
Sub-sub-topic |
|
IRO | Impact - potential positive |
Location | Own operations |
Time-frame | Medium-term |
Title | A strong code of conduct ensures ethical practices. |
Example | A strong code of conduct ensures ethical practices in insurance and strong brand allegiance. Allianz enforces a comprehensive code of conduct across its operations. |
Reference | Allianz Sustainability Report, 2023 |