Whether providing insurance or investing our customers’ insurance premiums, we consider the environment, social and governance (ESG) risks associated with such transactions. We have identified thirteen sensitive business areas (agriculture, animal testing, animal welfare, betting and gambling, clinical trials, defense, human rights, hydro-electric power, infrastructure, mining, nuclear energy, oil and gas and sex industry), where we see high potential for ESG risks that could impact stakeholders such as our investors, our customers, our employees and society in general.
Our ESG approach is to take a look at each transaction in detail, to better understand who is involved and what is being done. For an infrastructure investment, this might mean looking at the environmental impacts and how these are managed. When insuring a mining project, we look at various criteria such has impacts on the local community, worker health and safety and environmental aspects.
If we see that risks are not being addressed or managed properly, we will consider declining the transaction, or proceeding with great care to require those involved in the transaction to take additional actions to ensure proper mitigation of the ESG risks.
During 2016, we reviewed 508 transactions for potential ESG risks.
If you are interested in learning more about our ESG approach, we invite you to have a look at the section “Our ESG Approach” in our Sustainability Report 2016 or our Statement on ESG Integration.