To achieve our ambition of becoming net zero by 2050, it is essential that we measure, manage and reduce the impacts across all aspects of the company’s operations.
This includes our underwriting and investment portfilios and leveraging our supplier partnerships to drive innovation and develop products to support the transition. Emissions in our supply chain (scope 3) include ALL of the activities building into and following on from the insurance policy e.g. suppliers client emissions, risk modelling, brokers.
We are well placed to support, influence and enable our clients through transition by drawing on our deep underwriting expertise.
- We feel net zero 2050 is more likely to be achieved in an affordable, equitable and rational way through decarbonisation of the existing global fossil fuel infrastructure whilst transitioning to more sustainable low carbon alternatives.
- We are committed to the sectors that we specialize in and recognize that the world still needs oil and gas today; we are also aware that there are stark differences in the directions in which clients are currently headed.
- We believe in using our unique relationships with our clients and detailed knowledge of their businesses to promote and accelerate their net zero journeys so we can achieve our goal of net zero 2050.
- We will review clients transition plans and use our own and market available transition metrics to inform risk selection and pricing decisions and optimize our gross portfolio mix.
- Underwriters are precluded from writing risks that include cluster munitions or newly constructed coal fired power plants that do not have carbon capture technology.
- We believe that a binary approach of divesting is short sighted as it would do little to directly reduce real-world emissions in the long run.
- We are committed to working with our Investment Managers to consider what sustainability factors to include in MS AUL’s investment strategy
- We consider the processes in place to support decision making in relation to sustainability integration into investments are sufficient and appropriate
- All our investment managers are current or prospective UNPRI signatories. The majority attest on a regular basis that they incorporate ESG factors and sustainability into their investment processes.
- We aim to work with suppliers that have sound environmental principals and we have enhanced our policy, standards and processes to develop that aim. The MS Amlin Procurement Policy and Standard contains requirements to include environmental considerations when selecting suppliers to provide goods and services.
- MS Amlin has a supplier code of conduct which is put in place with strategic suppliers as they are on-boarded into the organisation. The code of conduct is a set of standards that we expect our key suppliers to adhere and covers; Human Trafficking, Labour and Employment standards, Health, Safety and Housing Standards, Environmental Standards and Anti Bribery & Corruption.