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Sustainable Underwriting

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In 2012, we adopted the Principles for Sustainable Insurance (PSI) promoted by the United Nations Environment Programme Finance Initiative (UNEPFI), committing to integrate environmental, social, and governance (ESG) issues into our decision-making for the underwriting processes of the Group’s insurance operations.

We use different complementary risk assessment and analysis systems, which allow these risks to be integrated.

Integrating ESG aspects into the underwriting processes

Our public commitments

We have strengthened and modified our commitments to contribute to the transition to a low-carbon economy.

Find out more about our underwriting commitments here.

Internal ESG assessment model

For the underwriting of global risks, we’ve developed an internal ESG evaluation model that considers, as part of the decision-making process, a company’s ESG risk exposure against the ESG risk exposure of the countries and sectors in which the company is exposed and the corresponding reputational risk analysis.

Accompanying our customers

The knowledge acquired during the ESG assessment is shared with the insured company. This documentary information, prepared by the Engineering area (whose main activity is the analysis of the technical quality of risks), includes recommendations on risk control and services. These always seek to minimize material and environmental damages derived from potential technological accidents in order to reduce the individual and social risk rates of the insured industries and their ancillary environments. As part of the contracting process, the risk managers of the assessed companies must report in a timely manner to their boards of directors on the progress of these recommendations and the levels of investment required for their implementation.

See our Integrated report