Balcia Insurance SE
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Energy Consumption:533.613 MWh (2023)
Water Consumption:1920 m3 (2023)
Waste Generated:44 tons (2023)
ESG Focus Areas
- Sustainable and accessible insurance
- Responsible governance
- Employees wellbeing
- Investment in society
Environmental Achievements
- Introduced solar panel insurance product in Latvia and City Combo products in Latvia, Lithuania, Poland, and Estonia (around 1000 policies issued in 2023)
- ESG investment accounts for 2.5% of new investment portfolio in 2023
Social Achievements
- Launched webpage “joinbalcia.com” to attract new talents
- 50% discount on all Balcia products for all employees
- Introduced new human resource system SAGE
- Introduced HR Business Partners in Latvia, Lithuania, and Poland
- Employee engagement survey conducted two times per year
- Implemented OKR performance management system
- Introduced innovative employee benefits (concert tickets, Tesla driving discounts, Kudos Day)
- Upgraded employee working conditions in Balcia head office
Governance Achievements
- Completed implementation of automated sanctions screening with LexisNexis Risk Solutions Group
- 0 risks or actual cases related to conflict-of-interest violations identified in 2023
- 0 sanction control process violation cases in 2023
- Updated Code of Ethics emphasizing internal corporate culture rules and diversity and inclusion principles
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Reduce the impact on environment and using of resources by constant improvement of internal operations, creation of new digital solutions, and work on e-commerce efficiency
Short-term Goals:
- Reach 30,000 registered users of the app
- Be the highest-rated app in the Baltic insurance industry
Environmental Challenges
- Data breaches (around 10 per quarter, mostly due to human error)
- Increasing resources used (water, energy, heating, waste) due to new tenants in the head office building
Mitigation Strategies
- Regular employee training on data protection
- Risk assessments for all data breaches
- Data gathering across countries of operation in 2024 to decide on strategic goals related to environmental impact mitigation
Supply Chain Management
Supplier Audits: Once a year, as part of ISO 9001 quality management system
Responsible Procurement
- Supplier evaluation criteria includes price, quality, supply time, punctuality, payment conditions
Climate-Related Risks & Opportunities
Physical Risks
- Climate impacts (e.g., storms, floods) on insured assets
Opportunities
- Development of innovative products supporting reduction of CO2 emissions
Reporting Standards
Frameworks Used: GRI Standards
Certifications: ISO 9001, ISO 14001
UN Sustainable Development Goals
- 3
- 5
- 8
- 9
- 10
- 13
- 17
Balcia has the biggest impact on seven SDGs through its business activities, investments, and community programmes.
Sustainable Products & Innovation
- Solar panel insurance
- Green mobility insurance – City combo