Climate Change Data

Sharjah Insurance Company P.S.C.

Climate Impact & Sustainability Data (2021)

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:184.31 tCO2e/year
Scope 1 Emissions:77.66 tCO2e/year
Scope 2 Emissions:106.65 tCO2e/year
Total Energy Consumption:102,672 GJ/year
Water Consumption:2220 m3/year

ESG Focus Areas

  • Environmental Stewardship
  • Diversity & Inclusion
  • Data Protection
  • Financial Performance
  • Business Ethics
  • Digitalization

Environmental Achievements

  • Reduced total energy consumption from 109,200 GJ in 2020 to 102,672 GJ in 2021
  • Reduced total GHG emissions from 173.34 MT CO2e in 2020 to 184.31 MT CO2e in 2021 (Note: This shows an increase, not a reduction)
  • Reduced water consumption from 2086.8 m3 in 2020 to 2220 m3 in 2021 (Note: This shows an increase, not a reduction)

Social Achievements

  • Increased Emiratization rate from 8% in 2020 to 13.2% in 2021
  • 80% of employees underwent customer-centric training and AML/Due Diligence certification
  • 4 out of 6 new hires in 2021 were female, increasing female representation to 30%

Governance Achievements

  • Implemented rigorous internal control policies and procedures in accordance with international frameworks
  • Established a robust compliance function for AML/CFT, with mandatory training for most employees
  • Developed a risk assessment model to manage customer, counterparty, product, jurisdictional, and delivery channel risks

Climate Goals & Targets

Medium-term Goals:
  • Increase Emiratization rate to 15%

Environmental Challenges

  • Increased employee turnover rate (24.5% in 2021) due to management restructuring
  • Need to further reduce consumption of non-environmentally friendly resources
Mitigation Strategies
  • Management restructuring to expand offerings and cater to a larger client base
  • Focus on expanding business offerings and collaborating with insurance brokers to diversify client base
  • Continuous efforts to increase energy efficiency, reduce emissions, conserve water, and reduce waste

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards (Core Option), Abu Dhabi Stock Exchange’s (ADX) ESG metrics, UN Sustainable Development Goals, UAE Vision 2021

Third-party Assurance: Company’s internal audit function

UN Sustainable Development Goals

  • SDG 3
  • SDG 5
  • SDG 6
  • SDG 7
  • SDG 8
  • SDG 9
  • SDG 12
  • SDG 13
  • SDG 16

Alignment with UAE National Priorities and SDGs, particularly SDG 3 (Good Health and Well-being) through World-Class Healthcare