Climate Change Data

Al-Buhaira National Insurance Company P.S.C. (ABNIC)

Climate Impact & Sustainability Data (2020, 2022)

Reporting Period: 2020

Environmental Metrics

Total Carbon Emissions:79.10 tCO2e
Scope 1 Emissions:21.00 tCO2e
Scope 2 Emissions:58.10 tCO2e
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:829.22 GJ
Water Consumption:563.06 m3
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Financial Performance
  • Data Protection & Customer Privacy
  • Ethics & Integrity
  • Digitalization
  • Employment Practices
  • Equal Opportunity, Diversity & Inclusion
  • Environmental Impact & Sustainability Practices
  • Emiratization
  • Community

Environmental Achievements

  • Reduced paper consumption by approximately 27%, saving ~75,000 pages, 9.9 trees, energy equivalent to 12.5 residential refrigerators/year, 3,370kg of CO2, 8,840 gallons of water, and 487 pounds of solid waste.

Social Achievements

  • Achieved 88.40% employee retention rate.
  • Maintained 32% female representation in the workforce since 2018.
  • Invested AED 2,263,100 in fees for UAE nationals for qualification and training purposes.
  • Awarded the Customer Happiness Medal by the Insurance Authority.

Governance Achievements

  • Implemented a rigorous Code of Business Conduct.
  • Established an AML/CFT policy.
  • Followed a rigorous ERM framework based on ISO 31000 standard.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Further enhance the sustainability aspect of our workplace
  • Further enhance our ESG reporting process
  • Assess our real estate and other investments’ carbon footprint
  • Enhance our ERM to add an ESG layer to it
  • Equip ourselves to introduce sustainability-related solutions

Environmental Challenges

  • Decreasing environmental impact, particularly paper consumption.
  • Integrating ESG factors into the risk management framework.
Mitigation Strategies
  • Launched a paper saving initiative with a printing management system and awareness campaign.
  • Planning to add ESG factors into the ERM framework.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Code of Business Conduct extends to suppliers, vendors, contractors, and business partners.

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI Standards (Core Option), ADX’s ESG metrics, UAE Securities & Commodities Authority’s (SCA) requirements, Abu Dhabi Securities Exchange’s (ADX) ESG Disclosure Guidance, Sustainable Development Goals, UAE Vision 2021

Certifications: Null

Third-party Assurance: Independently audited financial figures by an internationally recognized audit firm

UN Sustainable Development Goals

  • Goal 3: Good Health and Well-being
  • Goal 4: Quality Education
  • Goal 8: Decent Work and Economic Growth
  • Goal 11: Sustainable Cities and Communities
  • Goal 13: Climate Action

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • The most distinguished company in the percentage of domestic investments inside the Country by the Insurance Authority
  • Customer Happiness Medal by the Insurance Authority

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:82,995.38 tCO2e/year
Scope 1 Emissions:10.04 tCO2e/year
Scope 2 Emissions:15,281.63 tCO2e/year
Scope 3 Emissions:67,703.70 tCO2e/year
Renewable Energy Share:0.11%
Total Energy Consumption:141,213.05 GJ/year
Water Consumption:356,668.45 m3/year
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Financial Performance
  • Data Protection & Customer Privacy
  • Ethics & Integrity
  • Digitalization
  • Employment Practices
  • Equal Opportunity, Diversity & Inclusion
  • Environmental Impact & Sustainability Practices
  • Emiratization
  • Community Support
  • ESG Integration into Analysis and Decision-Making
  • Climate Change

Environmental Achievements

  • Introduced eco-driving workshops for employees to reduce emissions from company assets
  • Implemented Canon Managed Print Services (MPS) to reduce paper usage

Social Achievements

  • Granted Participating Insurer (PI) Status by Dubai Health Authority (DHA) to offer health insurance to low-income residents
  • Increased recruitment, with a new hire rate of 13%, bringing the overall headcount to 367 employees

Governance Achievements

  • Established a Sustainability Committee to oversee sustainability-related matters
  • Introduced a series of KPIs to monitor, measure and improve compliance

Climate Goals & Targets

Long-term Goals:
  • Achieve Net Zero emissions by 2050 (aligned with UAE's target)
Medium-term Goals:
  • Integrate ESG into investment decision-making
  • Implement Business Analytics & Insight, Security Incident and Event Management, Digital Signature and Document Management
Short-term Goals:
  • Establish a Sustainability Committee (Q1 2023)
  • Implement IFRS17 system

Environmental Challenges

  • Climate change impacts on the insurance sector (increased frequency of extreme weather events)
  • Managing information security risks associated with digitalization
Mitigation Strategies
  • Integrating ESG factors into investment decision-making processes
  • Implementing robust internal governance processes and IT systems to protect data and privacy
  • Implementing a centralized patch management system, replacing remote connection platform with a more secure one, and introducing an AML solution

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
Transition Risks
  • Regulatory changes, market shifts
Opportunities
  • Development of innovative insurance products to address climate risks

Reporting Standards

Frameworks Used: GRI Standards 2021 Update, ADX’s ESG metrics, Sustainable Development Goals (SDGs)

Certifications: Null

Third-party Assurance: Independently audited financial statements by an internationally recognized audit firm

UN Sustainable Development Goals

  • SDG 3 (Good Health and Well-being)
  • SDG 1, 5, 8, 13

Providing inclusive and affordable insurance solutions, prioritizing employee wellbeing, supporting community initiatives

Sustainable Products & Innovation

  • Green policy discount

Awards & Recognition

  • Health Insurer of the Year at InsureTek 2022