Saudi Reinsurance Company
Climate Impact & Sustainability Data (2020)
Reporting Period: 2020
Environmental Metrics
Total Carbon Emissions:355,200 tCO2e
Total Energy Consumption:1,709 kWh/year
Water Consumption:955 m3/year
Waste Generated:270 kg/year
ESG Focus Areas
- National Contribution
- Strong Governance and Economic Performance
- Responsible Customer Relations
- Environmental Protection
- Sustainable Insurance
- Community Care
Environmental Achievements
- Reduced total energy consumption by 23%
- Reduced electricity consumption by 11%
- Reduced GHG emissions by 10%
- Total water consumption stood at 955 m³
Social Achievements
- Achieved Platinum category in Netaqat, achieving 71% nationalization of the total workforce and 77% nationalization of senior management
- Women represent 30% of the total workforce (a 13% increase)
- Employee turnover rate dropped by 8.1% compared to 2019
- Over 2,416 hours of training provided, with 27 hours of HSE training
- Four female collaborators nominated to attend the Women Leadership Program
- Donated office furniture to Pusat Jagaan Al-Fikrah Malaysia
- Contributed SAR 13 million in Zakat
Governance Achievements
- Implemented the SAMA Cybersecurity Framework
- Attained Islamic Shariah Certification from SRB
- Executive compensation linked to performance targets
- No violation reported and no concerns received by the Compliance Department through internal monitoring system; only one incident related to the update of corporate governance policy was reported and dealt with.
Climate Goals & Targets
Short-term Goals:
- Increase women’s representation by 20%
- Increase HSE training to 200 hours
Environmental Challenges
- Retaining employees after parental leave
- Increasing female representation across the company
Mitigation Strategies
- Parental Leave Policy (10 weeks for women, 3 days for men)
- Initiatives to increase the intake of female talent (separate section for women, safety assurance during Covid-19, recognition of international campaigns, management skills training)
Supply Chain Management
Responsible Procurement
- Transparent selection process for suppliers
- Aim to source locally
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: GRI Standards, UN SDGs
Certifications: Islamic Shariah Certification
Awards & Recognition
- Nominated for best reinsurer in the Middle East insurance Awards in 2019