Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Energy Transition
• Natural Catastrophes
• Life Sciences
• Knowledge Sciences
• Responsible Investment

Environmental Achievements

• Full divestment from companies deriving more than 50% of their turnover from coal.
• Increasing share of certified real estate investments (BREEAM, HQE, LEED).
• Investment in renewable energy projects (solar, wind).

Social Achievements

• Acquisition of French publishing houses Presses Universitaires de France (PUF) and Editions Belin to promote knowledge.
• Investment in life sciences companies focused on improving medical treatment and access.
• Participation in initiatives promoting knowledge sharing and risk culture.

Governance Achievements

• SCOR Investment Partners signed the UNPRI.
• Integration of ESG criteria into investment decisions through committees and asset managers.
• Regular review and update of exclusion lists and investment guidelines.

Climate Goals & Targets

Environmental Challenges

• Inconsistent methodologies for carbon footprint assessment, particularly for bond portfolios.
• Limited data availability for ESG analysis, especially in emerging markets.
• Balancing risk management with profitability targets in investment decisions.

Mitigation Strategies

• Using South Pole data and oekom research ratings to assess carbon footprint and climate risk.
• Collaboration with asset managers to integrate ESG criteria into investment decisions.
• Gradual refinement of ESG integration methodology and benchmark development.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Natural catastrophes (cyclones, hurricanes, floods)
• European windstorms

Transition Risks

• Issuer risk related to climate change
• Regulatory changes

Opportunities

• Investment in renewable energy and energy-efficient buildings
• Development of financial products covering natural catastrophes

Reporting Standards

Frameworks Used: Article 173 of the French law on energy transition for green growth, Decree no. 2015-1850 of 29 December 2015

Environmental Metrics

ESG Focus Areas

• Climate Change
• Diversity & Inclusion
• Responsible Investment
• Risk Management
• Sustainable Development

Environmental Achievements

• Reduced global carbon intensity by 11% (baseline: 2014)
• 65% of SCOR’s office premises are green buildings
• 67% of electricity used in SCOR’s offices is generated by renewable sources (100% renewable energy in Paris, London, Zurich, Cologne, Montreal)
• Divested from the tobacco industry
• Launched a voluntary carbon offset program focusing on forest preservation in Zimbabwe and Peru
• Committed to reducing the carbon intensity of its offices by 15% per employee by 2020

Social Achievements

• Created a Corporate Social Responsibility Board of Directors Committee in October 2017
• Published its first ESG report on Investments in June 2017
• Celebrated the one-year anniversary of SIGN (SCOR International Gender Network), organizing mentoring programs and conferences on diversity
• Average of 20 hours of training per employee in 2017
• 3.5% of SCOR’s capital was held by its employees in 2017

Governance Achievements

• Created a Corporate Social Responsibility Committee in October 2017
• Compliant with obligations in terms of the proportion of women on its Board of Directors (5 of 12 members, 42% in 2017)
• A.M. Best upgraded SCOR’s financial strength rating to ‘A+’ and its issuer credit rating to ‘AA-’

Climate Goals & Targets

Environmental Challenges

• Exceptional series of major natural catastrophes (hurricanes Harvey, Irma, Maria; California wildfires)
• Regulatory shock (sudden change of discount rate for severe bodily injuries in the U.K.)
• Fiscal shock (U.S. tax reform)
• Impact of new technology on the industry
• Market exposure to economic and social inflation on liability claims settlements

Mitigation Strategies

• Maintained unchanged risk appetite, underwriting policy, capital shield policy, and capital management policy
• Successfully passed a full-scale stress test
• Retrocession programs responded as anticipated
• Continued to expand and consolidate its franchise
• Strong position for 2018 P&C renewals
• Continued execution of investment strategy
• Developing an understanding of the consequences of climate risks through catastrophe modeling and partnerships

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Scoring grid to assess ESG practices in sensitive sectors

Climate-Related Risks & Opportunities

Physical Risks

• Natural catastrophes (hurricanes, floods, wildfires)

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Development of insurance coverage products for renewable energy technologies
• Investment in renewable energy projects

Reporting Standards

Frameworks Used: Article 173 of the French law on energy transition for green growth, UN Global Compact, Principles for Sustainable Insurance

Certifications: EMAS, HQE, BREEAM, LEED O&M Silver, LEED O&M Gold, LEED BD+C Platinum, Green Platinum, ISO 14001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Insurance-linked securities
• Insurance coverage products for renewable energy technologies

Awards & Recognition

• Reinsurer of the year at the Reactions London Market Awards

Environmental Metrics

ESG Focus Areas

• Climate Change
• Diversity & Inclusion
• Responsible Investment
• Corporate Social Responsibility

Environmental Achievements

• Reduced global carbon intensity by 25% since 2004 (per employee); 67% of energy used is renewable; 65% of office premises are green buildings; offset 50% of air travel emissions through carbon credits from forest projects in Zimbabwe and Peru (10,000 TeqCO2 compensated).

Social Achievements

• Women accounted for 47% of SCOR’s employees worldwide and held 5 of the 12 seats on the Group’s Board of Directors; launched SCOR International Gender Network (SIGN); various employee wellbeing initiatives; community investment programs globally; support for actuarial science in Africa.

Governance Achievements

• 82% of independent directors on the Board; 45% women on the Board; ESG criteria applied in the management of financial assets; Social and Societal Responsibility and Environmental Sustainability Committee actively reviewed implementation of coal policy, gender equality, and diversity.

Climate Goals & Targets

Environmental Challenges

• High level of natural catastrophes; US tax reform impacting reinsurance premiums; Brexit; increasing political and commercial uncertainties; evolving and interacting risk universe (climate change, emerging technologies, changing demographics).

Mitigation Strategies

• Restructured operations to mitigate the impact of US tax reform; prepared for Brexit by creating a new Paris-based P&C insurance company; actively managing climate risks on both assets and liabilities; investing in solutions for climate risk adaptation (ILS); developing underwriting capacities in low-carbon energy, agriculture, and natural catastrophes; divestment from companies deriving more than 30% of their turnover from thermal coal; risk management strategies to address evolving and interacting risk universe.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Natural catastrophes (hurricanes, typhoons, wildfires, floods)

Transition Risks

• Regulatory changes, market shifts related to low-carbon economy

Opportunities

• Development of insurance coverage products for renewable energy technologies; investment in renewable energy projects

Reporting Standards

Frameworks Used: AFEP-MEDEF corporate governance code, UN Global Compact, Principles for Sustainable Insurance, Principles for Responsible Investment

Certifications: BREEAM (London), ISO 14001 (Zurich), HQE (Paris), EMAS (Cologne), LEED O&M Silver (Montreal), LEED O&M Gold (Toronto, Minneapolis), Green Platinum (Singapore), LEED O&M Gold (Charlotte, Miami, New York), LEED BD+C Platinum (Mexico City), LEED O&M Gold (Rio de Janeiro)

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Reinsurer of the Year 2017 (Insurance ERM); General Reinsurer of the Year (Asia Insurance Review)

Environmental Metrics

ESG Focus Areas

• Climate Change
• Risk Management
• Responsible Investing
• Sustainable Financing
• Stakeholder Engagement

Environmental Achievements

• Commitment to carbon neutrality of invested assets portfolio by 2050
• Progressive reduction of threshold for coal mining, coal-fired power generation, oil sands, and Artic oil reserves investments from 30% to 10% by the end of 2021

Social Achievements

• Signed the No Tobacco Pledge; no investment in tobacco manufacturers
• Engagement with issuers to promote good practices; divestment if no positive response

Climate Goals & Targets

Environmental Challenges

• Managing climate-related physical and transition risks
• Balancing access to development with CO2 emission reduction
• Assessing and managing reputational risks related to sustainability commitments

Mitigation Strategies

• ESG criteria screening to anticipate potential credit quality deterioration and environmental/social impacts
• Specific attention to climate risks; leveraging internal capabilities and climate awareness
• Negative and positive ESG screening; exclusion of certain activities and issuers
• Engagement with issuers to promote good practices; divestment if necessary
• Progressive onboarding of UN SDGs in thematic investments

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Losses due to changes in frequency/intensity of extreme events (acute risk)
• Longer-term consequences of upward trend in physical risk (chronic risk)

Transition Risks

• Risks from new technologies, market innovations, and increased regulation

Opportunities

• Investing in insurance-linked securities to increase resilience following natural catastrophes

Reporting Standards

Frameworks Used: TCFD

Environmental Metrics

ESG Focus Areas

• Climate Change
• Biodiversity
• Social Responsibility
• Diversity & Inclusion
• Governance

Environmental Achievements

• Published inaugural Climate Report based on TCFD recommendations.
• Joined the Net-Zero Asset Owner Alliance, pledging to achieve net-zero carbon emissions in investments by 2050.
• Reduced carbon emissions by 30% per employee compared to 2014 emissions (initial target was 15%).
• 68% renewable energy in office space.
• Offset all 2019 and 2020 emissions through CO2 offsetting program.

Social Achievements

• Launched SCOR for Good, a social engagement platform, resulting in over 430 hours of employee volunteer work and over EUR 120,000 raised for charitable causes.
• Launched RAISE D&I grant to support projects promoting social progress and equity.
• Became a sponsor of the Afro-Caribbean Insurance Network to increase ethnic diversity in the industry.

Governance Achievements

• Board of Directors decided to separate the roles of Chairman and CEO, effective 2022.
• Set a target of 20% women on the Executive Committee in 2021 and 30% by 2025 (from 10% in 2020).
• Set a target of 27% women amongst most senior Partners by the end of 2025 (from 19% in 2020).

Climate Goals & Targets

Environmental Challenges

• Underestimation of the global reach and impact of the Covid-19 pandemic and government responses.
• Unexpected impact of Covid-19 on P&C business, particularly Business Interruption claims.
• Ambiguity in contract wording for Business Interruption coverage.
• Difficulty in assessing and pricing pandemic risk due to lack of diversification.
• Expanding and interconnected risk universe, including climate change and cyber risks.

Mitigation Strategies

• Successfully absorbed the major shock of the Covid-19 pandemic, ending 2020 profitably and with a strong solvency ratio.
• Developed exclusion clauses in property lines to exclude pandemic risk.
• Developed a SEIR model and app to monitor and track Covid-19 and its consequences.
• Implemented a Climate Policy providing a framework for managing climate-related risks and opportunities.
• Joined the Net-Zero Asset Owner Alliance and implemented a best-in-class strategy for decarbonization.
• Strengthened contract wording precision and consistency.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Natural catastrophes

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Investment in renewable energy

Reporting Standards

Frameworks Used: TCFD, UN Global Compact, Principles for Sustainable Insurance

Certifications: ISO 14289-1

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Parametric insurance against climate-related natural disasters
• Livestock insurance

Awards & Recognition

• Excellence in Claim Service award (Reactions North America Awards 2020)