Climate Change Data

MS Amlin Underwriting Limited

Climate Impact & Sustainability Data (2021-2022, 2022-2023)

Reporting Period: 2021-2022

Environmental Metrics

Total Carbon Emissions:825 MT CO2e/year (2021)
Scope 1 Emissions:243 MT CO2e/year (2021)
Scope 2 Emissions:321 MT CO2e/year (location-based), 71 MT CO2e/year (market-based) (2021)
Scope 3 Emissions:260 MT CO2e/year (2021)
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:1.73 MT CO2e/year (2021)
Waste Generated:5.08 MT CO2e/year (2021)
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Climate Change
  • Sustainability
  • Gender Equality
  • Industry, Innovation and Infrastructure

Environmental Achievements

  • Reduced Scope 1, 2 and 3 emissions by 27% compared to 2020 (Note: impacted by COVID-19)
  • Sourced at least 90% of paper from recycled or sustainable sources
  • Removed single-use plastics from offices
  • Achieved 8% reduction in air travel emissions compared to 2020
  • Reduced total floor area across the office portfolio by approximately 25,000 ft2
  • London and Chelmsford UK offices now powered by renewable energy

Social Achievements

  • Launched the MS Amlin Forest initiative, planting trees and supporting reforestation
  • Provided three volunteering days for all staff
  • Celebrated International Women’s Day and Earth Day
  • Improved hybrid working model, resulting in a 30% reduction in scope 3 emissions for employee commuting

Governance Achievements

  • Established a new multi-disciplinary Sustainability Committee
  • CEO remuneration linked to sustainability and climate targets
  • Undertook a Board workshop on climate change and sustainability
  • Approved the 2021 BoE Climate Biennial Exploratory Scenario paper
  • Set a net-zero 2050 target
  • Adopted the UN Sustainable Development Goals (UNSDGs) framework

Climate Goals & Targets

Long-term Goals:
  • 40% reduction in Scope 1 & 2 carbon emissions across portfolio by end of 2030
  • Set net-zero emissions reduction target up to 2030
  • Adopt paperless approach across all portfolio assets by 2030
  • Achieve at least 90% waste diversion from landfill by 2030
Medium-term Goals:
  • 20% reduction in energy usage across portfolio by end of 2025
  • 20% reduction in air travel emissions by end of 2025
  • Support Amlin employees to achieve a 10% reduction in emissions associated with commuting to work travel by end of 2025
  • Achieve at least 75% waste diversion from landfill rate by 2025
  • Adopt paperless approach across 50% of assets by end of 2025
  • Achieve 10% reduction in absolute water consumption by end of 2025
Short-term Goals:
  • Reduce overall energy consumption by 5% by end of 2022 (achieved 27% reduction in 2021)
  • Reduce air travel emissions by 10% by end of 2022 (achieved 8% reduction in 2021)
  • 100% of Amlin employees engaged annually on MS&AD Group Environmental Policy & the associated sustainability priorities (achieved)

Environmental Challenges

  • Data limitations in measuring Scope 3 emissions from underwriting and investment activities
  • Challenges in obtaining consistent and granular data for Climate Scenario Analysis
  • Limitations of existing catastrophe models in reflecting real-world economic disruption
  • Difficulty in obtaining company-specific climate risk data for investment portfolio analysis
Mitigation Strategies
  • Participating in Lloyd’s feasibility assessment for measuring Scope 3 Underwriting emissions
  • Utilizing publicly available research and data for investment portfolio analysis
  • Developing MS AUL’s own view of risk through adjustment of catastrophe models
  • Partnering with data providers to improve data availability

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Supplier code of conduct with environmental standards
  • Environmental considerations in supplier selection

Climate-Related Risks & Opportunities

Physical Risks
  • Increased frequency and severity of natural catastrophes (hurricanes, floods, wildfires)
Transition Risks
  • Regulatory changes
  • Market shifts towards a low-carbon economy
Opportunities
  • Development of insurance products for renewable energy and other green technologies
  • Supporting clients through net-zero transition

Reporting Standards

Frameworks Used: TCFD, UN SDGs, SECR

Certifications: BREEAM Excellent (Leadenhall Building)

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • UNSDG 13 – Climate Action
  • UNSDG 5 – Gender Equality
  • UNSDG 9 – Industry, Innovation and Infrastructure

Initiatives aligned with these goals through underwriting, investment, and operational strategies

Sustainable Products & Innovation

  • Insurance products for renewable energy and battery storage systems

Awards & Recognition

  • Insurance Initiative of the Year (Phoenix 1 Re Pte. Ltd.)

Reporting Period: 2022-2023

Environmental Metrics

Total Carbon Emissions:1711.00 MT CO2e
Scope 1 Emissions:237 MT CO2e
Scope 2 Emissions:234 MT CO2e (location-based), 96 MT CO2e (market-based)
Scope 3 Emissions:1240 MT CO2e
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:3.31 m3
Waste Generated:1.01 tons
Carbon Intensity:0.77 FTE/CO2e (Scope 1 & 2), 2.78 FTE/CO2e (Scope 1, 2 & 3)

ESG Focus Areas

  • Climate Change
  • Sustainability
  • Environmental
  • Social
  • Governance

Environmental Achievements

  • 24% reduction in Scope 1 emissions compared to 2019 baseline
  • 60% reduction in Scope 2 emissions compared to 2019 baseline
  • 42% reduction in Scope 3 emissions compared to 2019 baseline
  • Reduced energy used in main data center by purchasing 35% more energy-efficient computer equipment

Social Achievements

  • Launched MS Amlin Forest initiative, restoring nature and creating employment
  • Partnered with British Red Cross to support female empowerment program in Bangladesh
  • Conducted training workshops on ESG Underwriting Guidelines for all insurance underwriting teams

Governance Achievements

  • Established mandatory ESG Underwriting Guidelines
  • Evolved Climate Risk Working Group with enhanced membership and clear accountabilities
  • CEO's remuneration linked to sustainability and climate targets

Climate Goals & Targets

Long-term Goals:
  • Achieve net-zero emissions by 2050
Medium-term Goals:
  • Achieve operational net-zero emissions by 2030
  • Develop meaningful metrics for transition and liability climate risks
Short-term Goals:
  • Develop methodology to estimate carbon emissions from suppliers and working-from-home by 2024
  • Integrate comprehensive ESG considerations into Third-Party Risk Management Framework
  • Enhance Supplier Code of Conduct by requiring annual ESG reports from suppliers

Environmental Challenges

  • Data availability and consistency for ESG and climate risk metrics
  • Obtaining reliable data on Scope 3 emissions from suppliers
  • Developing meaningful metrics for transition and liability climate risks
  • Addressing the insurance protection gap, particularly in flood-prone regions
Mitigation Strategies
  • Using a combination of client data, purchased data, data proxies, and publicly available information for emissions calculations
  • Developing a methodology to estimate carbon emissions from suppliers and working-from-home
  • Working with market bodies and data providers to develop consistent measurement approaches
  • Exploring innovative financing mechanisms to reduce and respond to the impacts of climate change

Supply Chain Management

Supplier Audits: Trial underway to capture ESG scores of a portion of the supply base

Responsible Procurement
  • Procurement Policy
  • Procurement Standard
  • Supplier Code of Conduct
  • Due diligence processes
  • Standard contract templates

Climate-Related Risks & Opportunities

Physical Risks
  • Hurricanes
  • Wildfires
  • Floods
Transition Risks
  • Regulatory changes
  • Market shifts
  • Technological disruptions
Opportunities
  • Growth in renewable energy insurance
  • Development of new insurance products for green technologies

Reporting Standards

Frameworks Used: TCFD, UN SDGs, PCAF, SECR, CSRD, ISSB

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Goal 7 (Affordable and Clean Energy)
  • Goal 13 (Climate Action)
  • Goal 5 (Gender Equality)

Initiatives contribute to these goals through renewable energy support, climate risk mitigation, and female empowerment programs

Sustainable Products & Innovation

  • Insurance products for renewable energy assets
  • Insurance products for green technologies

Awards & Recognition

  • 2023 Insurance Asia Award - Strategic Partnership of the Year - Singapore (Phoenix 3 Re)