Climate Change Data

The Britannia Steam Ship Insurance Association Holdings Limited

Climate Impact & Sustainability Data (2021, 2023-02-20 to 2024-02-20)

Reporting Period: 2021

Environmental Metrics

ESG Focus Areas

  • Climate Change
  • Corporate Governance
  • Employee Diversity and Inclusion
  • Health and Wellbeing (Employees and Crews)
  • Sustainable Investments
  • Waste and Recycling
  • Crisis Response

Environmental Achievements

  • Maximising the use of energy saving and water conservation devices in offices
  • Considering the impact of energy and emissions in the selection of global offices
  • Considering office location to optimize public transport and reduce long-haul travel
  • Reducing carbon impact of travel plans yearly
  • Ceased use of single-use plastic in offices
  • Encouraging employees to consider environmental impact of decisions

Social Achievements

  • Commitment to eliminating discrimination and encouraging diversity
  • Providing health and safety induction and mental health awareness training to all employees
  • Supporting safety, health, and wellbeing of members' crews through best practices, publications, and claims analysis
  • Corporate giving to seafarer charities

Governance Achievements

  • Clear policy to avoid involvement in financial crime, including training and accountability measures
  • Implementation of the Senior Managers and Certification Regime (SM&CR)
  • Detailed procedures manual outlining ESG implementation across business aspects
  • Zero-tolerance position on slavery and human trafficking

Climate Goals & Targets

Short-term Goals:
  • Developing a sustainable investment strategy
  • Defining ESG responsibilities of key managers
  • Setting carbon footprint targets from air travel
  • Engaging employees in ESG strategy through focus groups

Environmental Challenges

  • Climate change representing a material financial risk, including physical risks (extreme weather) and transitional risks (new technologies, fuel changes, regulations)
  • Managing ESG risks across Britannia P&I's balance sheet and members' activities
  • Addressing GHG emissions from members' ships (though primarily addressed by other bodies)
Mitigation Strategies
  • Enhanced risk management structure to foresee and price climate-related risks
  • Integrating ESG considerations into risk management, strategy, underwriting, investment, and human resource management
  • Stress and scenario testing to assess and manage financial risks from climate change
  • Compliance with PRA and MAS requirements on climate risk management
  • Collaboration with the International Group (IG) on pooling, incident response, health and safety, and industry advocacy

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather impacting shipping risks
Transition Risks
  • Regulatory changes
  • New technologies
  • Fuel changes

Reporting Standards

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

UN Sustainable Development Goals

  • SDG 3
  • SDG 8
  • SDG 10
  • SDG 13
  • SDG 14
  • SDG 16
  • SDG 17

Alignment with SDGs through various initiatives detailed in the report

Reporting Period: 2023-02-20 to 2024-02-20

Environmental Metrics

ESG Focus Areas

  • Sustainability
  • Seafarer safety and wellbeing
  • Protecting the marine environment

Environmental Achievements

  • Supporting Members in mitigating risk exposure during the transition to green energy and on emerging risks in relation to climate change and the use of alternative fuels.
  • Joining ClimateWise, a network of leading insurance organizations supporting society's response to climate change risks and opportunities.

Social Achievements

  • Continued support for volunteering, charity fundraising, and donations to maritime charities, particularly those focused on seafarer welfare.
  • USD75,000 donations to four Bermuda-based maritime charities supporting sailors and local communities.

Governance Achievements

  • ESG policy aligned with the UN Global Compact's ten principles and ten UN Sustainable Development Goals (SDGs).
  • Sustainability is a fixed part of Britannia Group's Board and committee meetings, addressing strategy, risks, and opportunities.

Climate Goals & Targets

Medium-term Goals:
  • Achieve breakeven underwriting

Environmental Challenges

  • Geopolitical risks (Ukraine conflict, Gaza conflict, Yemen attacks, piracy resurgence).
  • Economic uncertainties (recessions, international sanctions, 'parallel' fleet growth).
  • Environmental targets requiring industry changes, potentially overburdening crews.
  • High inflation and interest rates affecting economic activity.
Mitigation Strategies
  • Strengthened organizational structure through corporate structure changes.
  • Proactive investment portfolio adjustments to manage market fluctuations.
  • Focus on loss prevention initiatives (seminars, webinars, publications, BSafe initiative).
  • New investment strategy resilient to market movements.
  • Re-examined investment risk tolerance to withstand future volatility.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Global Compact

UN Sustainable Development Goals

  • Ten of the UN Sustainable Development Goals (SDGs)

The Britannia Group and its Managers continue to support a wide range of volunteering and charity fundraising activities undertaken by its employees across its office locations. It also supports local and maritime charities, particularly those concerned with seafarer welfare, through regular donations.