MS Amlin announces 36-month sustainability roadmap to embed ESG into business
Authored by MS Amlin
MS Amlin, the Lloyd’s global (re)insurer, has announced its Sustainability Strategy. The detailed plan acts as a statement of positive intent about how MS Amlin plans to support clients, partners, and the business, moving towards a low carbon economy.
The detailed Sustainability Strategy sets out the steps which the company will take over the next 36 months and provides multi-point plans for how it will embed ESG criteria and monitor performance effectively. This will support MS Amlin’s commitment to minimise the environmental impacts of its operations globally while also building out more robust social and governance practices.
More broadly, the Sustainability Strategy aligns business strategy with parent company MS&AD’s vision. Equally, it will address an increased appetite from clients looking for support on sustainability as they navigate the transition to net-zero, respond to changing weather risks and evolve their business models.
The sustainability strategy supports MS Amlin’s business plan and underpins the company’s broader ambitions of creating long term enterprise value by doing the right thing, rather than the easy thing, (re)insuring the transition to net-zero and implementing a responsible underwriting approach.
Three primary components make up the Sustainability Strategy:
- Supporting profitable growth – Deploying data, analytics and underwriting expertise to: i) support and influence clients aligning with the UN Sustainable Development Goals (UNSDGs) and transitioning to net zero; and ii) appropriately price for exposures arising from this transition.
- Empowering our people – Embedding sustainability practices to attract, engage, motivate and empower employees, while having a positive impact on the wider community.
- Delivering on our obligations – Ensuring MS Amlin is well placed to fulfil its regulatory and other sustainability related obligations, particularly in relation to climate risk
During the 36 months period covered by the Sustainability Strategy, MS Amlin will fulfil the target setting requirements specified by the Science Based Targets Institute (SBTi) and submit targets for validation to the SBTi to confirm that these are based on the latest climate science and aligned with the Paris Agreement.
MS Amlin has already adopted and places additional focus on the UNSDGs around climate action, gender equality, and industry, innovation, and infrastructure (goals 13, 5, and 9 respectively). This focus was identified following a poll of employees across different business areas and extensive internal discussion.
Commenting on the plan, Johan Slabbert Chief Executive Officer of MS Amlin Underwriting Limited said: “MS Amlin has a key role to play in the transition to net-zero. Insurance is one of the enablers of growth and trade, meaning it can spearhead and support with the transition of economies and driving decarbonisation. This document and the subject at its heart, sustainability, touches every aspect of our business. Its scope is broad, the challenge is sizeable and will not be easily solved in a mere matter of years; however, the opportunity ahead of all of us is enormous. We’re immensely proud to have taken this essential step – after extensive consideration and consultation – and are ready for this next stage of our sustainability journey.”
Amir Sethu, Head of Sustainability and ESG at MS Amlin said: “As the world continues on its journey to transition to a low carbon economy, we recognise that it is our duty to act, and responsibly contribute to these developments. In addition to our corporate responsibility to act ethically, our employees have told us that they are passionate about, and prioritise sustainability, in their personal lives. Our new Sustainability Strategy sets out our goals, and we are certain that we can rise to the challenge and effectively tackle some of the biggest questions we are currently facing in the world.”
About MS Amlin
MS Amlin is a leading global specialty commercial insurer and reinsurer with operations in the Lloyd’s, UK, Continental European and Bermudian markets.
Comprising Mitsui Sumitomo’s London and Bermuda-based operations and the historic Amlin businesses, MS Amlin specialises in providing insurance cover for a wide range of risks to commercial enterprises and reinsurance protection to other insurers around the world.
It is wholly owned and fully supported by the financial strength and scale of MS&AD of Japan, the eighth largest non-life insurer in the world. To learn more, visit www.msamlin.com.