To support our ambition in sustainable underwriting, we have developed practices and guidelines that include the following:

• Engaging with clients representing at least 30% of SCOR Specialty Insurance Single Risk premiums to understand how energy transition may impact them, their targets, challenges and needs, over the period of “Forward 2026” strategic plan.
• Supporting sustainable solutions: multiplying insurance and facultative reinsurance coverage for low carbon energy by 3.5 by 2030⁽¹⁾.
• Assessing and disclosing the climate alignment of our hull and machinery marine portfolios and benchmarking them against two trajectories linked to a 50% reduction of annual greenhouse gas emissions by 2050 compared to 2008 and a 100% reduction of emissions by 2050 (in line with the Poseidon Principles for Marine Insurance):
• Incorporating ESG performance criteria in the insurance and facultative reinsurance underwriting of oil and gas, mining, power generation, construction.
• Aligning with the UNESCO Principles for Sustainable Insurance and World Wildlife Fund initiative to protect endangered World Heritage Sites
• Excluding insurance and facultative reinsurance coverage for the tobacco industry

On coal:

• excluding any new direct insurance and facultative reinsurance coverage (projects and operations) in respect of standalone
  • thermal coal mines, lignite mines and unabated coal-fired power plants
  • dedicated thermal coal mining infrastructure (e.g. ports, washing and handling facilities) projects
• excluding Appalachian Mountain top removal operations
• phasing out standalone direct insurance and facultative reinsurance coverage for thermal coal mines and unabated coal-fired power plants by 2030 in OECD countries and by 2040 for the rest of the world

On oil and gas:

• excluding standalone direct insurance and facultative reinsurance coverage for:
  • new greenfield oil field development projects and gas field development projects⁽²⁾
  • oil and gas exploration, production or related dedicated infrastructure projects in the Arctic Monitoring and Assessment Programme (AMAP) Region, with the exception of the Norwegian Arctic Region
• excluding any new (or any increase in commitments on existing) standalone direct insurance and facultative reinsurance coverage in respect of oil sands operations (both extraction and upgraders)⁽²⁾

Footnotes:

⁽¹⁾Using SCOR’s Estimated Gross Premium Income (“EGPI”) for 2020 as the baseline.

⁽²⁾ Exceptions may be made for direct insurance and facultative reinsurance coverage for insureds with a verified strategy that is aligned with a credible net-zero by 2050 transition plan and will be based on the Science Based Targets initiative (SBTi), once available, or comparable third-party issued science-based target setting guidance for the upstream oil and gas sector