Hiscox Climate Report 2023

As a global insurer and reinsurer, almost every part of our business is affected by climate-related risks. Our purpose is to give people and businesses the confidence to realise their ambitions, and  climate change presents a major challenge to that.

We take that challenge very seriously, as an organisation whose customers range from individuals to businesses of all shapes and sizes, including other insurers, which is why we are helping our customers and business partners to adapt through our products and services, and why we are evolving as regulatory obligations and external expectations change. It is also why we are a signatory to the Paris Agreement, which advocates collective action to limit global warming to less than 2˚C above pre-industrial levels this century.

In our Climate Report 2023, you can read about the progress we have made on environmental issues – the ‘E’ in ESG – over the last 12 months, as well as our plans to build on that momentum in the year ahead.

Highlights include:

- The launch of our new ESG-focused Lloyd’s sub-syndicate to support clients with positive ESG credentials such as renewable power generators and energy storage providers.

- Enhanced understanding of sustainability issues, including climate issues, through ESG materiality mapping to identify our most relevant risks and opportunities.

- Commenced a pilot with a global provider of business sustainability ratings, as part of our work to further reflect sustainability in our procurement practices.

- Introduced new ways to reflect sustainability in our customer research including brand tracking.

- Participated in the Sustainable Markets Initiative (SMI), ClimateWise, Association of British Insurers (ABI) and Lloyd’s Market Association (LMA) working groups on climate and other ESG issues.

- Second year of reporting against ambitious GHG targets, with a 28% decrease in operational GHG emissions in 2022 against the 2020 baseline.

- Continued focus on enhancing sustainability and climate-related disclosures, resulting in improvements in public scores including CDP and MSCI.

- Donated over $1.8 million and spent over 1,400 hours volunteering for good causes including the Country Trust’s ‘Plant Your Pants’ campaign which focused on better understanding soil health and biodiversity in the UK.

Read the full report.