Zurich Insurance Group AG

Advocating for supportive policies Our net-zero ambition is dependent on the transition of the real-world economy and an effective public policy framework. That's why we want to put our data, expertise and global network to use in shaping and advocating for policies that can help achieve a just, resilient and economically successful transition.

Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]To deliver upon our commitment to the Business Ambition Pledge for 1.5°C , we set out a Group-wide climate strategy: our 1.5°C Future Plan which focuses on three actions we can take as a business: setting science-based CO2 reduction targets, innovating for sustainable solutions, and developing a deep understanding and integration of climate risk.
To ensure consistency, Zurich published its climate change position statement and Zurich Climate Change White Paper the report 'Closing the gap on climate action' and the ZClimate Report. These reports describe how climate change-related risks have evolved, and how the response from governments & businesses has progressed. To enhance collaboration between the finance sector, government and the carbon-intensive sectors in the real economy, Zurich joined UNEP FI Net-Zero Asset Owner Alliance as a founding member, committing to a zero-emission portfolio of investments by 2050. In July 2021, we became a founding member of the Net-Zero Insurance Alliance committing to transition all operational and attributable greenhouse gas emissions from our insurance and reinsurance underwriting portfolios to net-zero emissions by 2050. We also signed the Paris Pledge for action; expressed support for the TCFD; and became a signatory to the 2018 Global Investor Statement to Governments on Climate Change.
Zurich has developed a public policy position on flood resilience that has been shared with employees engaging policy makers on the topic. We also publish Risk Nexus Issue Briefs on topics to improve awareness and influence policy around flood resilience related topics such as the potential savings from investing in pre-event risk reduction to become more resilient to natural hazards and extreme weather.
Zurich has a Group Public Affairs function which develops and advocates consistent public policy positions and to coordinate engagement with policy makers. A Public Policy Framework ensures such matters are managed consistently across Zurich. Also, significant new or changed public policy positions are syndicated before members of the Group Executive Committee including the Group CEO. Position taking is driven by processes designed to assure strategic alignment and subject matter consistency. Before public positions are taken, including climate, a process to get subject matter review, in addition to other governance compliance, is taken.

Does your organization have a public commitment or position statement to conduct your engagement activities in line with the goals of the Paris Agreement?[…]Yes

Describe the process(es) your organization has in place to ensure that your external engagement activities are consistent with your climate commitments and/or climate transition plan?[…]To deliver upon our commitment to the Business Ambition Pledge for 1.5°C, we set out a Group-wide climate strategy: our 1.5°C Future Plan which focuses on three actions we can take as a business: setting science-based CO2 reduction targets, innovating for sustainable solutions, and developing a deep understanding and integration of climate risk.