From June 2021, we have implemented sustainability in our underwriting by implementing the UN Global Compact principles (above) directly into our existing Customer Due Diligence (CDD).
Our customers will be assessed according to the UN Global Compact principles. This assessment is based on norm-based research from an external partner specialized in ESG (Environment, Social and Governance). Our external partner uses official information from many national and international sources for the assessment. The assessment company does not access information on If’s corporate customers or If’s customer base.
We have established internal ESG assessment teams. The assessments are used as part of our total assessment of client relationship. If’s internal assessment teams will make decisions based on the external partner’s research and grading.
We expect such findings amongst our clients to be rare. We will notify our corporate customers and discuss with them if we have concerns that might affect our client relationship. The client company will be asked to improve relevant processes so that our client relationship can continue. The ESG assessment team can make one of the following decisions:
- OK to proceed, but the company is under observation
- Conditional approval (OK to proceed, but the company need to take action)
- Not OK to proceed, insurance is not offered/renewed.
We already see that clients who have been notified of a violation, are doing their best to become compliant.
Read more about responsible Underwriting at Sampo's page: Sustainable Underwriting, Sampo