If Insurance’s near-term climate targets approved by SBTi

– We want our targets to have as much impact as possible. By setting science-based targets, and including voluntary reduction measures for our claims operations, we hope to set an example that other insurance companies will follow, says CEO Morten Thorsrud.

If’s short-term climate targets have been validated by the Science Based Targets initiative (SBTi), and If has thus joined more than 7,000 companies worldwide that have had their climate targets approved by the renowned international sustainability organization.

Voluntary targets for claims included

“Climate change is a global concern that calls for immediate attention from all of us. We want to do our part and support the transition by working towards ambitious, science-based targets that align with the Paris Agreement. The SBTi validation is an important milestone on that journey,” says Morten Thorsrud.

If is the largest insurance company in the Nordic region, with operations in all Nordic and Baltic countries. We joined the SBTi in 2021, and our targets were validated in December 2023.

The majority of If’s total greenhouse gas emissions come from our investment portfolio. As a financial institution, we are required by SBTi guidelines to set targets for our investments. But we’ve chosen to go one step further – and have also set climate targets for our claims operations, even though this is not a formal requirement.

“Each year we buy materials and services worth billions of kronor and handle more than a million claims in the motor and property segments. This is where a large share of our indirect emissions come from – and where we can make a real difference by encouraging our suppliers to set ambitious climate targets. We can also support our partners in reducing material use, by repairing and reusing instead of replacing with new parts,” Morten Thorsrud explains.

Philip Thörn, Head of Sustainability at If

If’s Head of Sustainability, Philip Thörn, agrees.
“By actively asking for innovative solutions, resource efficiency, transparency and accountability from our suppliers, we aim to minimise our negative impact – and encourage sustainable production and consumption. Strict requirements, combined with close collaboration with our suppliers and partners, enable us to develop our business while also contributing to a more sustainable future,” says Philip Thörn.

You can read more about If’s SBTi targets on page 48 of our Annual Report.

If Annual Report 2024