Alandia is a signatory to the Principles for Sustainable Insurance, a global sustainability framework that has led to the largest collaborative initiative between the United Nations and the global insurance industry.
The structure of the principles is based on an insurance company’s spheres of influence, addressing environmental, social and governance (ESG) issues—also known as sustainability issues—in the company’s strategy and core risk management, insurance and investment activities; and working together with clients and business partners across the insurance industry value chain, and with governments, regulators and other key stakeholders to promote widespread action. The principles also promote accountability and transparency on how a company is managing ESG issues.
We will embed in our decision-making environmental, social and governance issues relevant to our insurance business.
We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.
We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.
We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.
In spring 2021, Alandia joined the UN Principles for Sustainable Insurance (PSI) as the second Finnish insurance company. This report provides information on the work performed in 2021-2022 based on the four principles.
During the year, the Management Team analyzed and assessed Alandia’s ESG risk appetite and selected and prioritized those of the UN’s sustainability goals that are relevant to Alandia’s operations during two workshops. Furthermore, the Management Team decided that a materiality assesment of the identified ESG issues will be prepared during three workshops in February-March 2022 together with an external ESG expert.
Following the materiality assesment the Managament Team decided that the work will continue by integrating ESG into the new strategy, which was prepared for spring 2022 and that measurable goals and key figures for sustainability should be followed-up as part of the strategy follow-up process.
During the second half of 2021 and beginning of 2022 the Management Team continued working with ESG based upon the previous workshops and gathered a comprehensive list of ESG topics relevant for Alandia, as well as a broad list of potential relevant SDG:s, which formed the basis of the materiality assesment conducted with an external ESG consultant (Mikael Niskala, Mitopro Oy) during February-March the same year.