Sustainability

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.

Chosen SDG:s relevant for Alandia’s business:

Goal 8:

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.

Goal 12:

Ensure sustainable consumption and production patterns.

Goal 13: 

Take urgent action to combat climate change and its impacts

Goal 14:

Conserve and sustainably use the oceans, seas and marine resources for sustainable development.

Goal 17:

Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development.

2021

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.

2022

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.