Alandia’s report based on the UN PSI published
Alandia has published its report based on the UN Principles for Sustainable Insurance for the first time. The report covers 2021–2022. Alandia joined the UN PSI as the second Finnish insurance company in spring 2021.
The UN PSI is an initiative directed at insurance companies that consists of four principles. All signing companies commit to reporting annually on their ongoing work, and publishing the results publicly.
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.
The freshly published report by Alandia 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. Furthermore, the Management Team accomplished a materiality assesment of the identified ESG issues.
Following the materiality assesment the Managament Team integrated ESG into the uppdated strategy, which was prepared during spring 2022. It was decided that measurable goals and key figures for sustainability should be followed-up as part of the normal follow-up process.
Way forward
The ESG priorities are communicated as part of the communication of strategy to the personnel and further developed in the business planning process in autumn 2022 in all functions.
During the business planning process, the responsible persons and functions defined for implementing the ESG priorities start their work implementing the defined ESG priorities.
The ESG priorities will be communicated externally to Alandia’s customers, partners, brokers and ship-owners and Alandia will continue to publish its UN PSI sustainability report annually.
