Sjóvá, in harmony with society and the environment
Sustainability is an issue that is viewed across the ESG spectrum at Sjóvá. Climate change and natural disasters, for example, may well have a direct impact on operations. Being an insurer, Sjóvá assesses risks on a day-to-day basis. Climate risk assessments are carried out to better understand the risks caused by climate change and the impact of events such as wildfires, landslides, and floods. The aim is to mitigate the risk and enhance loss prevention.
Sjóvá is a leading institution in the Icelandic insurance market. A financially strong company with a strong position in both the personal and commercial insurance market. A leader in service and technical development with a solid distribution network throughout the country.
Sustainability & Social Responsibility Policy
Sjóvá considers it important to work in harmony with society and the environment. By conducting operations in a socially responsible manner, Sjóvá contributes to future profitability and growth for the benefit of society, customers and shareholders. Sjóvá contributes to sustainability by reducing the environmental impact of its operations through targeted measures and responsible and conscious utilization of resources.
Sjóvá's role is to ensure valuables in people's lives
Sustainability is viewed across the ESG spectrum at Sjóvá. Climate change and natural disasters, for example, may well have a direct impact on operations. Being an insurer, Sjóvá assesses risks on a day-to-day basis. Climate risk assessments are carried out to better understand the risks caused by climate change and the impact of events such as wildfires, landslides, and floods. The aim is to mitigate the risk and enhance loss prevention.
Sjóvá emphasizes ways to reduce the environmental impact in operations and claims handling. This is done, for example, by making better use of slightly damaged items and thus increasing the service life of objects and parts that are already in use, instead of purchasing a new replacement item or part with the associated ecological footprint. Sjóvá is also working on several projects that promote the responsible use of resources, for example by encouraging the repair of windscreens rather than replacing them when possible. This saves costs, prevents waste, and according to calculation a windscreen repair has a carbon footprint that is 24.000 times lower than if the windscreen is replaced. In property claims handling, Sjóvá has made use of an app that facilitates remote claims services via the customers cell phone with substantial savings in driving which allows for better service and faster claims handling. Additionally, the electric car fleet has enabled us to further reduce Sjóvá’s use of fossil fuels. Our focus is on making our operations sustainable and supporting our customers in making informed and sustainable choices for their claims handling.
Sjóvá made an agreement with Klappir green solutions in 2020 to use their system and expertise to make it easier to keep track of the results of sustainability actions in operations and sustainability statement calculations. One of the main purposes at the onset was to track a full year and find the environmental baseline. The baseline is the measurement of the company's current impact on the environment. The direct access of information from our supply chain into the sustainability platform reports are an asset and the option of sharing our ESG report to shareholders and rating agencies has also proved valuable for us.
Sjóvá invests in diverse companies in all areas of society. Sjóvá’s investments returned good results during the year, exceeding expectations. When assessing investment opportunities, responsible operations, a positive impact on society and increased value creation weigh in on the choices of investments. With the Sustainable Finance extension Sjóvá can rate their investments and take an active part in the dialogue about sustainable and responsible investments.
Outcome and future results
Sjóvá have pledged to:
Reduce greenhouse gas emissions
- We intend to reduce emissions from operations and offset the emissions that inevitably occur from operational activities at the end of each year.
Carbon neutral Sjóvá in 2025
- Sjóvá aims to be carbon neutral within a few years. Increase in clean energy vehicles in the car fleet and transport agreements and transport subsidies for environmentally friendly employee transportation are a few of Sjóvá's goals in this field.
Increase digital service offering
- Sjóvá intends to achieve 75% web registration of claims before the end of 2022 and that 75% of all business activities will be in digital form.
“The platform has enhanced our sustainability data gathering, given us certainty in carbon calculations and facilitated our ESG reporting and data sharing to our stakeholders. The platform is easy to use and the Klappir staff´s assistance and services are prompt and professional.”
Pálín Dögg Helgadóttir, Sustainability Specialist, Sjóvá
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