Insurance solutions with ESG components
As part of our range of insurance offers, we are committed to developing and promoting some solutions that have ESG components.
Insurance solutions, by their very nature, have a high social and environmental value as they concretely respond to customers’ pension and protection needs and to the growing requirements of society, contributing to make it more resilient in relation to changes and adversities. However, there are products which, more than others, include ESG components and contribute to create shared value for all the stakeholders.
In Generali 2022-2024 Strategy Lifetime Partner: Driving Growth we confirm our commitment to further develop Insurance Solutions with ESG components, increasing our gross direct written premiums by 5-7% CAGR by the end of 2024 . Given the strong emphasis that the Group places on these themes, an inter functional working group was established with technical and socio-environmental expertise. This working group meets regularly to assess the adequacy of the definitions of Insurance Solutions with ESG components and the coherence of dataset. This constant monitoring along with the evolution of the regulatory context on sustainability, led to amend the name from Premiums from Sustainable Insurance Solutions to Premiums from Insurance Solutions with ESG components.
In 2022, first year of the new strategic plan, we collected a total gross direct written premium amount of €19,868* million from Insurance Solutions with ESG components, showing a growth of 11.7% compared to 2021.Significantly, in 2022 gross direct written premiums from Insurance Solutions with ESG components represented more than 25% of the total gross direct written premiums collected by the Group.
- Products aimed at targeted clients/events: including products dedicated to the young, the elderly, the disabled, the immigrants, the unemployed, aimed at covering professional disabilities, or supporting and fostering social inclusion; products that promote a more prosperous and stable society, with particular attention to small and medium-sized enterprises and people involved in voluntary work; products with high social security or microinsurance content.
- Products promoting responsible behaviours: products that promote responsible and healthy lifestyles, leveraging on the opportunities provided by new technologies, the importance of preventive healthcare or other virtuous behaviours of policyholders.
- Health products providing pay-out or services: products that supplement the public health service, designed to help manage the costs of treatment and assistance, as well as the reduction in earnings of customers in the event of serious illnesses or the loss of self-sufficiency.
In 2022, premiums of €17,449 million were collected from insurance solutions with ESG components – social sphere, with a growth of 11.5% compared to 2021.
Premiums from insurance solutions with ESG components - social sphere
- Mobility: products designed for mobility with reduced environmental impact, including products for electric and hybrid vehicles, or products rewarding low annual mileage and responsible driving behaviour;
- Energy efficiency: products that support the energy efficiency of buildings, for which we also provide consultancy to customers, to identify possible solutions for optimizing energy consumption in homes;
- Renewable energies: products covering risks connected with the production of renewable energies. These kinds of products are designed to cover equipment for the production of renewable energy, to guarantee reimbursement of damage caused by atmospheric events to solar and photovoltaic panels, or similar systems, which can be integrated with guarantees to protect against loss of profit deriving from the interruption or decrease of the production of electricity;
- Risk reduction: products specifically designed to cover catastrophe risks or specific environmental damage.
- Pollution liability/Own damages: anti-pollution products, such as third-party liability policies for pollution, which provide reimbursement of expenses for urgent and temporary interventions aimed at preventing or limiting the recoverable damage;
- Circular economy: products to support companies dealing with materials recovery/recycling, products for start-ups that manage shared services platforms, etc.
In 2022, premiums of €2,419 million were collected from Insurance Solutions with ESG Components – Environmental Sphere, with an increase of 14% in comparison to 2021.
Premiums from insurance solutions with ESG components - environmental sphere
The perimeter includes all subsidiaries of the Parent Company which consolidate on a line-by-line basis.
* Premiums from insurance solutions with ESG components refer to consolidated companies representing 99,9% of the Group’s total gross direct written premiums. The change was on equivalent terms, I.e., at constant exchange rates and consolidation scope.
As for premiums from Insurance Solutions with ESG components – environmental sphere, the premium from multi-risk policies covering NATCAT events only refers to the NATCAT guarantee. If the premium cannot be split into green-related component, and other components, only the premium from the policies which are predominantly providing a green coverage or service is reported.
Coherently with the S&P framework on Sustainable Insurance Underwriting Products & Services, the amount of Gross Direct Written Premiums is € 2,364,685,589.