Strategy

In 2015, in its position paper entitled "Unipol for the Climate", the Unipol Group proposed a model for the prevention and management of natural disasters based on collaboration between the public and private sectors, adopting mutual insurance procedures to manage growing risks resulting from climate change and to cope with large insurance claims.

The Sustainability Policy approved by the Board has committed the Group to environmental protection and to the fight against climate change. The Sustainability Department is responsible for the Sustainability Policy's adequacy and completeness. The Sustainability Policy's contents are integrated in each company's policy, whose implementation and enforcement is verified by the relevant corporate departments.

With regard to strategic planning, aspects relating to mitigation (in particular CO2 emissions per employee) have been integrated into the three latest strategic plans, while aspects relating to adaptation and resilience (such as the overall impact of product premiums with social and environmental impact) have been integrated into the two latest strategic plans. 

The 2019-2021 Strategic Plan contains goals related to mitigation and adaptation to climate change:

  • Investments: the goal of integrating ESG factors into corporate strategies has led the Group to excluding a priori, from the SRI Investment Policy, any new investments in companies related to the mining of, electric power generation from, thermal coal and supporting the transition, through responsible investments, to a low-carbon economy. The Strategic Plan provides for an increase in the amount of thematic investments for SDGs, including those related to mitigation of and adaptation to climate change. The goal for 2021 is an investment of Euro 600 million in support of Agenda 2030 (against Euro 326 million in 2018), in agreement with the contents of the Taxonomy defined by the European Commission.
  • Insurance products and services: the corporate strategy aims to develop products and services to increase customer adaptability and resilience. Innovative solutions for the market have already been developed to address the impacts of climate change (especially in the tourism and farming sectors) and for post-event management. The new three-year Plan includes actions such as the development of innovative risk-mitigation techniques (with the innovative protection of the income statement against frequent medium-level natural disasters, including through recourse to the capital market), the development of forecasting models for climate risk addressed to businesses to increase the resilience of the various sectors and to increase the penetration of products with environmental impact on the overall insurance portfolio. The Group's Non-Life Business and Life Business underwriting policies exclude companies that derive a preponderant or significant part of their revenues from coal-mining activities (with the sole exception of the underwriting of products that protect employees of the contracting legal entities in case of illness and accident, due to the social significance that these coverages hold with individuals).

Lastly, since the Group is one of the leading real estate developers in Italy by size of business, the strategy for the three-year real estate plan includes a continuous improvement in energy efficiency both in projects (investments), i.e. all the activities relating to new buildings or major renovations of existing properties (corporate buildings and properties "used by third parties") and in the maintenance of existing buildings. The energy management system, certified according to the ISO50001 standard certification process in place for 19 main operating buildings, will be extended to all operating buildings by the end of the Strategic Plan.