Strategy

In 2015, in its "Unipol for the Climate", the Unipol Group proposed a model for the prevention and management of natural disasters based on public-private cooperation, which adopted mutual insurance mechanisms to manage the growing risks deriving from climate change and to address the significant compensation of damages that will ensue.

The Sustainability Policy approved by the Board of Directors defines the Group’s commitment to environmental protection and the fight against climate change. The Sustainability Department is responsible for the adequacy and completeness of the Sustainability Policy. The Sustainability Policy contains indications regarding each individual company policy, with the respective departments responsible for verifying implementation and compliance with the same.

With regard to strategic planning, mitigation aspects (CO2 emissions per employee, in particular) have been included in the last three strategic plans, while aspects relating to adaptation and resilience (such as the overall incidence of premiums for products with a social and environmental impact) have been included in the last two.

The 2019-2021 Strategic Plan contains targets concerning climate change mitigation and adaptation:

  • Investment activities: the aim of incorporating ESG factors in corporate strategies has led the Group to rule out, in the SRI Investment Policy, new investments in companies linked to the extraction and electricity generation from thermal coal, and to support the transition to a low carbon economy through responsible investments. The Strategic Plan also provides for an increase in the amount of thematic investments based on the SDGs, including those related to mitigation and adaptation to climate change.
  • Insurance products and services: the Sustainability Policy requires the Group to carefully assess insured risks, promoting the adoption of sustainable practices (for the prevention and management of risks related to climate change in particular), especially for SMEs. The corporate strategy aims to develop products and services that increase customers’ resilience and ability to adapt. Innovative market solutions have already been developed to address the impact of climate change (in tourism and agriculture in particular) 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 income from frequent, medium-sized natural events, also through the use of the capital market), the development of predictive models regarding climate risk for businesses to increase the resilience of various sectors and increase the penetration of products with an environmental impact in the overall insurance portfolio. Underwriting policies for the Non-Life and Life businesses exclude companies that earn a predominant or significant part of their revenues from coal mining (with an exception for products that protect the employees of the contracting legal entities in case of illness or accident, given the social role of this coverage).

Finally, as one of the leading real estate operators in Italy by business size, the three-year strategy of the real estate plan envisages the constant improvement of energy efficiency in projects (investments), that is all business related to new buildings or major renovations of existing properties (business and “third-party” properties), and the maintenance of existing buildings. The energy management system certified according to the ISO50001 certification process in place for the 19 main operational buildings has been extended to all operational buildings by the end of 2019.