COP26 Q&A; Adam Clarke, Ageas

As a business what are you doing around COP26? How are you marking the event?

We’re working with the Association of British Insurers to contribute to its sustainability film, which will be shown as part of the ABI’s presence in Glasgow during COP26 and highlight the role of the insurance and long-term savings industry in the climate agenda.

What outcomes are you hoping for from the event?

Collaboration between governments, businesses and wider society to deliver on climate action faster.

As people return to offices what are you doing to reduce your business’ carbon footprint?

The biggest way we’re reducing our carbon footprint is by moving to a hybrid way of working. Our people will now work from home for 60% of their time and be in the office for the remaining 40%. This will significantly reduce the number of cars on the road and we estimate that our move to hybrid working could reduce our carbon footprint by 25%.

This adds to other steps we’ve already taken to reduce the impact of our offices on the environment, for instance automated lighting systems, using renewable energy, eliminating plastic cups, installing water saving systems and increased recycling.

Do you offer any green products that offer incentives for policyholder sustainability? If not, are you planning to introduce any?

The biggest potential impact that we can have is through the insurance products that we deliver, and by helping customers to do something good for the environment when they’re with us. That’s why we started using green car parts in vehicle repairs back in 2019. It’s really accelerated since then and now one in five of the green parts we use comes from our salvaged vehicles. Our green parts programme enables customers to take sustainable choices while resolving claims; something the ABI has highlighted in its new Climate Change Roadmap.

Last year we launched a new pay as you go product with one of our brokers, Marmalade, that allows drivers to pay specifically for the miles they use on a car making this its most cost-effective policy for drivers covering less than 3500 miles per year and incentivising lower mileage.

We also recognise the part we have to play in helping drivers make the switch to electric vehicles. At Ageas we are expanding our underwriting footprint for EVs and we’re constantly gathering more data to allow us to accurately price those policies.

What external bodies do you use to validate/support your sustainability approach across the ESG spectrum?

• Ageas supports the United Nations Sustainable Development Goals focusing on those targets where we can have the greatest impact. It is committed to operating as a responsible insurer and investor, managing our own risks effectively and making a positive contribution to the Paris 2015 goals.
• We support the ABI’s Climate Change Roadmap and are already taking some of the steps identified within it in our own business. Along with Ageas Group, we aim to be carbon neutral by 2024.
• Ageas is also a signatory to the United Nations Environment Programme Finance Initiative Principles for Sustainable Insurance and the UN Global Compact, at group level.