Despite representing a significant part of the environmental impact for (re)insurers, the industry has historically been slow in calculating insurance-associated emissions due to a lack of guidance. A new guide from The Prince’s Accounting for Sustainability Project (A4S) is designed to empower finance teams to adopt frameworks such as the Partnership for Carbon Accounting Financials (PCAF), helping to establish baselines and make decisions aligned with their net zero goals. One of the key contributors to this guide is Allianz, who is working to understand the emissions of its existing portfolios and establish a reference point from which to chart a pathway to net zero emissions. This presentation sets out how Allianz developed an internal methodology to set its emissions baseline, building upon the PCAF Standard. It includes the steps the group took, including upskilling the team, outlines its next steps and offers key takeaways from the finance team. Standard. It includes the steps the group took, including upskilling the team, outlines its next steps and offers key takeaways from the finance team.

The Prince’s Accounting for Sustainability Project (A4S) was established by The Prince of Wales in 2004 with the aim of inspiring action by finance leaders to drive a fundamental shift towards resilient business models and a sustainable economy. The partnership between A4S and ICMIF is one founded on shared values and shared purpose and ICMIF hopes to encourage more member organisations to become involved in the work of the A4S as it expands on a global basis.

The launched the first global measurement standard for greenhouse gas (GHG) emissions in November 2022. Insurance-associated emissions are a type of Scope 3 emissions associated with an insurer or reinsurer’s underwriting activities…