Wawanesa was founded in Manitoba, Canada, 126 years ago. Despite its long history, the mutual insurance company only started its sustainability journey in 2021: but a lot has happened in that year.
In 2021, the company launched a new strategy called “Leading with mutuality”, which is about going back to its roots and to the reason why it exists. The focus is on creating value for its members and communities through member-centricity and ESG.
Wawanesa approached the work to start a sustainability journey by looking at the external environment and doing research, leveraging the work ICMIF members had already done.
The organisation asked what its biggest risk was and what it needed to start work on immediately. The conclusion to this was climate change. There was a lot of foundational work that needed to be done around climate resiliency and its next step was to have discussions within the whole company to understand what it was currently doing and the opportunities in this area.
Wawanesa combined its external and internal research and had strategy and education sessions with its executive team. Out of these sessions, it came up with some guiding principles:
- Member-centric
- Data-based
- Collaborative
- Transparent
- Progress over perfection
As a mutual insurer, Wawanesa exists for the benefit of its members, working to build a more sustainable future for members and communities. Its sustainability strategy is focused on five strategic dimensions:
- Sustainable insurance solutions: focus on prevention and advice to help members; how to encourage and incentivise sustainable behaviours; and looking at new market opportunities resulting from low carbon transition.
- Sustainable investing: how can it use the power of its invested assets to fund this transition and build resilient communities.
- Sustainable operations: “walk the talk” with employees in charting its path towards net-zero.
- Stakeholder engagement: joining numerous advocacy groups to create opporunities for employees to get involved.
- Transparency and disclosure: holding themselves accountable.
Wawanesa’s work on climate resiliency threads through all the dimensions of its priorities and aligns with the pillars of its corporate strategy around member centricity, sustainability and community.
While it is hard to muster up excitement about policy and governance, Wawanesa has already had tangible wins they could point to help build internal momentum and educate stakeholders. One example is their Stronger Homes coverage which, in the event of a claim or loss, the policyholder can build back to a more resilient state, such as using hail-resistant shingles or fire-resistant siding.
Wawanesa have also created literature in the form of blog posts and articles to build literacy around insurance and prevention. After the town of Lytton burned down, Wawanesa worked with the town to create bylaws that incorporate resiliency and rebuild in a more resilient way.
To hold themselves accountable, Wawanesa created a three-part mandate: strengthening climate resiliency; advancing environmental stewardship; and building diversity, equity and inclusion (DEI). The company has linked this to the UN SDGs and measurements that will form the basis of its sustainability reporting.
