Our Climate Action Plan

As part of implementing our Group Sustainability Strategy, we have developed a specific Climate Action Plan, which also serves as our climate strategy.

Swiss Re first detected the potential long-term challenges posed by climate change some 30 years ago. Consequently, it has become our most important sustainability issue: For a re/insurer, climate change constitutes a key topic because it leads to an increase in the severity and a change in the patterns of natural catastrophes such as windstorms, floods, excessive rainfall, heatwaves and drought. In combination with growing asset concentrations in exposed areas and more widespread insurance protection, this will cause a rise in average losses.

Climate change is an essential element in our Group Sustainability Strategy: “Mitigating climate risk and advancing the energy transition” is one of our three overarching 2030 Sustainability Ambitions. In the course of defining metrics and setting targets, we have developed our Climate Action Plan.

The plan builds on our commitments and initiatives of recent years, and combines three objectives:

  1. We aim to become the leading re/insurance company on physical climate risk.
  2. We aim to become a leading provider of re/insurance solutions for low-carbon transition opportunities.
  3. We build partnerships to develop scalable solutions to mitigate and adapt to climate change.

For specific targets related to these objectives, take a look at the “Mitigating climate risk and advancing the energy transition” section. The targets include our three net-zero commitments made in 2019.

Our three commitments to reaching net-zero emissions

Underwriting: by 2050

Asset management: by 2050

Operations: by 2030

For further details please also refer to our climate-related financial disclosures (TCFD) in the Financial Report 2020.

Key achievements of 2020

Below you can see an overview of the key actions we took in 2020 that are relevant for our Climate Action Plan and help us progress towards our net-zero commitments, with references to detailed content in the report: