Posted on: 13 July 2022
Since publishing its inaugural sustainability report in 2021, several major events have impacted on Britannia’s Environmental, Social and Governance (ESG) strategy including the COVID-19 pandemic and ongoing war in Ukraine, as well as new maritime environmental legislation. This new report demonstrates, in light of these events, the positive actions that Britannia has taken in 2021 and 2022 to date and those it is committing to in the future.
Building on the commitments laid out in its 2021 report, Britannia has maintained its alignment with the UN Global Compact, the UN Sustainable Development Goals (SDGs) and the requirements of its regulators, while supporting the maritime insurance industry as it looks to assist shipowners in developing transitional methods to achieve the aims of the Paris Agreement.
Britannia has embedded its alignment with a number of UN SDGs across its business by creating, recording and reporting on some key performance indicators (KPIs). These include measures relating to diversity and inclusion, health and safety and training and development.
“Our strategic alignment with the UN SDGs has been embedded across our business and now influences many of our routine decisions,” said Andrew Cutler, Britannia’s CEO.
A case study in the report highlights an example of this in terms of how Britannia manages its building and office spaces. The Managers in Hong Kong, Tindall Riley (Britannia) Hong Kong Limited (TR (B) HK), recently signed up to a ‘Creating Shared Value’ (CSV) lease with its landlord Full Enterprises Limited. The initiative commits both organisations to work collaboratively to improve waste management and energy efficiency. The office block is also recognised as one of the most sustainable in the world offering over 70 sustainability features.
In Britannia’s 2021 report it agreed to align with the principles of the Task Force on Climate-Related Financial Disclosures (TCFD), which recognises the significant impacts of climate related risks and opportunities on insurance. In the last year Britannia has incorporated climate-related risks into its governance, strategy and underwriting. Britannia has also embedded ESG into its investment strategy and its risk management system.
Britannia is focused on working with its Members to raise ESG awareness and the 2022 report outlines the P&I Club’s commitment to implementing the United Nations Environment Programme’s (UNEP’s) Principles for Sustainable Insurance.
Since 2021 Britannia has been monitoring its carbon footprint targets with regards to air travel, measuring the impact of its corporate giving programme and defining the ESG responsibility of key managers with the development of a multi-point action plan.
In his concluding comments in the 2022 report, Andrew Cutler CEO of Britannia P&I said, “We are satisfied with the progress we have made since the publication of our inaugural report in 2021. We are committed to maintaining that progress in 2022 and beyond and continuing to work towards a more sustainable future.”
The Britannia Sustainability Report 2022 is available on the Britannia website here.
