Social sustainability - we take care of people

General insurance is crucial for creating financial security for individuals and businesses, and important for contributing to economic growth. This will be at least as important in the time ahead with the changes we can expect as a result of climate and environmental changes, changes in demographics, digitalisation and other societal changes. Insurance is strictly regulated and subject to licensing because of its social significance. Good governance and control are critical to succeeding in safeguarding life, health and assets. It is also important for contributing taxes and fees that finance public goods in society. In addition to compliance with external and internal regulations, decisions and actions shall be in line with Gjensidige's values base and ethical rules in such a way that value is preserved and created for customers, owners, employees and society at large.

Loss prevention and knowledge sharing are our most important contributions to a sustainable society. We prevent loss by informing customers and society about effective measures to reduce risk. We provide incentives to customers who implement such measures.

Here are some examples of what we do: 

• For business customers, we have an industry-specific risk management process that helps customers prevent loss that are particularly relevant to their business.  

• We offer sustainable solutions that facilitate and motivate better health. We offer digital self-help programmes for mental health, and online psychologist to children and people under the age of 16 and their relatives, for advice, guidance and help.  

• We offer "Online mental health care", which lowers the threshold for preventing mental illness.  

• Using weather data, we send warnings to customers who may be affected by storm and flood.  

We publish stories about loss prevention on our own website (gjensidige.no/godtforberedt). We also contribute to many news pieces in the media.

Our products and services shall be sustainable and contribute to our customers having financial security.

Here are some examples of what we do: 

• In 2022, Gjensidige was the first Norwegian non-life insurance company to launch a taxonomy-adapted insurance product, based on our understanding and interpretation of the EU Taxonomy Regulation. Our insurance for commercial buildings and housing cooperatives and condominiums is now adapted according to the taxonomy's requirements. Based on this, our assessment is that 9 per cent of our covered premium income for 2022 is in accordance with the taxonomy's criteria for sustainable non-life insurance.  

• In collaboration with the Norwegian Computing Center, we have conducted analyses of the consequences of climate change. We have combined loss data with climate projections in order to have a forward-looking understanding of risk, and to create a better basis for climate change adaptation measures. 

• We reward customers who build according to environmental certifications such as BREEAM-NOR and the Nordic Ecolabel 

Gjensidige is committed to facilitating sustainable claims settlement for its customers. This means that we set requirements for the reduction of greenhouse gas emissions and that our suppliers take responsibility and comply with our requirements for human and labour rights, the principle for the environment, and anti-corruption work.

Here are some examples of what we do:  

• All suppliers must sign the Self-declaration on Corporate Social Responsibility and comply with the UN Global Compact's 10 principles for responsible business conduct.  

• We screen our suppliers on sustainability and follow up that they comply with our requirements for climate and environmentally friendly solutions  

• We focus on reuse and have entered into a collaboration with the Circular Resource Centre, which works to strengthen the reuse of building materials and building components.  

• We have increased the write-off threshold on cars from 60 % to 80 % in order to repair more instead of scrapping  

• We work with car demolishers to ensure that materials from vehicle scrapping are recycled and used in new products. 

• We keep climate accounting for our claims processes and have from 2019 to 2022 cut emissions in line with the Paris Agreement (25 % reduction in CO2-equivalents and 33 % reduction in CO2 intensity as of 2022) 

• In 2022, we committed to setting scientific targets to cut our greenhouse gas emissions through signing the Science Based Targets initiative (SBTi). We will now develop scientifically based targets for emission cuts in our damage processes.  

To achieve our strategic goals, we depend on attracting, retaining and developing motivated and engaged employees. We have a flat organisational structure, and are committed to facilitating good and stimulating cooperation throughout the organisation. This is how we create a culture for learning and become an attractive workplace.

Here are some examples of what we do:

• We have an employee engagement at work (8.3 out of 10) that is in the top 25 in finance, Peakon's customers in Europe.  

• We provide a wide range of training to our employees, including programs for competence enhancement and talent development.  

• We have a clear policy and plan for Health, Safety and Environment, which we follow up continuously.  

• Our working environment is characterized by cooperation, equality and diversity.  

• Gjensidige strives to have an inclusive culture, where everyone is treated with respect and equality. We also work systematically for a forward-looking and learning organisational culture that will build on our unique history and our core values: creating a sens of security, applying new thinking and going for it.  

• We have signed the Charter Women in Finance, with the aim of increasing the proportion of women in leading positions.  

• We have signed the Diversity Charter Denmark, with the goal of supporting diversity and inclusion in business.  

It is essential that human and labour rights are respected and clearly respected in all parts of our value chain. Our suppliers must, among other things, commit to comply with the UN Global Compact principles, which also stipulate requirements for employers to comply with human and labour rights. We screen and follow up our suppliers on this, and report on our efforts in line with the Norwegian Transparency Act.