Underwriting

ESG considerations are embedded in our daily underwriting process. We have clear underwriting guidelines covering a range of key issues and apply these on a risk-by-risk basis. Following ESG review, we may decide to proceed or seek information, or we may walk away from business. In some cases, our decision to proceed is subject to an agreed remediation plan. We believe it is critically important to decline risks which fall short of our requirements in order to truly leverage our position in the market. 

Fidelis updated underwriting guidelines

Engagement in industry initiatives

The Fidelis Partnership cannot act on its own: we seek to engage with others in order to drive more sustainable behaviour across our industry. We actively push for change on specific issues, for instance anti-slavery, as well as taking part in broader collaborations with our peers.

• The Fidelis Partnership is a member of the Principles for Sustainable Insurance (PSI)
• The Fidelis Partnership is a founding member of the Poseidon Principles for Marine Insurance
• The Fidelis Partnership is a supporter of the Willis Towers Watson Climate Transition Pathways
• The Fidelis Partnership developed the forced labour clause for high-risk industries and works closely with Anti-Slavery International

Commitment to net zero underwriting

We aim for a reduction in the Insurance-Associated Emissions (IAEs) of our energy and aviation business in a range of 26-49% between 2022 and 2030. This covers c.80% of our calculated 2022 IAEs, which totalled 3.5 million tonnes of CO2 equivalent (22% of this relates to Scope 3). *

While this is an important initial step, the implementation of our net zero strategy will evolve over time, along with the PCAF methodology and best practice guidelines for insurance transition plans.
 
We will be as transparent as possible as this evolution progresses, not claiming to have all the answers up-front but also not shying away from taking action.
 
We will continue to follow climate science and look to independent expert opinion to make sure our requirements are robust but also realistic.

^{(*) For in-scope portfolio, as per the November 2022 PCAF Standard methodology. This calculation has received limited assurance from Crowe UK LLP (full assurance statement), as has the 2023 update (2023 assurance statement).}