Zurich to slash its air travel emissions by 70% from pre-pandemic level in 2022
Zurich aims to reduces air travel-related CO2 emissions by 70% compared with pre-pandemic levels next year, as part of a raft of new green initiatives.
The move is another clear sign major companies within the insurance segment do not plan to return to the high levels of international business travel prior to the pandemic, as highlighted by this publication’s recent travel survey.
In other actions relating to its own operations, the insurer, which aims to be a net-zero-emissions business by 2050, has also said all new company vehicles must be electric or hybrid with immediate effect.
Zurich aims to make its communications with customer 100% digital by 2025, although it will allow customers to opt in to paper-based communication.
The group will also implement a sustainable building programme in an additional 50 offices by the end of next year.
Overall, Zurich said its new measures should cut carbon dioxide=equivalent emissions within its own operations by more than 40,000 metric tons annually by 2025.
On the product side, Zurich is to launch a carbon-neutral investment option for unit-linked life insurance solutions that combine savings with an insurance policy.
It is also expanding its offering for the renewables energy sector, strengthening its clean energy underwriting capabilities to provide a more complete suite of products, which will launch in January next year.
Zurich group CEO Mario Greco said: “Our new measures aim to further reduce our own carbon footprint and, by having a direct impact on how we work, inspire employees, suppliers, customers and others to take action of their own.
“The experience of the global pandemic has shown us a pathway to improving many aspects of our daily and working lives, and there’s no going back.
“Now is the time to push boundaries, embed new behaviours and adapt to a new reality. As the risks of climate change increase, helping our customers on their journey to net-zero is a priority, and our latest sustainable insurance solutions reflect this commitment.”