Slowing down and minimising the consequences of climate change is one of the greatest challenges of our time. Tryg, works actively with its defined climate targets to ensure that we do our part in mitigating the impact of our business.
Tryg has committed to the Science Based Targets initiative and has defined targets for its scope 1, scope 2 and scope 3 emissions based on best practices and externally available guidance such as the GHG protocol, the Partnership for Carbon Accounting Financials (PCAF) and manuals from the Science Based Targets initiative. Once validated, all targets, including a CO2e reduction target from the investment portfolio, will be published.
Included in Tryg’s 2027 strategy, the specific climate-related targets are:
As a financial sector company, the vast majority of our emissions stem from the value chain. Tryg’s Annual Report contains information about the specific emissions and decarbonisation levers from each emission scope.
For more information regarding Tryg's climate impact and transition plan, see the Annual report here.
Tryg has committed to the Science Based Targets initiative. The final targets will be announced once validated.
The Science Based Targets initiative (SBTi) is a corporate climate action organisation that enables companies and financial institutions worldwide to play their part in combating the climate crisis.
It works to:
SBTi was formed as a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
As a large insurance company, we have many large organisations as customers. Many are in the process of reducing their CO2e emissions, while some might not be far yet and are active within high-climate impact sectors. We want to motivate these to set their own ambitious climate goals and transform their business.
Specifically for customers involved in the extraction and production of fossil fuels, Tryg aims to take a more proactive role in pushing them towards a green transition with the target:
A large part of Tryg's CO2e emissions come from the approximately 2.2 million annual claims. It requires large amounts of materials such as wood, metal, plastic and glass when our customers need to rebuild their house, repair a van or get a new mobile phone.
That's why we've, in close collaboration with our claims suppliers, have been working for years to break away from the ‘use-and-throw-away’ culture and instead push for a claims handling process where repair and reuse are more widespread. We work hard to minimise the size of a claim and ensure that more materials are preserved, repaired and reused. Without compromising on safety and quality, of course.
This new way of working requires a shift in mindset, which takes time and involves close collaboration, capacity building and knowledge sharing both internally across relevant teams, such as procurement, claims and the insurance assessors, as well as externally towards and between suppliers and partners.
Two targets for 2027 guide our efforts around material use in the claims handling process:
Investments
On Capital Markets Day in December 2024, Tryg announced an updated investment strategy with a focus on minimising investment risks. This means that Tryg's investment portfolio now primarily consists of Nordic bonds, especially mortgage bonds.
Read more about Tryg's third strategic focus area, Empowering people, here.