Climate action

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:

42% reduction in CO2e from scope 1 by 2030. This reduction will be driven by a transition away from natural gas and changes to the company car fleet.
100% purchase of renewable electricity in scope 2 by 2030. Driven by the conversion to more energy-efficient office buildings and the purchase of Guarantees of Origin
40% of our purchases must come from suppliers who have set their own Science Based Targets by 2029. Driven by supplier engagement.
100% of premiums from commercial extractors and producers of fossil fuels covered by green transition plans by 2027. Driven by customer engagement.

The Science Based Targets initiative

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:

Define and promote best practice in emissions reductions and net-zero targets in line with climate science.
Develop standards, tools and guidance to enable companies and financial institutions to set science-based targets in line with the latest climate science.
Through its wholly-owned subsidiary, SBTi Services, assess and validate companies’ and financial institutions’ targets

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).

Science Based Targets initiative

Advancing reuse, repairs and preservation in the claims handling process

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:

Reduce the consumption of new materials by 10% across all types of claims
Reduce CO2e emissions by 6% per average claim.

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.