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ESG in Underwriting Standards

Within our Corporate Business we follow our internal underwriting standard for customizing insurance coverage for larger companies. When providing coverage, the following criteria for sustainability are considered: 

Excluded types of business:

  • Military equipment, ammunition or weapons including firearms
  • New projects of coal power generation
  • Nuclear Business
  • Underground mining
  • Any kind of Offshore risk
  • Satellites, space-craft, launch vehicles and major components thereof at the time of the launch 

For the following risks, no cover/capacity can be obtained:

  • Activities which are illegal under local law and regulations applicable to the concerned operating entities.
  • Activities which conflict with international sanctions
  • Intentional or criminal acts (this does not affect the coverages of the UNIQA cyber wording for corporate business)
  • Any account involving a political/reputational risk for UNIQA Group (risks sensitive with respect to UNIQA reputation, e.g. army, pornography, political parties, etc.)
  • Activities in chemical cracking and in fracking (e.g. for oil and gas extraction)
  • Geotechnical investigations (incl. seismological techniques) 

ESG Impact on Pricing 

In our pipeline is to develop instruments that support ESG and to extend customer consulting in this area by using thermographic scan, gas leakage control, energy consumption analyze, predictive maintenance, affinity solutions (recycling…), waste management, filter installations etc. In the future these parameters should also be reflected in pricing.