Support and undertake research on climate change to inform our business strategies and help to protect our customers’ and other stakeholders’ interests.

QBE EO makes full use of the latest available scientific data and risk modelling techniques to protect our stakeholders’ and customers’ interests.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

1.2

Support more accurate national and regional forecasting of future weather and catastrophe patterns affected by changes in the earth’s climate.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Use research and improve data quality to inform levels of pricing, capital and reserves to match changing risks.

QBE EO makes full use of the latest available scientific data and risk modelling techniques to protect our stakeholders’ and customers’ interests.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Share our research with scientists, society, business, governments and NGOs through an appropriate forum.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Work with policy makers nationally and internationally to help them develop and maintain an economy that is resilient to climate risk.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

2.2

Promote and actively engage in public debate on climate change and the need for action.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Support work to set and achieve national and global emissions reduction targets.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Support Government action, including regulation, which will enhance the resilience and reduce the environmental impact of infrastructure and communities.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Inform our customers of climate risk and provide support and tools so that they can assess their own levels of risk.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

3.2

Encourage our customers to adapt to climate change and reduce their greenhouse gas emissions through insurance products and services.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Increase the proportion of repairs that are carried out in a sustainable way through dialogue with suppliers and developers and manage waste material appropriately.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Consider how we can use our expertise to assist the developing world to understand and respond to climate change.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

We believe climate change presents both potential threats and opportunities for our industry. We monitor emerging developments very closely and will continue to adapt our business planning and evolve risk-mitigation strategies in response. In particular we are making extensive use of the best available risk modelling and aggregate accumulation techniques to help define our risk appetite. To the extent that climate change could impact us on the asset side, QBE adopts a low-risk absolute return strategy.

The prevalence of energy-intensive sectors such as property, manufacturing, marine and aviation among our client base, could potentially expose us to a future decline in demand for carbon-intensive products and services. Our market-leading position, however, means we are well placed to monitor emerging trends and provide support in to new and emerging energy technology products and services. We also perceive opportunity in growing risk-awareness in a future in which climate change encourages a greater incidence of insurable events.

Such growing awareness could also reduced claims costs by promoting more active risk prevention among our insureds. Overall we remain vigilant and are cautiously optimistic that the QBE business model of diversification by product and geographical location – combined with stringent risk management discipline – provides a secure foundation for our business going forward.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

4.2

Encourage appropriate disclosure on climate change from the companies in which we invest.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Encourage improvements in the energy-efficiency and climate resilience of our investment property portfolio.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Communicate our investment beliefs and strategy on climate change to our customers and shareholders.

Both at Group level and within QBE EO our most recent annual reports have included sections detailing our strategy in relation to climate change.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Share our assessment of the impacts of climate change with our pensions’ trustees.

Further information to follow.

As ClimateWise signatories we fully support and work closely with Lloyd’s on all relevant initiatives. Click here for further details.

Encourage our suppliers to improve the sustainability of their products and services.

Wherever possible we make every effort to source products and services from environmentally responsible suppliers. We have developed and implemented environmental performance guidelines for key purchases such as paper, furniture and IT equipment and are currently investigating opportunities to purchase electricity derived from renewable sources

5.2

Measure and seek to reduce the environmental impact of the internal operations and physical assets under our control.

5.2.1 - Measurement

QBE EO began compiling environment key performance indicator (KPI) data during 2007 and reported carbon-based metrics for business air travel, car fleet and electricity in the QBE Group accounts, which estimated the group’s total carbon emissions for the year at 32,890 tonnes CO2e. Based on figures for the first quarter of 2008, current estimates suggest QBE EO’s annual greenhouse emissions will be around 8,000 tonnes of CO2e equivalent, with the largest single contributor being electricity generated off-site. 

Between January and March 2008 QBE EO has undertaken a major Environmental Reporting Study measuring greenhouse gas emissions and other environmental KPI across offices in 16 countries and over 2,650 employees. The reporting framework, against which we will continue to report from now on, collates environmental KPI data including greenhouse gas emissions for all QBE EO’s offices, company flats and home working environments, complies robust data to support decision making within a rolling programme of environmentally positive initiatives, and supports a reporting system compatible with the requirements of the World Council for Sustainable Development/World Resources Institute (WCSD/WRI) Greenhouse Gas Protocol.

The Q1 2008 report also aimed to identify data gaps or limitations and all actions necessary to develop a fully robust greenhouse gas emissions inventory for all QBE EO operations. In accordance with Scope 1 of the WCSD/WRI protocol, the report looked in detail at heating systems, back-up generators, air conditioning, fire suppression and fire control equipment and company vehicle usage. The report also looked at electricity indirect greenhouse gas emissions under Scope 2 of the WCSD/WRI protocol and at air and rail travel and freight services under the voluntary Scope 3. Beyond these metrics, the report also captured KPI data on water consumption and paper recycling.

Following this initial exercise, we have put in place a range of initiatives designed to improve the accuracy and comprehensiveness of our environmental reporting on both direct and indirect greenhouse gas emissions. Based on this initial report and ongoing reporting hereafter, we will be identifying instances of above and below average performance and the associated opportunities or requirements for amelioration these entail, benchmarking our performance against the sector, and prioritising appropriate actions.

Download the Q1 2008 Environmental Report

Download the Q2 2008 Environmental Report

Download the Q3 2008 Environmental Report

5.2.2 - Reduction

Wherever possible we seek to minimise QBE EO’s environmental impact. As a provider of insurance and reinsurance services our direct impact in terms of greenhouse gasses and other emissions is minimal, but we do take all practical steps to control indirect effects – for example by encouraging video conferencing as an alternative to air travel, operating a minimal company fleet of vehicles, leasing energy efficient properties wherever possible, and publishing documentation in electronic format rather than on paper wherever practicable (our 2008 annual report, for example, will be issued as a PDF). Where paper printing is inevitable we use high-recycled content paper, non-petroleum inks and environmentally safe print processes.

We have put in place a range of other initiatives designed to minimise QBE EO’s environmental impact (see sections 5.1 above and 5.4 below for details.)

Disclose our direct emissions of greenhouse gases using a globally recognised standard.

As noted above, QBE began disclosing direct emissions of greenhouses gases (specifically CO2) in line with globally recognised standards at group level in 2007. Based on figures for the first quarter of 2008, current estimates suggest QBE EO’s annual greenhouse emissions for 2008 will be around 8,000 tonnes of CO2e equivalent, with electricity generated off-site the largest single contributor. 

Engage our employees on our commitment to address climate change, helping them to play their role in meeting this commitment in the workplace and encouraging them to make climate-informed choices outside work.

Based on the enhanced environmental KPI information now available, we have begun undertaking a range of measures designed to raise the profile of environmental management within QBE EO, highlighting area where employees can contribute to improved environmental performance. These include the following.

Minimising energy use by regularly checking thermostats to ensure offices are neither over heated nor over cooled, replacing tungsten bulbs with compact fluorescents or slimline tubes, installing presence-detecting lighting controls in places not in constant use such as meeting rooms and washrooms, optimising power-down settings on PC and switching off computers and monitors when not in use.

Minimising the use of paper by ensuring all printers have duplex capability and are set to double-sided as the default mode and using recycled paper for internal reports wherever possible (subject to printer manufacturer warranties). We are also identifying additional waste streams for inclusion in our recycling programmes, including toner cartridges, batteries, furniture and drinks cans.

Recognise at Company Board level that climate risk has significant social and economic impacts and incorporate it into our business strategy and planning.

Considerations of environmental impact now form a key component in business strategy and planning both at Group level and within QBE EO. We adopt energy efficient practices and aim to eliminate waste wherever possible. At the Group level QBE’s chief risk officer and chief actuarial officer have been appointed as the senior executives responsible for monitoring and managing risks and opportunities relating to climate change on an ongoing basis in order to mitigate any adverse effects on our business.

Climate Change in the QBE Annual Report 2007

6.2

Publish a statement as part of our annual reporting detailing the actions that have been taken on these principles.

TBA