With its inaugural sustainability report, Britannia P&I is defining the starting position of its sustainability initiative and roadmap for the future. The report outlines how Britannia P&I is embedding the management of climate related risk into its business strategy and integrating sustainability into its core processes.
Climate change represents a material financial risk to all regulated firms and the financial system. Britannia P&I, as an insurer, is equally exposed to this risk. However, sustainability encompasses not only climate change but also informs a company’s overall approach to improving corporate social behaviour and demands sound corporate governance. Britannia P&I’s sustainability report seeks to apply environmental, social and governance (ESG) concepts to all the strategic choices and operations of the Club.
As a member of the International Group (IG) of P&I Clubs, Britannia P&I is committed to supporting the IG’s sustainability strategy, which promotes the combined strength of the IG in four areas: pooling arrangements, casualty response, health and safety and acting as a leading industry voice. Britannia P&I will also collaborate with partners across the industry to ensure the sustainability of the wider maritime industry.
“Sustainability is essential for a P&I Club as Members rely on us to be their long term trusted partner”, said Anthony Firmin, Chair, Britannia P&I. “As you read this report we trust that you will find our transparency and approach instils confidence that Britannia P&I will continue to thrive and build on its long history which stretches back to 1855”, he added.
“As a key contributor to the marine sector, we view sustainability not as a target but as an essential”, said Andrew Cutler, CEO, Britannia P&I. “Understanding the implications of ESG in the short and long term allows Britannia P&I to support its Members now, as well as to plan its strategy and manage capital over a longer period of time.”
Britannia’s sustainability strategy takes into consideration the demands of its regulatory bodies, including the Prudential Regulation Authority and the Monetary Authority of Singapore. It is also shaped by the UN’s 17 Sustainable Development Goals as they relate to Britannia P&I’s business and the UN Environment Programme’s Principles for Sustainable Insurance, as well as demonstrating Britannia’s commitment to the 10 Principles of the UN Global Compact. Britannia will adopt the World Economic Forum approach to measuring its ESG performance.