Sustainability in customer relations

ESG factors are now an integral part of risk assessment in underwriting at Topdanmark. This means that we also look at the customers' risks within climate, environment, human rights, and labour rights.

ESG factors are now an integral part of risk assessment in underwriting at Topdanmark. This means that we also look at the customers' risks within climate, environment, human rights, and labour rights.

ESG as a risk factor

In Topdanmark, we want to integrate ESG in all processes in our organisation.This also means integrating ESG factors into our core business which is insurance of customers. 

As such, we have now started to screen our current agricultural- and commercial customers for ESG risks. We use the UN Global Compact principles for human- and labour rights as a framwork for the screening process and assess on this basis potential violations of the ten principles with each customer.




Facts

In 2023, we found no adverse violations of the UN Global Compact principles in screening of our customers.

ESG screening for new customers

For many years, we have had exclusions of certain industries in our customer portfolio. These exclusions follow the same principles and exclusion lists as our investment activities. Among others, we insure neither the tobacco industry, production of coal and tar sands, nor production of controversial weapons. Find the complete exclusion list on our investment site.

In future, we will implement ESG factors equally to our current risk factors when conducting risk assessment in underwriting of customers. Integration of ESG factors in risk assessment is not only a question of reputational risk for Topdanmark, but to a high degree also a question of operational risk. Should we experience violations of the UN Global Compact, dialogue is always step one to ensure correction of the problem. If the nessecary change in behaviour or conduct remains absent, we can choose to end the cooperation with the customer in question.




Contact

Pernille Fogh Christensen
Senior Sustainability Consultant
Marie Uldall Thomsen
Sustainability Consultant