The Santam Group has been a proud member of ClimateWise since 2009, and as South Africa’s leading short-term insurer, was the first African insurer to mobilise the industry in response to increasing climate and weather risks.
We recognise that climate change poses serious risks to the stability and quality of human society, and the global economy. The WEF 2020 Global Risk Report confirmed that natural disasters are becoming more intense and more frequent as a result of climate change. Global temperatures are on track to increase by at least 30C towards the end of the century, twice what climate experts had warned is the limit to avoid the most severe economic, social and environmental consequences.
Through our membership, we are committed to demonstrate our leadership in the South African short-term insurance sector by incorporating the seven ClimateWise principles in our business and decision-making. This is demonstrated in our 2019 Integrated Report and our public Climate Change Positioning Statement.
Our approach to addressing climate change-related risks focuses on adaptation efforts through our partnerships with various stakeholders to understand climate-related risks, knowledge sharing, and enhance community risk resilience. We work with relevant industry bodies, local and international research organisations, United Nations Environment Programme Finance Initiative’s (UNEP FI) Principles for Sustainable Insurance and the South African National Business Initiative (NBI) to move both climate change mitigation and adaption with broader Environmental Social and Governance (ESG) efforts forward. This includes collaborations with other insurers, businesses and the government. As a leading short-term insurer, we use our experience in climate-related weather events to contribute to efforts to better understand and manage climate-related impacts.
We are pleased to present a summary of the progress report listing our actions over the year 1 January to 31 December 2019 against the ClimateWise principles.
Principle 1: Be accountable
Ensure that the organisation's Board is working to incorporate the Principles into business strategy and has oversight of climate risks and opportunities
Santam has a group Social, Ethics & Sustainability Committee (SESCO), which is a committee of the Santam Limited (Santam) Board of Directors (Board). The committee is governed by a SESCO Charter to perform the role of the Social and Ethics Committee for Santam Limited and its South African subsidiaries.
During 2019, the SESCO Charter was reviewed and updated to align with the Santam Group’s new FutureFit Strategy developed by the Group’s Executive Committee (Exco) and approved by the Board August 2019. The ESG-related strategic themes that are included in the oversight scope of the SESCO include running a responsible business and helping to build resilient societies.
The SESCO oversees the Group’s ESG related disclosures, including the Group’s ClimateWise performance. The Group’s SESCO Charter was also undated to include the updated ClimateWise principles that are aligned with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
Santam Group Board
Santam Group’s Board has oversight of all ESG-related matters. The Board played an important role in considering the Group’s strategic themes and outcomes through the lens of various ESG factors, including climate change, to guide and monitor the FutureFit Santam strategic direction. In addition to the SESCO, the Board is assisted by additional subcommittees in discharging its duties of overseeing the Group’s ESG performance, including climate-related risks and opportunities. These include the Group Investment Committee and the Group Risk Committee.
The Group Investment Committee is responsible for evaluating the Group’s investment portfolio as well as the performance of investment managers. The committee assists the Board’s oversight of the Group’s responsible investment practices promoting good governance and the creation of value by the companies in which Santam invests. The committee also sets the direction for responsible investing.
The Risk Committee of the Board assists the Board in fulfilling its governance duties from a risk and control perspective including compliance and risk management responsibilities. The committee is responsible for identifying, evaluating and effectively managing all significant risks, including enterprise risk which includes climate risk. The committee ensures that Enterprise Risk Management analyses the group’s top inherent risks, which include climate-related extreme weather events. The committee is also responsible for reviewing the Group’s Own Risk & Solvency Assessment (ORSA) process, which acknowledges climate-related risks facing Santam Group.
Describe management's (below board-level responsibility) role in assessing and managing climate-related issues
The individuals responsible for assessing climate-related issues below Board level include the group’s CEO and her executive team (Exco), as well as the Group Strategy Unit in the CEO’s office. Climate change is embedded in the Group’s FutureFit strategy. The strategy has been translated into key performance indicators and collated on a Group FutureFit dashboard. The CEO and the Exco is responsible for the implementation of the FutureFit strategy and report progress to the Board on a quarterly basis. Climate change is embedded in the Group’s FutureFit strategy.
The Group’s Chief Risk Officer (an Exco member) supports the Board Committee in fulfilling its governance and executing its risk management responsibilities. This role entails identifying, evaluating and effectively managing all significant risks.
The Group’s Chief Financial Officer (an Exco member and Board member) is responsible for the oversight of the Group’s Investment Management, with the assistance of an investment officer.
The Group Sourcing executive (an Exco member) is responsible for group sourcing and facilities, ensuring that there is resource efficiency in the Group’s facilities (see the Groups Carbon Footprint report in appendix C), and ensuring that sustainability, including climate risk, is part and parcel of the Santam supply chain management and Santam claims value chain processes.
Principle 2: Incorporate climate-related issues into our strategies and investment
Refer to principle 1 for an overview of the Group’s corporate governance and risk management processes, which shows how climate change, as part of the material matters of the Group, is considered for business performance, investments and key stakeholders.
Evaluate the implications of climate change for business performance (including investments) and key stakeholders
The Group conducted a strategy review process over 2018 and 2019. The review included a comprehensive assessment of the material matters driving change for the industry and the organisation. This process is reported on in the Santam integrated reports of 2018 and 2019. Climate change emerged as an important material matter for the Group to address. As a result significant time was invested to better understand the risk and opportunities related to climate change for the Group. This work included internal, and external stakeholder engagement as well as knowledge exchange workshops with experts and obtaining expert reports. We set out below a summary of the main activities.
Multi-stakeholder climate risk exploration workshops
In February and March 2019, Santam Group held multi-stakeholder climate risk exploration workshops as part of the Group’s FutureFit 2025 strategy review. The Group’s climate risk exploration process was supported by several climate change experts from the African Development Initiative (ACDI) and the Climate Science Analyst Group (CSAG) from the University of Cape Town, as well as Global Carbon Exchange (GCX) to help the Group better understand the complex topic of climate change and to address climate risk management responsibly. The workshop explored the Santam Group’s current climate responses, the emerging landscape of climate risk as it relates to short-term insurance, climate governance affecting our business and our stakeholders in the short-medium and long term. Climate-related risks identified from the exercise include physical risks such as flooding, drought, water scarcity, increased wildfire risk, sea level rise; indirect physical risks such as inadequate risk management at different levels of government, socio-economic implications of climate risk, laggard systems and related insurance capabilities; and transitional risks such as decarbonisation, adoption of alternative technologies, and carbon tax.
The impacts of these risks include increased claims & uninsurable perils, threats of solvency, threats of crossing the re-insurance threshold, increased quantity of risk pool, increased loss of event, solvency challenges, evolving underwriting criteria and policy terms, and required investment in low carbon technologies.
Risk Protection Gap - exploration
In April 2019, Santam Group hosted a South African Risk Protection Gap Laboratory at its offices in Johannesburg. This broad stakeholder engagement followed on the first African Principles for Sustainable Insurance event the prior year where 3 themes of work were identified as important to sustainable insurance, one of which was the Risk Protection Gap (RPG). Santam Group’s contribution in this regard features in the ClimateWise Principles Independent Review Report (click here to access the report, the case study is on page 48).
Increasing Veld Fires due to Climate change
The Group’s Agri team acknowledges the impact of climate-related risks on Agri business. Climate change is contributing to an increase in temperatures and weather-related events such as veld fires. Veld fires in South Africa have a devastating impact on agriculture, causing damage to property, loss of human lives, livestock, game and grass land annually. This leads to the impact on the agriculture business, and to minimise the impact and the damage caused through the spread of fire, the Groups creates awareness and encourages clients to become members of registered Fire Protection Associations (FPAs).
Looking forward: Impact of climate risk on the business in the short, medium and long-term
Group Climate Change Position Statement
As a signatory to the UNEP PSI and a member of ClimateWise, Santam Group takes climate change seriously. Our Group Climate Change Statement was updated to align with the Paris Agreement on Climate Change, TCFD recommendations, and the UN Sustainable Development Goals.
Group’s Own Risk & Solvency Assessment (ORSA)
See principle 1.1 for how Santam is identifying and integrating climate-related risks in the climate change extracts of the ORSA report.
Group ESG Performance
Santam Group’s underwriters contributed to the Principles of Sustainable Insurance (PSI) ESG guide for non-life insurance business, which has been released by the UNEP FI’s Principles for Sustainable Insurance. The Group’s underwriters contributed to the guide, which will now be considered when the Group’s refreshes its risk appetite.
Measure and disclose the implications of climate-related issues for business performance (including investments) and key stakeholders
Santam Group currently measures and discloses performance as follows:
- The annual integrated report discloses the strategic progress made on material matters, which includes climate change and climate risk governance.
- Annual ClimateWise report is made public and discloses performance against the principles.
- Annual CDP (formerly Carbon Disclosure Project) return in partnership with Sanlam Group, Santam’s parent company, discloses the carbon and water footprint of Group.
- Annual FTSE Russell ratings against key ESG performance areas, including climate change. Our FTSE Russell performance score improved from 4.5 to 4.7. Our FTSE Russell climate change performance score was 4 out of 5. We are working on improving our climate change performance through the ongoing Climate Risk Analysis framework.
In addition, the Group conducts measurements of climate-related issues and communicates the results of these measurements as appropriate.
Santam Group’s Risk Register and ORSA
The management team updated the Group’s Risk Register as well as the Group’s ORSA during 2019. The Group’s ORSA acknowledges that climate risk is likely to affect insurers on the asset or liability side of their balance sheets and identified specific physical, transition and inherent liability risks. The risks were reported to the Risk Committee of the Group.
Santam Group’s meteorologist
Santam Group’s meteorologist regularly publishes newsletter publications on weather, climate and agricultural conditions
While Santam dedicates significant resources to the analysis of climate related risk it is clear that a lot more work needs to be done in this space to better understand the green taxonomy, develop appropriate climate risk assessments and conduct decision-useful climate risk scenarios, not just by Santam Group but by the industry more broadly.
The Group will continue to follow the best practice recommendations guided by the regulators and prudential authorities. In addition, the Group will continue its efforts to respond to and implement the TCFD recommendations as incorporated in the ClimateWise principles.
Incorporate the material outcomes of climate risk scenarios into business (and investment) decision-making
As part of the FutureFit strategy the Group Strategy Unit set out to explore how the organization could go about to develop suitable, reliable, dynamic and decision-useful climate risk scenarios for the Group. The Unit invested significant time in research and engagement with the business and decided that the best way forward would be to develop a Santam Group Climate Risk Analysis framework. The first conceptual draft of this framework has been developed and shared with other climate change practitioners in local authority and business association contexts over the 2019 to early 2020.
As noted under 2.2 above significant work is required to fully develop climate risk scenarios for use by Santam Group, especially given the emerging market realities with regards to both climate change mitigation and adaptation, as well as the significant scientific resource constraints and complexities of the Global South in combination with the risk data gaps. However, despite these constraints the Group can commence using scenarios to better understand what the implications of climate change is on the organisation’s strategies and to help shape approaches to overcome the constraints so that climate risk information is available for use in the day-to-day operations of the business.
During 2020 some progress has been made with the Climate Risk Analysis framework. At this stage a contingency preparedness scenario planning paradigm appears appropriate. This approach rests on the creation of a set of future scenarios that the organisation may face, which is then linked to the organisation’s planning activities by considering plausible futures, and identifying potential and credible unfolding of events that may impact the business to inform decision-making at different levels in the business.
Principle 3. Lead in the identification, understanding and managment of climate risk
Ensure processes for identifying, assessing and managing climate-related risks and opportunities are integrated within the organisation (including investments)
Climate risk is currently rated 5th on the Santam Group risk thermometer as produced by the Enterprise Risk Management team. Various drivers have been identified when assessing the top risks. These include growth, claims ratios, expenses, investment income, capital and operational. Climate risk was rated 10th on the thermometer in 2018. This increase in ranking highlights the significance of the risk and the threat it poses; work will be planned for this year per our business-as-usual strategic risk approach. Refer to principle 1.1 for an overview of risk governance.
Climate-related opportunities: Specialist underwriting
Santam Group’s Specialist Business portfolio covers large and complex risks in niche market segments of business in South Africa, rest of Africa and in other emerging markets. This business is conducted through an underwriting management agency business model. Two of the underwriting managers, namely Mirabilis our specialist engineering underwriter and Emerald our specialist corporate property underwriter, provide insurance cover for the renewable energy sector.
Mirabilis is the largest engineering underwriter in Africa and has in-depth expertise, experience and understanding of engineering insurance, in particular large project risk. They insure a number of rooftop solar installation projects throughout South Africa, and to a lesser extent though the rest of Africa.
Emerald is a leading provider of corporate property and associated engineering insurance products on the African continent. It offers solution driven insurance products to corporate policyholders throughout Africa, including the Indian Ocean Islands and internationally in the Middle East, as well as the South-Central, Eastern and South-East Asian regions.
Climate-related opportunities: Crop insurance
Santam Group provides crop insurance to farmers which acts as a hedge against climate, environmental and other risks. Financial settlements for weather damage not only made it possible for growers to continue their livelihoods, but also help stabilise the region's food supply
Santam Resilient Fund
The physical impacts of climate change, such as rising temperature and increased intensity of storm or flood events, is a potential risk for the Group. The Group is responsible for incorporating climate change into the cluster’s business strategy and planning through the Santam Resilient Investment Fund in partnership with Sanlam Investments, which targets investments in companies that address environmental, social or governance needs, specifically those that reduce long term systemic risks to Santam’s business.
Support and undertake research and development to inform current business strategies (including investments) on adapting to and mitigating climate-related issues
Santam’s P4RR Programme
Santam’s P4RR Programme brings together our proactive risk management activities in municipalities, our CSI spend, stakeholder relations functions and sustainability initiatives, and is fully aligned with the ‘Help Build Resilient Societies’ theme of Santam’s FutureFit strategy. Through P4RR, the Emthunzini Community Trust invests in risk reducing interventions that are managed by Santam and other willing partners, such as SASRIA. The objective of P4RR is to strengthen the institutional and participatory development capacity of local municipalities to proactively reduce the impact of fire and flood disaster events. Ultimately our efforts helps to contribute to climate adaption efforts. We do this by assisting service delivery and providing support to local government infrastructure, economic development, and governance.
Learning for the 2017 Knysna Fires
Understanding the risks posed by volatile climate conditions and mitigating these risks effectively is crucial for the insurance industry and all spheres of government. From a South African perspective, we cannot speak of disaster risk and not mention the Southern Cape (Knysna) fires of 2017, with their R2 billion cost to the South African insurance industry. This disaster, alongside the protracted drought in many parts of the country, and floods and storm damage in others, present a major threat to the lives and livelihood of citizens and the sustainability of businesses. It is in this context that Santam commissioned a report published in 2019 from the Council for Scientific and Industrial Research (CSIR), the Research Alliance for Disaster and Risk Reduction (RADAR) and the Fire Engineering Research Unit (FireSUN) at Stellenbosch University.
P4RR: Green Book Online Tool
Santam and its Broad-Based Black Economic Empowerment (BBBEE) Scheme, the Emthunzini Community Trust is supporting local authorities respond to climate change as required by the Department of Environmental Affair’s draft climate adaptation strategy. Part of Santam’s efforts is the supporting the roll out of the Green Book Tool to local municipalities. The Green Book is South Africa’s online planning support tool to help South Africa’s cities and towns in their long-term planning and to build resilience and adapt to climate change.
BSR Collaborative Initiative: Value Chain Risk to Resilience
Santam Group is a member of BSR’s Value Chain to Resilience initiative. This initiative aims to increase the ability to diagnose physical climate risks and the understanding, adoption, and implementation of climate resilience measures throughout corporate value chains to deliver both societal and business value. Santam’s aim in this initiative is to be able assess climate risks along the value chains, implement the TCFD recommendations on governance and enterprise risk management (ERM) and use output, outcome, and impact metrics to measure climate resilience.
Principle 4. Reduce the environmental impact of our business
Encourage our suppliers to improve the environmental sustainability of their products and services, and understand the implications these have on our business
Santam Supply Chain Management
Santam Group is working towards ensuring that sustainability, including climate risk, is part and parcel of the Santam supply chain management and Santam claims value chain processes. To ensure that suppliers meet the requirements of the selection criteria, high level Safety, Health and Environment (SHE) criteria are incorporated into ‘Site Evaluation’ questionnaires and are either verified by means of a physical site evaluation (vehicle part suppliers, motor body repairers) or by means of electronic photographs (for example glass fitment centres). As part of the SHE criteria, manufacturers are required to be ISO 14001 (Environmental Management System) and OHSAS 18001 (Occupational Health and Safety Management System) certified.
In addition the Santam Quality Service and Compliance team work with supplier selection criteria guidance, to encourage suppliers (e.g. Plumbing and building contractors, and Incident Managers) meet the selection criteria and agreements.
The Group started a project with the International Forum on Sustainable Value Chains (ISVC) and Golden for Impact Foundation to assess our supply chain sustainability on motor and property suppliers. An update on this will be provided on our 2020 ClimateWise report.
Disclose our Scope 1 and Scope 2 GHG emissions and Scope 3 GHG emissions using a globally recognised standard
Santam's Greenhouse Gas (GHG) emissions
Santam's Greenhouse Gas (GHG) emissions reporting is done using the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard methodology.
Measure and seek to reduce the environmental impacts of the internal operations and physical assets under our control
Santam’s environmental initiatives
Santam’s facilities team manages and measures the environmental impact of the Group’s facilities through energy, water use, and waste management, which are then reported to Sanlam Group, our majority shareholder. The Sanlam Group (including Santam’s facilities) manages and reports its emissions using the operational control approach, which requires a company to account for its emissions by entities and activities that are under the direct control of the organisation.
In addition to Santam’s environmental initiatives, some of Santam’s subsidiaries have implemented initiatives of their own. These include Centriq, an independent specialist cell captive insurer that offers risk finance and alternative risk finance solutions, and Emerald, our specialist corporate property underwriter, which provides insurance cover for the renewable energy sector.
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
Santam Employee Engagement
The Santam Agri team in Bloemfontein planted Spekboom trees around the office in support of the Spekboom Challenge. They urged other offices and/ or individuals to do the same and combat climate change one thicket at a time. The purpose of this initiative was to increase awareness about the importance of trees in the urban environment. Apart from being a strong grower and a water-wise plant, Spekboom can live up to 200 years and has the ability to absorb more carbon dioxide than any other plant. The challenge led to thousands of South Africans planting this miracle plant.
The Group Strategy unit is preparing to write climate change articles to engage employees and create awareness on the impact of climate change on our business and share the Group’s commitment to address climate change.
In February 2019, Santam hosted an ESG engagement workshop which consisted of 36 Santam employees from different business units within the Group as well as external stakeholders. The workshop was used to explore municipal risks and their implications for Santam. The risks discussed included increasing flooding and fire risks which are exacerbated by climate change, and their impact on municipalities, businesses and the agriculture sector.
In July 2020 Santam hosted an ESG engagement workshop with the Group’s business units and subsidiaries. The session was used to give an update on the Group FutureFit strategy process and aligning the Group’s operations with the ESG elements of FutureFit strategy. The session was also used to discuss the Group’s ESG performance, identifying gaps and how these will be addressed, which included having climate risk scenarios as per the TCFD recommendations.
Santam Group Leadership Conference
In June 2019, Santam hosted the Group annual leadership conference for senior managers. The conference explored the Santam Group Strategy process and identified the key drivers of the Future-fit 2025; these included ESG factors, which includes climate risk. The conference was a great platform to communicate the FutureFit 2025 strategy development journey of the business and to solicit ideas and further consult with the business leaders. The Group CEO also presented on the Group material matters, which included increasing climate and environmental risks as key drivers of change in short-term insurance. This emphasised the importance of climate risk management to the Group employees and stakeholders.
Principle 5. Inform public policy making
Promote and actively engage in public debate on climate-related issues and the need for action. Work with policy makers locally, regionally, nationally and internationally to help them develop and maintain an economy that is resilient to climate risk
In March 2019, Santam Group was requested by the South African Reserve Bank to participate in a survey that sought to explore awareness, understanding, uptake and implementation of the Financial Stability Board’s TCFD recommendations. Santam responded to the questionnaire on behalf of the entire Group, including the subsidiaries, highlighting the Group’s climate risk action.
The Group contributed commentary on the drafting of the Draft Technical Paper on Financing a Sustainable Economy, as a framework for financial institutions to better disclose public information on their green practices and investments. The objective of the Draft Technical Paper is to enable the assessment of how financial institutions are taking account of climate change and other environmental and social risks.
The Group’s contribution supported the South African Insurance Association (SAIA), a representative body of the short-term insurance industry, in drafting some sections of the technical paper.
On 22 May 2019 Santam hosted the National Business Initiative (NBI) and University of Stellenbosch Business School (USB) event on the TCFD and South Africa’s transition risk. The event was well attended by a diverse group of people from the private sector. It communicated the challenges to the South African economy. The event was supported by the We Mean Business Coalition.
Support and undertake research on climate change to inform our business strategies and help to protect our customers’ and other stakeholders’ interests. Where appropriate, share this research with scientists, society, business, governments and NGOs in order to advance a common interest
United Nations’ Principle of Sustainable Insurance
In April 2019, Santam participated in the 2ndUNEP PSI African Market Event held in Lagos, Nigeria, which brought together leading practitioners and thinkers within the African insurance ‘ecosystem’, the UN and key stakeholders to share sustainable development ideas. The discussions covered climate risk, including a presentation on how Climate Models can be used by the insurance sector by Dr Mark New from the ACDI at the University of Cape Town. At the event, John Melville, Chief Underwriting Officer of Santam Insurance, highlighted that issues such as climate change and environmental degradation are leading to diverse, interconnected and complex risks. He highlighted the importance of finding solutions to tackle the continent’s most pressing sustainability challenges such as climate risk.
In March 2020, the UNEP PSI 3rd African Market Event was held at Victoria Falls in Zimbabwe, co-hosted by Zimnat and Santam Group. The purpose of the event was to bring together leading practitioners and thinkers within the African risk management and insurance ‘ecosystem’ to share experiences and ideas that can grow a resilient, sustainable, responsible and profitable African insurance sector. The agenda points included:
- Resilient Cities
- Narrowing the Risk Protection Gap
- The Food System & Agriculture
This session resolved to continue driving sustainable insurance practices with a strong focus on ESG in underwriting and climate risk scenario frameworks.
Principle 6. Support climate awareness amongst our customers/clients
Communicate our beliefs and strategy on climate-related issues to our customers/ clients
Our climate-related issues are shared on our annual CDP report which is publicly available to our clients on the CDP website. Our CDP report discloses our climate change risks and opportunities.
Santam’s Group Strategy Unit and Agri team have supported an online course with Yale University, the Natural Capital Course, for a number of years. The Santam crop insurance case study forms part of the course material and assignment work for a distance learning MBA. The Yale course developers consider crop insurance in a developing world context as an excellent illustrative example of how climate change can affect businesses and stakeholders, and therefore offers it as part of the compulsory assignment material for their global online MBA student audience in a case study format. Two Santam employees (the Head of the Group Strategy Unit and the Head of Agri Business Development) were guest lecturers on this course held in on the 18th April 2019.
Inform our customers/ clients of climate-related risk and provide support and tools so that they can assess their own levels of risk
Santam Agri Business: Silage competition and drought risk
Santam Group assists farmers with climate related risks management through sponsoring a national agriculture silage competition annually to contribute towards the promotion of good silage practices. The competition is meant to assist farmers to adapt to climate-related risks such as drought. Silage is the production of animal feed using compacted maize, forage sorghum and oats. Climate change is altering weather patterns, water distribution and availability leading to ecosystem disruption and extreme weather events. This is expected to have an impact on agriculture. Therefore, good silage practice allows for the safe storage of animal feed thus providing a buffer to extreme weather events such as extended droughts.
Santam communicates climate-risk related activities and initiatives with clients through broker communications shared by the Group’s Executive Head of Commercial & Personal (C&P). In 2019 the Head of C&P shared communication on impact of climate-related catastrophic events on the business, and the Group’s risk management initiatives.
Climate-related extreme weather events such as drought have an impact on the economy and threatens the long-term food security. This also has an impact on farmers and communities that depend on the agricultural sector for their livelihoods.
Santam has a contracted meteorologist that forecasts the climate variability to identify extreme climate-related weather events that may impact crops. Over and above, the weather forecasts, the meteorologist provides training and advice to farmers on how to adapt their farming methods given the anticipated impact of climate change and weather conditions.
Principle 7. Enhance reporting
Submission against the ClimateWise Principles
Santam group’s ClimateWise progress report has been included on the Santam website to highlight to our stakeholders and investors how we are aligning our group activities with the ClimateWise principles.
Public disclosure of the ClimateWise Principles as part of our annual reporting
Climate Risk Disclosure
Santam Group’s work against the ClimateWise principles is available our website here. Our ClimateWise membership and disclosures are also mentioned on pages 19, 85, and 94 of our Integrated Report, 2019. Our ClimateWise disclosure is also reported on our 2019 United Nations Environment Programme Finance Initiative Principles for Sustainable Insurance Initiative (UNEP FI PSI) progress report.