ISD team

Reporting

Sustainability reporting captures Zurich Insurance Group (Zurich)’s progress towards our qualitative ambitions and quantitative targets. Our Sustainability Framework clusters our reporting into three focus areas: Planet, Customers and People reflecting our aim to achieve positive outcomes that benefit the planet, customers and people for the longer term.

During 2024 we progressed towards our ambitions and targets:
(selected key highlights)

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Please note that target 2025 and target 2030 is always defined as using year-end 2024 and 2029 values, respectively (e.g., reduction of financed emissions). By 2030 target (e.g., for reduction of IAE intensity) is defined as using year-end 2030 value, similar by 2025 target (e.g., for operational carbon emissions) is defined as using year-end 2025 value.


Our reporting journey

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Zurich’s journey on sustainability reporting has developed from the determination to provide clear, comprehensive and high-quality information on our performance against key sustainability indicators, coupled with increased focus from governments and stakeholders, as well as the progression of standards and frameworks on what and how to report on sustainability.

Zurich has moved from first-time reporting to enhanced coverage of the requirements from the Sustainability Accounting Standards Board (SASB), World Economic Forum’s International Business Council (WEF IBC) and the Task Force on Climate-related Financial Disclosures (TCFD) frameworks. The requirements of the Swiss Code of Obligations on non-financial reporting are incorporated, reasonable assurance on environmental key performance indicators (KPIs) was obtained and, in early 2024, the shareholders voted in an advisory vote on the Sustainability Report (SR) 2023 at the annual general meeting.

In addition, the SR 2024 includes enhancements such as Zurich’s first climate transition plan in line with the requirements from the Swiss Ordinance on Climate Disclosures, as well as an increase in scope for assurance. Zurich’s climate transition plan outlines how Zurich is going to execute on the ambition to become net-zero by 2050 across our insurance business, investments and operations, and contribute to the wider society in our role as an insurer. Zurich has conducted the double materiality assessment in line with the Corporate Sustainability Reporting Directive (CSRD).

We strongly believe in the need to disclose clear, comprehensive and high-quality information on our performance against key sustainability indicators and have called for harmonization and rationalization of sustainability reporting frameworks.

Some of the indicators under the chosen frameworks are industry, entity or geography agnostic, providing a one-size-fits-all view/scenario. Within our reporting we follow a ‘disclose or explain’ approach. We disclose the indicators in the SR that are most material to our business and our stakeholders, while we address less material indicators in specific index table with a short explanation.

 

UN Sustainable Development Goals

Zurich’s sustainability priorities support the following United Nations Sustainable Development Goals (SDGs).

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SDG 3
Ensure healthy lives and promote wellbeing for all, at all ages ​

As an employer and provider of life insurance, savings and pensions, we aim to promote healthy and sustainable lifestyles. We are doing this through various channels including LiveWell by Zurich, impact investing, a global holistic wellbeing framework for employees and the Z Zurich Foundation*.

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SDG 4
Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all ​

Zurich supports the financing of education through public private partnerships and social bonds. In addition, through its social equity pillar, the Z Zurich Foundation supports youth programs that give their participants the community and access that they need to build a better future and reach their full potential.

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SDG 7
Ensure access to affordable, reliable, sustainable and modern energy for all

Zurich finances access to renewable energy through its green bond investments. We also leveraging our underwriting capacity and expertise to insure renewable energy projects.

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SDG 8
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all ​

We empower our employees to grow their talents, giving them the chance to acquire new skills and refresh their existing ones. We support an inclusive workforce, where all individuals, and their diverse perspectives, are valued and respected – not least because diverse minds create more innovation and feed the success of an enterprise.

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SDG 11
Make cities and human settlements inclusive, safe, resilient and sustainable

Zurich believes that doing business responsibly today will promote resilience in the future. This can be best achieved by enhancing risk prevention and mitigation. Therefore, climate resilience and adaptation are key priorities for both our business and the Z Zurich Foundation.

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SDG 13
Take urgent action to combat climate change and its impacts

As a global insurer, tackling the causes of climate change and building resilience to its effects are very important to us. In 2019, Zurich committed to becoming a net-zero business by 2050 across our insurance, investments and operations. Our climate transition plan outlines how we are executing on this commitment.