Reaching sustainability goals in the insurance world, is no longer just an add-on but a core strategy for long-term success. Swiss Re, one of the world’s largest reinsurers, has taken sustainability beyond traditional risk management by embedding it into its business model, investment strategies, and underwriting policies. That becomes clear in the 2024 Sustainability Report by Swiss Re which provides an – outstanding – example of how the insurance sector can lead in climate resilience, responsible investing, and social impact.
The primary purpose of this report is to provide transparency regarding Swiss Re’s sustainability efforts, strategies, and progress. It shows how the company integrates environmental, social, and governance (ESG) factors into its business model and decision-making processes. The report also aligns with global regulatory requirements and corporate commitments to support sustainability, particularly in the context of climate change, disaster resilience, and financial inclusion.
Swiss Re produced this report for various reasons:
- Track and communicate progress against sustainability targets, such as achieving net-zero emissions by 2050.
- Showcase innovative products and solutions that contribute to global sustainability, such as parametric insurance for climate-related events or new healthcare access models in developing regions.
- Engage with stakeholders, including investors, clients, regulators, and the general public, to demonstrate accountability and ensure alignment with global goals like the United Nations Sustainable Development Goals (SDGs).
We took a deep dive into the report and also checked two other insurance companies (Munich Re and Conduit Re) regarding their sustainability goals.
A Data-Driven Approach to Sustainability
First let’s look at a breakdown of Swiss Re’s key initiatives. Swiss Re’s sustainability efforts are not just about pledges; they are backed by measurable progress. Therefor the company tracks key environmental, social, and governance (ESG) indicators, setting clear targets for emissions reduction, responsible underwriting, and climate-aligned investments.
1. Greenhouse Gas (GHG) Emissions Reduction
Swiss Re has committed to reducing its Scope 1 emissions by 53% by 2030 (baseline: 2018) and continues to make steady progress as the report clearly shows:
| Year | Scope 1 (tonnes CO₂e) | Scope 2 Market-based (tonnes CO₂e) | Scope 2 Location-based (tonnes CO₂e) | Financed Emissions (tonnes CO₂e) | Insurance-associated Emissions (tonnes CO₂e) |
|---|---|---|---|---|---|
| 2018 | 3,356 | 1,359 | 11,805 | 1,100,000 | 1,300,000 |
| 2022 | 2,520 | 64 | 7,932 | 1,300,000 | 1,600,000 |
| 2023 | 1,726 | 57 | 6,960 | 10,100,000 | 1,600,000 |
| 2024 | 1,728 | 84 | 7,522 | 10,100,000 | 1,600,000 |
Swiss Re has also maintained 100% renewable electricity usage across its operations since 2020 and reduced business air travel emissions by 63% from its 2018 baseline.
2. Sustainability Targets and Achievements
Swiss Re sets sustainability targets with clear deadlines and has reported remarkable progress, the report again provides clear statistics on this:
| Target | Target Year | Progress in 2024 |
| Reduce Scope 1 emissions by 53% (from 2018 baseline) | 2030 | 49% reduction achieved |
| Maintain 100% renewable electricity usage | Ongoing | 100% renewable electricity maintained |
| Reduce GHG emissions from business air travel by 50% (2024) and 60% (2025-2027) | 2024 | 63% reduction achieved |
| Compensate operational GHG emissions with carbon removal (50% by 2025, 100% by 2030) | 2030 | 43% of GHG emissions compensated with removal certificates |
| Ensure 30% female representation on the Board of Directors | Ongoing | 42% female Board members achieved |
| 67% of vendors by spend to have science-based targets | 2027 | 46% of vendors met target |
3. Responsible Underwriting and ESG Risk Screening
Swiss Re integrated sustainability into its underwriting decisions, ensuring that high-risk industries align with environmental and social responsibility standards.
| Metric | 2022 | 2023 | 2024 |
| Transactions screened for ESG risk | 106,754 | 108,029 | 125,520 |
| Companies on ESG risk watchlist | 2,050 | 3,388 | 4,834 |
| Projects on ESG risk watchlist | 641 | 1,047 | 1,046 |
| ESG risk referrals | 250 | 465 | 812 |
| ESG risk referrals: Proceed | 158 | 185 | 491 |
| ESG risk referrals: Abstain | 21 | 58 | 63 |
| ESG risk referrals: Proceed with conditions | 71 | 222 | 258 |
In order to encourage the transition toward low-carbon business models, Swiss Re actively engages with clients, vendors, and stakeholders. This includes phasing out thermal coal-related reinsurance by 2030 in OECD countries and 2040 globally.
4. Pioneering Climate and Social Innovation
Swiss Re also has launched innovative insurance solutions to support climate resilience and social impact:
- Parametric Insurance for Extreme Heat: Provided direct payouts to 46,000 women in India affected by heatwaves.
- Carbon Credit Forward Insurance: A first-of-its-kind solution to stabilize carbon markets.
- Climate-Smart Solar Farming Services: Supporting sustainable agriculture through solar-powered irrigation and climate adaptation.
- Public-Private Partnerships for Disaster Resilience: Developing pre-disaster financing solutions with governments and international organizations.
- Hybrid Healthcare Access Models: Expanding telemedicine and digital health services in low-income regions.
Swiss Re vs. Competitors: How It Stands Out
Now that we know how Swiss Re handles sustainability leadership, it’s worth comparing it with what competitors do, in this case we take Munich Re and Conduit Re:
| Feature | Swiss Re | Munich Re | Conduit Re |
| Net-Zero Target | By 2050 | By 2050 | By 2050 |
| Coal Phase-Out | OECD: 2030, Global: 2040 | No new thermal coal from 2025 | Not disclosed |
| Renewable Energy Insurance | 21,570 wind & solar plants insured | Investing in renewables | Focuses on ‘Green Revenue’ underwriting |
| Carbon Credit Insurance | Yes | No | No |
| Pre-Disaster Financing | Yes | Yes | No |
The comparisons show that Swiss Re leads with innovative insurance solutions, while Munich Re focuses on integrating sustainability across operations, and Conduit Re prioritizes renewable underwriting.
A Role Model for the Insurance Industry
Swiss Re is proving that sustainability and profitability can go hand in hand. From cutting emissions and investing in renewables to innovating insurance products for climate resilience, the company is setting an example for the global insurance sector.
With clear targets, measurable results, and groundbreaking solutions, Swiss Re is more than just a reinsurer – it’s becoming a driving force behind a sustainable future.
Background Information on Swiss Re
- Headquarters: Zurich, Switzerland
- Global Operations: Swiss Re operates in 27 countries with about 15,000 employees worldwide.
- Business Focus: Swiss Re’s core business revolves around risk transfer solutions and insuring against large-scale risks. The company serves a broad range of clients, including insurance companies, governments, and large corporations. Swiss Re’s business model centers on underwriting risks, investing premiums, and providing clients with risk insights and analytical services.
- Sustainability Vision: Swiss Re’s sustainability strategy aims to advance the net-zero transition and build societal resilience. It focuses on reducing greenhouse gas emissions, fostering financial inclusion, and helping communities adapt to climate change. The company has made ambitious commitments to reach net-zero emissions by 2050 across its operations, investments, and underwriting activities.
