Environment
Climate change
Climate change and its consequences are already having a significant impact on society, business and the insurance sector. ERGO Estonia is part of the ERGO Group's environmental and climate change management system, which has been implementing environmentally friendly practices since 2015.
Managing the impact of climate change
Managing the impact of climate change is at the heart of our commitment to identifying, monitoring, assessing and integrating climate change risks into the overall Group risk management framework, in cooperation with other ERGO Group companies. To this end, we are carrying out scenario analyses of physical and transition risks to enhance public awareness of what different climate change scenarios could mean for insurance business and assets by 2050. We base our analysis on three Network for the Greening of the Financial System (NGFS) scenarios:
An organised and orderly Net zero scenario
the Paris Agreement target is progressively met by 2050, with a 67% chance of limiting global warming to 1.5°C by the end of this century
A disorderly and delayed transition scenario
the necessary action is postponed for a while and then the target is reached through intensive implementation of very stringent measures
A "greenhouse world" scenario
the global community does not agree on effective climate action, resulting in a high temperature scenario where emissions continue to rise throughout the 21st century
Based on these scenarios, and complementing the developed methodologies with the available data in Estonia, strategy of ERGO for managing future climate activities in Estonia is being continuously improved.
The sustainability objectives and strategy
The sustainability objectives and strategy of ERGO Estonia are directly linked to the overall strategic objectives of Munich Re and the ERGO Group, while taking into account local environmental, social and governance (ESG) aspects and risks, as well as the specific nature of ERGO Estonia operations and potential sustainability impact areas.
Our long-term strategy for the period to 2050
Our long-term strategy for the period to 2050 is based on three key elements:
- decarbonisation targets;
- climate risk management;
- development of innovative risk management solutions to adapt to climate change and mitigate its negative impacts.
ERGO Estonia is committed to providing active operational support to the group's defined strategic goals of moving towards "Net Zero" greenhouse gas (GHG) emissions by 2050 in the investment and insurance segments, as well as reducing the environmental impact of its own operational activities, basing its operations on renewable energy resources wherever possible.
ERGO medium-term strategy
ERGO medium-term strategy is defined and implemented in the “Ambition 2030” programme, focusing activities in the following strategic areas:
- responsible corporate governance;
- ethical and legal conduct, forming the basis of ERGO corporate governance;
- sustainable approach to business.
In its principal activity, ERGO actively assesses the impact of ESG (environmental, social and governance) factors and risks across the value chain, continuously working to improve its performance in the future.
Environment and climate protection
“Ambition 2030” program defines the following environmental and climate protection strategy regarding insurance liabilities, investments and the GHG target results of our operational activities, compared to the base year 2025:
- 20% reduction in GHG emissions from financed assets
- 20% reduction in GHG emissions in the insurance area
- 100% renewable electricity consumption in own operational activities.
Employees
Treating employees with responsibility and respect is one of our priorities. We create the conditions to foster the personal and professional development of our employees, and form a working environment that supports diversity, equality and inclusion.
Society
We support initiatives and projects of the cooperation partners and the public to promote social equality and solidarity.
The sustainability objectives and strategy
The sustainability objectives and strategy of ERGO Estonia are directly linked to the overall strategic objectives of Munich Re and the ERGO Group, while taking into account local environmental, social and governance (ESG) aspects and risks, as well as the specific nature of ERGO Estonia operations and potential sustainability impact areas.
ERGO Environmental management system
ERGO Estonia has established a systematic and verified approach to its environmental management activities. Since 2023, ERGO branches in Estonia have been awarded ISO14001:2015 Environmental Management System standard certificate.
As part of our Environmental Management System, we continue to work on continuous improvements in reducing GHG emissions and are progressively integrating ESG requirements throughout the value chain.
