Sustainable-Development-c

Responsibility to the natural environment⁹⁸

Our fundamental mission is to ensure security of life and property in order to improve the quality of life and management of risks so as to avoid uncertain outcomes. We create conditions that ensure a secure and carefree lifestyle as well as favourable business results, which is an investment in the future.

Losses are a natural phenomenon in our business. Reinsurance and insurance play a critical role in creating security through additional risk equalization, as they help protect against random, unpredictable losses. Climate change has a significant impact not only on the quality of life in general, but also on the insurance industry. Managing this risk has been and will continue to be a particular challenge for the insurance industry. 2017 in particular suffered numerous catastrophes, which significantly also affected the results of major international (re)insurers.

Owing to carefully planned provisions and a diversified portfolio the Sava Re Group did not suffer such significant losses, but Group members nevertheless felt the consequences of climate change. Zavarovalnica Sava suffered the biggest loss impact. Catastrophes (storm, hail) accounted for more than 14,000 claims totalling more than €11 million (payments and provisions). This resulted not only in financial losses, but also in an extremely increased workload, which in turn leads to less responsive customer services and to the potential risk of diminished accuracy of claims processing. Excessive workloads also meant that certain development activities had to be suspended. Zavarovalnica Sava already conducts regular and development project activities with which it works to optimise claims processing and introduce new approaches (to claim reporting, on-site examination, guidance for clients, organisation of comprehensive loss remediation, induction of contractors). These novelties and developments are also expected to have a favourable impact on work organisation in mass loss events.

Losses arising from climate change had an impact of €9.0 million on reinsurance results in 2017 (mostly from storms in Central and South America and a flooded mine in Russia).

Sava Re views the environmental policy as a set of principles and practices aimed at protecting the environment and the landscape as well as natural and cultural heritage. Even though it does not have its own environmental policy in place, Sava Re motivates employees to reduce waste and improve their environmental impact. The guidelines that have already been implemented in the work process:

Electronic pay slips
Documents for the management board, supervisory board and committees in electronic form
Office supplies that are recycled or manufactured using certified environmentally-friendly materials
Each employee receives a water bottle
Employees use city passenger transport services for business travel in the city, and the Urbana public transport card is available
The company leases two central printers
Waste separation

98: GRI 103-1, 103-2, 103-3, 201-2

Waste separation⁹⁹

At Sava Re we separate waste, but as we are not the only owner in the commercial building, we do not have information on the volume of each type of waste. We are currently negotiating with the building manager on a system that will allow waste to be recorded separately, so that in the next reporting period, we will be able to report in accordance with the standards.

Old electronic devices (computers, batteries, printers, monitors, telephones and similar) are collected by an authorised contractor that ensures e-waste is recycled and non-ferrous scrap metal is properly collected.

Zavarovalnica Sava records waste collection by type and volume (information for 2017)

Type of waste (in kilograms)
Mixed municipal waste	69,915
Biodegradable waste	4,669
Paper and cardboard packaging	11,995
Mixed packaging	5,321
Glass packaging	1,441
Paper and cardboard	85,500
Plastics	520
Metals	50
Paper and cardboard	1,180
Plastics	510
Paper and cardboard packaging	970
Waste printing toners	827

All of the above waste was collected by authorised or registered waste collectors or processors at Zavarovalnica Sava’s locations. Obsolete electronic devices are removed by contractors who also provide for their replacement, or by outsourced repairers who service them. The amount of waste batteries is negligible (this waste is therefore collected for several years before it is handed over to the municipal waste service / waste separation).

Average daily paper consumption (sheets of A4 paper) per employee in 2017 (data refers to the company headquarters):

Sava Re, Slovenia	8.54
Zavarovalnica Sava, Slovenia*	29.6
Sava pokojninska, Slovenia	not available
Sava neživotno osiguranje (SRB)	12.7
Sava životno osiguranje (SRB)	11
Sava osiguruvanje (MKD)	41
Illyria	15
Illyria Life	not available
Sava osiguranje (MNE)	24

Energy consumption¹⁰⁰

Group companies do not use renewable energy sources. The main energy source is electricity (lighting, heating, air-conditioning). Another major energy user is the companies’ car fleet (fossil fuels).

The Group has not yet implemented a separate system for efficient capture and breakdown of such data, nor has it measured its carbon footprint.

In 2018, EU-based Group companies will introduce a system for the collection and classification of data on energy consumption and for the calculation of the carbon footprint.

Environmental, social, governance investing

On a daily basis, the financial department of Sava Re adheres to the environmental and social policy prescribed by the EBRD, and follows the ESG (“environmental, social, governance”) principles through negative screening. In building our investment portfolio we avoid investing in securities that might have harmful effects of any kind either on people or the environment, or that in any way deviate from the ESG principles. Part of our funds are invested in debt securities issued by international organisations such as the EBRD, the World Bank and the European Investment Bank, as we believe that these organisations invest in environment-friendly projects and in accordance with their environmental and social policies. We also invest in securities issued to fund green, environmental projects (so-called green bonds). In the future we would like to further develop our investment management policy and define it in more detail and in accordance with the ESG principles.

99: GRI 306-2
100: GRI 302-1

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Sustainable development at the Sava Re Group

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SUSTAINABLE DEVELOPMENT

ENVIRONMENT