9.3 We identify climate-related risks and opportunities

The Risk Management System has been organised based on the concept of three lines – this creates an organisational framework and gives a clear division between business decisions entailing risks and independent monitoring of these risks.

At the individual level, a risk management cycle is implemented to effectively and continuously identify, assess, control and monitor risks that may affect ERGO Hestia Group’s objectives.

The first line performs operational functions (i.e., it includes units responsible for managing a specific area of activity), including making decisions that affect the Company’s risk profile.

The second line performs support functions. The task of the second line is to look at risks from the organisation’s perspective, independently monitor the risk management process, develop, implement and continuously improve practices in this area (preparing policies, methodologies, procedures, tools), develop Risk Strategy proposals, including limits and triggers, and provide analyses and reports. The second line of defence includes: Risk Management Function, Actuarial Function and Compliance Function (which are required by law).

The third line is internal audit, which is responsible for independently assessing the functioning of the Risk Management System – the actions taken by the first and second lines of defence – and identifying areas for improvement.

Control

Risk control involves the organisation determining the appropriate response to identified risks. The goal of the risk response is to mitigate threats and take advantage of emerging opportunities. In principle, the following types of actions can be distinguished within the framework of risk control at the ERGO Hestia Group: decision not to take risk (not to engage in a specific activity), risk transfer (entering into an agreement transferring risk to another party), risk acceptance (accepting possible consequences resulting from the materialization of risk) and risk mitigation (taking actions to reduce the impact of the risk on the organisation’s goals or the likelihood of its occurrence).

Monitoring and reporting

Monitoring is a structured way of compiling and analysing risk information. It serves to ensure that the information about the risk itself is up to date and the actions taken to control it are effective. These elements are essential for adapting to the changing environment and continuously improving risk management. Risk monitoring can be carried out by, among other things, comparing the current status with established assumptions or analysing efficiency.

The risk management system is closely linked to the ERGO Hestia Group’s capital management process. Monitoring includes an analysis of the impact of the actions taken on own funds, risk capital and, consequently, on our solvency. In addition, we carry out periodic risk analysis and assessment as regards the environmental impact of our own business in accordance with ISO 14001 and EMAS requirements. The most important outcomes of this process are identification of environmental aspects, reduction of CO₂ emissions, revision of plans, actions and goals with regard to the insurance portfolio, investments and own business.

Identified risks in relation to climate change

Among the risks to sustainability, the Company recognizes risks related to climate change, which are long-term in nature and well beyond the Group’s planning horizon. A significant challenge for organisation is the lack of standardized methods for climate risk analysis for the entire sector. Within climate risks, according to the classification adopted among others by the Task Force on Climate-related Financial Disclosures at the initiative of the Financial Stability Board, we distinguish between physical risk and transition risk associated with the transition to a low-carbon economy.

Physical risks include risks related to the occurrence of sudden events of a catastrophic nature that may cause losses on the part of the insurance company, beyond the statistical data currently collected, and whose threat of occurrence provides an incentive to move towards a sustainable economy.

The ERGO Hestia Group is directly exposed to physical risks in the context of increased loss ratios resulting from increasingly frequent and severe weather events, as well as operational losses, business interruptions and related claims. Physical risks are taken into consideration as part of actuarial as well as operational risk management (e.g. blackout).

Transition risks include risks arising from the requirements of the transition to a sustainable economy, i.e. technological and regulatory changes that may affect an insurance company’s business model. These risks affect the Company in terms of product design and through emerging climate change liabilities.

Zarządzanie prywatnością

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Współadministratorami danych osobowych są:

Sopockie Towarzystwo Ubezpieczeń ERGO Hestia S.A z siedzibą w Sopocie, ul. Hestii 1, 81-731 Sopot,

Sopockie Towarzystwo Ubezpieczeń na Życie ERGO Hestia S.A z siedzibą w Sopocie ul. Hestii 1, 81-731 Sopot ,

a w zakresie korzystania z usługi Piksel Facebooka współadministratorem jest również Facebook Ireland Limited z siedzibą w Dublinie, 4 Grand Canal Square, Grand Canal Harbour, Dublin 2, D02X525 Dublin.

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9. Environmental impact

[GRI 201-2]

Key areas of our work with respect to climate change adaptation:

Climate risk management system

The Risk Management System has been organised based on the concept of three lines – this creates an organisational framework and gives a clear division between business decisions entailing risks and independent monitoring of these risks.

Identification

Assessment and measurement

Control

Monitoring and reporting

Identified risks in relation to climate change