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SCOR reaffirms its commitment to the management of climate risk and announces its divestment from all of its exposure to coal

The SCOR group announces its divestment from companies deriving more than 50% of their turnover from coal and undertakes, across its entire asset portfolio, to make no new financial investements in such companies in the future.

SCOR has been committed to the fight against climate change for many years: a member of the United Nations Global Compact since 2003, and a signatory of the Geneva Association’s Kyoto Statement since 2009, SCOR has been a founding member of the Principles for Sustainable Insurance (PSI) since 2012. Since May 2015, Denis Kessler, Chairman & Chief Executive Officer of SCOR, has co-chaired the working group put into place by the Geneva Association on extreme events and climate risks alongside Shuzo Sumi, Chairman of Tokio Marine. On 19 November, 2015, the Group reaffirmed its support for the Geneva Association statement on climate resilience and adaptation (see the press release published by the Geneva Association).

On 9 and 10 June 2015, the Toulouse School of Economics, the Geneva Association and the SCOR Corporate Foundation for Science organised an international scientific seminar at SCOR’s Paris offices on the issue of the anticipation and insurability of climate risks. This seminar brought together economists, climatologists, natural catastrophe modelling experts, actuaries and insurance and reinsurance professionals. More information is available on the event’s dedicated website

Finally, on 26 November 2015, SCOR pledged to actively fight climate change alongside large French corporations (French Business Climate Pledge / French Business Climate Pledge – Press Release). As part of the French Business Climate Pledge, SCOR reaffirmed its proactive promotion of additional initiatives in several areas of its activity, in terms of both mitigating and adapting to climate change. SCOR is committed to further embedding these initiatives in its activities by 2020 (for more information, see the appendix to this press release).

Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “As a reinsurer, the SCOR group makes a significant contribution to the prevention of climate risks, not only within the framework of our contracts, which encourage clients to reduce their exposure to risk, but also in terms of our investments in projects that aim to improve infrastructure or finance technological innovations geared towards the protection of the environment. Through its activity, SCOR contributes to the improved assessment and prevention of climate risks, and to greater economic resilience in the event of loss. Moreover, the Group supports climate risk research through our R&D centres and through the SCOR Corporate Foundation for Science.”