Brief Overview of the Organisation
Sonepar is an independent family-owned company with global market leadership in B-to-B distribution of electrical products, solutions and related services. Through a dense network of local brands spanning 40 countries, the Group has an ambitious transformation agenda to become the first global B-to-B electrical distributor to provide a fully digitalized and synchronized omnichannel experience to all customers. Drawing on the skill and passion of its 45,000 associates, Sonepar had sales of €26.4 billion in 2021. The Risks and Insurance Department, which reports to the Group’s General Counsel, provides both advice and support. Its brief includes identifying the major risks associated with the Group’s activities through general and more specific risk mapping, keeping these risk maps up to date and circulating the risk management policy. This helps to foster a risk culture more generally and strengthen the Group’s resilience. It also structures the approach to crisis management and security policy and formulates and applies the Group’s insurance strategy by organizing centralized insurance programs. Lastly, this Department is involved in handling claims and significant complaints. As part of its insurance strategy, the Group has set up a self-insurance system primarily supported by its reinsurance subsidiary, Sonepar International Re SA (“SI Re”) domiciled in Switzerland. The involvement of this subsidiary in certain Group insurance programs strengthens risk control and claims management and optimizes coverage and transfer costs for the risks insured. In 2022 it provides reinsurance for the cyber and the property damage and business interruption loss insurance programs covering the entire Group.
Summary of Sustainability Strategy
Sonepar is taking the next step in its strategic transformation, aiming to provide an omnichannel digital experience for all our customers, promote best in class sustainability and ensure a diverse an inclusive working environment for associates. Sonepar’s inhouse reinsurance company, Sonepar International Re, is playing a growing role in this transformation. Becoming a signatory to the Principles for Sustainable Insurance is a step towards achieving our goals. This will help us to leverage the Group insurance programs as a key enabler of the its ESG and Climate strategy deployment.