Brief Overview of the Organisation
TM tryggingar (TM) is an Icelandic insurance company and a part of a financial conglomerate called Kvika Group. TM provides general insurance services in the Icelandic market, both non-life and life. It also offers insurance services within the EEA mainly insuring Icelandic companies with operations abroad. TM is the third largest insurance company in Iceland. Kvika banki hf. (www.kvika.is/en/) is the mother company of the group and a signatory of the UN Principles for Responsible Investment.
Summary of Sustainability Strategy
TM started participating in the Nasdaq ESG pilot project in 2017 and has been reporting on ESG matters on an annual basis. Since the merger in 2021 with Kvika bank, it was decided to publish a joint sustainability report for the whole group as operations are intertwined to a certain extent. However, as the insurance activities and investments are separate from the rest of the group it was decided to develop a sub strategy of sustainability for TM. The focus of the strategy is on ESG risk in the investment portfolio as well as increasing insurance risk due to global warming. Special emphasis will be on ESG risk analysis as an integrated part of the underwriting process for larger customers (50 employees or more) and recycling of claim debris and replacement material under Scope 3. To learn from other insurance companies TM finds it valuable to join PSI and implement best practices and hopefully contribute our own experience to our peers.