ESG scorecard will deliver clarity on underwriter’s performance

A new Environmental, Social and Governance (ESG) ‘scorecard is set to be launched which will use data and metrics to deliver a definitive view of the ESG performance of a leading (re)insurer and its corporate clients.

Specialty (re)insurance group, Chaucer, has collaborated with risk assessment and ratings firm, Moody’s to produce what they describe as an innovative, data-driven Environmental, Social and Governance (ESG) ‘scorecard’.  They added the collaboration, the first of its kind in the (re)insurance sector, elevates the way companies’ ESG credentials are assessed using robust propriety data and metrics.

“The new scorecard will help Chaucer measure counterparties’ ESG performance using 158 different metrics,” said the underwriter.  “The scorecard’s design combines Chaucer’s insight into counterparty risk with Moody’s deep ESG performance measurement and risk modelling expertise to evaluate businesses’ risks and opportunities at an in-depth level.

“By delivering a calibrated output, driven by Moody’s comprehensive ESG assessments coverage and double materiality methodology, Chaucer will be able to derive its own ESG profile and help its counterparties understand their risk both from a stakeholder and an enterprise perspective.”

John Fowle, CEO of Chaucer explained: “It’s incredibly exciting to be working with Moody’s on what we believe will be a gamechanger for the (re)insurance industry.  Our strategic collaboration with Moody’s enables Chaucer to be at the forefront of leading real change in the way ESG is measured and managed.

“This is a powerful tool that will not only help Chaucer, but all our clients and business partners transition to be more sustainable businesses.”

It is understood amongst the areas that will be measured within the metrics are:

Water Management, as it will assess. if companies can affect water sources and how they remedy this. It will include air pollution seeking to quantify how much, how it is measured and documented. The companies’ diversity & inclusion culture will be examined are areas such as active discrimination, pay equality. The scorecard will also assess the local infrastructure investigating whether the company provide local assets to where they operate?

President of Moody’s Analytics, Stephen Tulenko, added: “We are extremely proud to collaborate with Chaucer on an innovative solution to combine Chaucer’s expertise in underwriting and risk management with our ESG expertise and wider integrated risk modelling capabilities, recently enhanced by RMS, to help support more sustainable decision-making.”

“It’s incredibly exciting to be working with Moody’s on what we believe will be a gamechanger for the (re)insurance industry.  Our strategic collaboration with Moody’s enables Chaucer to be at the forefront of leading real change in the way ESG is measured and managed.”

John Fowle, Chaucer

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