We are here to help. ALSO in the future.

Severe changes in weather will occur more frequently, and if the future climate-related catastrophes are to be prevented or limited in scope, it requires efforts from all parts of society and at all levels. At Topdanmark, we want to support society in adapting to climate change and to help our customers.

 

The future’s insurances must help with prevention and climate change adaptation

Extreme weather events can cause more damage, and it is important for us at Topdanmark that our customers are assisted and secured against relevant climate-related damages in the future.
We want to give our customers, who take extra preventive measures, an incentive to prevent relevant climate-related damages.
 

We support the EU’s target on climate adaptation

More frequent and more extreme weather events have increased the need for ensuring that our customers can get insurances that help them against relevant climate change. This means that we at Topdanmark, also in the future, will make sure that the customers are covered against relevant climate-related risks such as e.g. storms, wildfires, and cloudbursts.


Our building insurances for private and commercial customers have been adjusted to the EU taxonomy* and contributes to the EU’ environmental objectives on climate adaptation. This means that we at Topdanmark have gone over our insurances to ensure that the customers are covered against relevant climate-related risks such as e.g. storms, wildfires, and cloudbursts. The insurances also include an incentive to prevent climate-related damages.
 

Future climate-related events

Ever since the foundation in 1899, we at Topdanmark have worked to forecast risks as it is an important part of our business. We make significant efforts to become even better at understanding and predicting future extreme climate and weather-related events to the best of society and our customers. We share our knowledge and data with Insurance & Pension Denmark as well as with public authorities. This benefits the customers, society and us.

 

*Facts on insurances adapted to the EU taxonomy

When we adapt an insurance to the EU taxonomy, it means, among other things, that:

  1. The insurance covers claims caused by relevant current and future climate- and weather-related events e.g. storms, wildfires, and cloudbursts
  2. We offer benefits to our customers, who bought the insurance, when they take concrete measures to prevent climate and nature-related claims
  3. We use forecasts and projected figures to predict future climate risks

 

What is the EU taxonomy?

The purpose of the EU taxonomy regulation is to create a classification system establishing a list of environmentally sustainable economic activities.

 

Six climate and environmental objectives

The taxonomy regulation defines six climate and environmental objectives that economic activities can contribute to substantially in order to be classified as climate and environmentally sustainable:

  1. Climate change mitigation
  2. Climate change adaptation
  3. The sustainable use and protection of water and marine resources
  4. The transition to a circular economy
  5. Pollution prevention and control
  6. Protection and restoration of biodiversity and ecosystems

The six objectives must be supported by technical screening criteria with minimum requirements to when a specific economic activity is considered to contribute to the individual objectives.
 

What is a sustainable economic activity?

A sustainable economic activity is defined based on four criteria, all of which must be met:

  1. The activity must make a substantial contribution to one or more of the abovementioned six climate and environmental objectives
  2. The activity must not cause significant harm to any of the six climate and environmental objectives
  3. The activity must comply with minimum safeguards on human rights and labour rights
  4. The activity must comply with the EU’s technical screening criteria

You can read more at Danish Financial Supervision Authority.