Pirelli, GC&C & Aon sign sustainability-linked insurance solution

Generali Global Corporate & Commercial (GC&C) Italy, Pirelli and Aon have signed an agreement on an insurance solution aligned with United Nations Sustainable Development Goals (SDGs). Announcing the agreement’s signing, Pirelli says this collaboration underscores the protagonists’ commitment to advancing Environmental, Social, and Governance (ESG) principles and improving risk quality for all stakeholders.

Aon supported the development of the insurance solution, which leverages Pirelli and Generali’s leadership in the realm of sustainability within their respective sectors. The solution hinges upon Pirelli achieving specific targets aligned to product and occupational health and safety matters, specifically SDGs 3 and 8 (‘Good Health and Well Being’ and ‘Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all’).

Measured key performance indicators (KPIs) will primarily target employee training, maintenance of quality, health, safety and environmental certifications (ISO9001, International Automotive Task Force IATF 16949, ISO45001 and ISO14001). Additionally, the agreement includes assessments of specific accreditations of Pirelli R&D laboratories and tyre performance, particularly in regard to wet grip. Notably, the initiative reaffirms Pirelli’s position as a leader in the Dow Jones Sustainability Index.

With this project, Pirelli, Generali GC&C Italy and Aon, each guided by their analyses, continue their respective journeys in support of the 2015-established UN Sustainable Development Goals (SDGs) and the targets these set for 2030.

The initiative, part of a multi-year partnership between Pirelli, Generali GC&C Italy and Aon, currently covers the policies led by Generali concerning Italian Employers Liability, as well as the Recall and General Liability policies.

Setting more challenging goals

Franco Franzoso, head of Generali GC&C Italy, said: “The insurance solution devised with Pirelli and AON represents one of Generali’s initiatives aimed at incorporating ESG components into its policies. GC&C Italy has long been dedicated to integrating sustainability into its business operations and processes, developing solutions that positively impact the environmental and social sphere. In addition to our support for risk prevention and mitigation, we have set more challenging goals aligned with the UN SDGs, demonstrating our company’s commitment to fostering a healthy, resilient and sustainable society. The agreement with Pirelli is a significant milestone along GC&C Italy’s journey as a Responsible Insurer, contributing to the ongoing transition toward sustainability.”

Vincenzo De Cesaris, Pirelli head of Finance, M&A and Risk Management, has stated: “The agreement with Generali GC&C Italy and Aon underscores Pirelli’s ability to integrate a responsible approach into all its business activities, including risk management, and represents a pivotal step in the company’s strategic sustainability journey. Aligned with the UN Sustainable Development Goals guidelines, this project strives for continuous improvement of employee and product-related health and safety initiatives.”

Marco Dubini Daccò, executive chairman of Aon S.p.A., concluded by saying: “We are proud to have created this innovative risk transfer solution together with Pirelli and Generali GC&C Italy. The agreement involves multiple insurance programs, mainly of an international nature, introducing ambitious sustainability objectives. Through this initiative, the three companies aim to make a meaningful contribution to safeguarding individuals, while increasingly prioritising social and environmental issues within their business.”