Building  
a better  
way.
Zurich Insurance Group
Sustainability Report 2020

It’s time to act for 
people and planet.
 We are delivering 
now on our  
commitments.
What’s inside
Visit our Group website to access  
further reports and information:  
www.zurich.com
Our approach
Message from our Group CEO 
2
Q&A with our Group Head of Sustainability 
3
2020 headlines
4
About us
5
Our business model
6
Key trends and global context
7
Materiality
8
Our sustainability strategy
9
Our SDG contribution
10
Our response to COVID-19
12
Engaging our stakeholders
13
Embedding sustainability in Zurich
16
Incorporating sustainability in Zurich
17
Our commitment to sustainable insurance
20
Our commitment to the environment
Overview and approach 
22
Our climate commitment
23
Sustainable operations
29
Our commitment to society
Overview
33
Our digital society commitment 
34
Our work sustainability commitment 
37
Our people
40
Z Zurich Foundation
48
Responsible investment
Overview and approach 
55
ESG integration 
56
Impact investing
57
Advancing together
59
Climate action
60
Real estate investments
62
About this report 
UN Global Compact
64
UNEP FI Principles for Sustainable Insurance
65
Data table 
66
Independent Assurance Report  
on Zurich’s Sustainability reporting 2020
67
GRI Index
68
Disclaimer and cautionary statement 
70
Annual Report 2019
Annual Report 2020
Read more about our 
Group strategy, operations 
and performance.
Available online at:  
www.zurich.com/en/investor-
relations/results-and-reports
Z Zurich Foundation  
Report 2019
Read more about the work of 
the Z Zurich Foundation.
Available online at:  
www.zurich.foundation/en/
about-us/publications
Sustainability website 2020
Read more about Zurich’s 
sustainability strategy, 
commitment and actions.
Available online at:  
www.zurich.com/en/
sustainability
36
Providing on demand  
health and wellbeing advice
4
2020  
headlines 
42
Supporting  
our employees
57
Helping to finance a 
zero-carbon economy
Front cover image
In 2020, we initiated an eight-year 
reforestation sponsorship with 
Brazilian non-profit Instituto Terra  
to bring back native forest to an  
area known as the Atlantic Forest –  
a true biodiversity hotspot.
Read the full story:  
Page 28
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

While 2020 presented many 
challenges, it was also a year 
of great progress on our 
sustainability journey. Now more 
than ever before, it is critical 
to tackle present and future 
environmental, social and 
economic challenges.
Linda Freiner
Group Head of Sustainability
Our  
approach
We want to be one of the most responsible  
and impactful businesses in the world.  
Through our commitment to sustainability,  
we aim to create sustainable value for  
our customers, employees, shareholders  
and the communities where we live and work.  
We are proud of what we achieved in 2020. 
This report will provide some of our highlights.
1
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Transforming  
the future. 
Message from our Group CEO
We want to be known as  
one of the most responsible  
and impactful businesses  
in the world.
Mario Greco
Group Chief Executive Officer
2020 put the spotlight on a topic that will become 
central over the coming years: the need for more 
long-term thinking. COVID-19 showed that society is 
ill-prepared for a global crisis. But while the pandemic 
will pass, our world will continue to face challenges 
related to globalization, digitalization, health and 
climate change. 
We care about these challenges because they have 
a direct impact on our customers, colleagues and 
communities. And just as we believe that global 
economies can recover in a way that is both green 
and fair, we can prosper and contribute to improving 
the sustainability of the planet and conditions 
in society. This is reflected in our ambition to be 
recognized as one of the most responsible and 
impactful businesses in the world. 
The foundation for our ambition is the strength of our 
business. We remain a profitable, well capitalized 
and highly diversified business, and this gives us the 
freedom to plan for the long term. 
Further details are available online:
Our strategic priorities
The climate change challenge
For many years now, we have been embedding 
sustainability into every fiber of the Group and have 
been operating as a carbon neutral business since 
2014. We have intensified our focus on the UN 
Business Ambition Pledge to limit global temperature 
rise to 1.5°C.
We are continuing to audit our portfolio and engage 
with our customers that are exposed to thermal 
coal, oil sands and oil shales. We strongly support 
companies that agree to adopt greener practices 
– and stop underwriting for those unwilling to make 
the transition. 
We are also working together with our commercial 
customers to help them adapt to current and future 
climate-related risks with a new set of Climate 
Change Resilience Services.
We became one of the first large institutional investors 
to prioritize the goals – rather than the monetary 
amount – of our impact investment portfolio.
And to complement our business-focused climate 
strategy as well as to mobilize employee support 
for climate action, we launched the Zurich Forest. 
The reforestation project was developed together 
with non-profit Instituto Terra, and will lead to the 
planting of one million native seedlings to help restore 
Brazil’s Atlantic Forest. Each Zurich employee can 
attach their name to a tree and become a custodian 
of the forest. 
A responsible employer
We continued to fulfil our work sustainability 
commitment, reinforcing our credentials as a 
responsible employer. We provided extensive 
support for the health and wellbeing of colleagues 
and their families, allowing them to have peace of 
mind during the pandemic.
With an eye on the long-term, we launched internal 
talent marketplaces in many countries and continue 
to develop colleagues for new job opportunities 
rather than hiring externally, to prioritize our in-house 
skills over outsourcing solutions, and to offer career 
choices that match talents and ambitions. We reject 
unsustainable behavior such as seeking cheaper 
labor elsewhere merely for financial gain. 
Trust in a digitalized world
The 2020 pandemic accelerated the pace of 
digitalization in society. Our past investments allowed 
our workforce to respond with agility to last year’s 
challenges, staying fully operational and serving 
customers in new ways while working from home.
Our proactive approach to managing cyber security 
helped us mitigate increased cyber risk for ourselves 
and our customers. Our commitment to a transparent 
and ethical use of data will guide us as we continue 
to promote a society that can operate in a trustworthy 
digital environment.
Reaching communities
Our donations to Z Zurich Foundation enabled 
charities to continue supporting some of the most 
vulnerable at a time when the pandemic’s economic 
impact led to a collapse in donations. The Zurich 
Flood Resilience Alliance Program was also 
expanded providing direct support to an additional 
200 communities, with the ambition of reaching four 
million people by 2024 overall.
In 2020 Zurich was rated No.1 for the insurance 
sector in the Dow Jones Sustainability Index (DJSI). 
We improved our scores across all three dimensions: 
governance and economic, environmental and 
social. Yet another sign that our long-term efforts are 
paying off. 
COVID-19 demonstrated how individuals, businesses 
and governments can move quickly to address a 
common threat. If we maintain this momentum, I am 
confident that together we can shape a future in 
which we can all thrive. 
Mario Greco
Group Chief Executive Officer
2
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Q&A with our Group Head of Sustainability
Q
	
As Group Head of Sustainability  
at Zurich, what does your job entail? 
Linda: I see myself as a catalyzer and an enabler 
to ensure we integrate sustainability across our 
business. That includes setting the strategy, 
supporting implementation and reporting on our 
progress both internally and externally. I also engage 
with a lot of different stakeholders who want to help 
drive sustainability internally or who are interested in 
our work externally.
Q
	
Many industries are going  
through a sustainability-oriented 
transformation. How is Zurich 
positioning itself to be a part of  
this journey?
Linda: For many years now, the insurance industry 
has been asked to play a more active role in making 
our society more sustainable, in particular when it 
comes to climate, cyber and wellbeing. I see a real 
change within our industry when it comes to stepping 
up to those expectations and through Zurich’s 
ambition to be a leader not only within our own 
industry but among businesses in general. This is the 
ambition we set in 2018 and which we still aim for.
In conversation with Linda Freiner,  
Group Head of Sustainability at Zurich.
Your questions  
answered...
Q
	
What were some of  
Zurich’s major sustainability 
achievements in 2020?
Linda: It’s hard not to start by highlighting our industry 
leadership position in the Dow Jones Sustainability 
Index 2020. This is something we have aspired to 
since we launched our first corporate responsibility 
strategy back in 2012. We have worked hard to 
improve across all aspects of the rating; Governance 
and Economic, Environmental and Social factors. 
However, the real change that I have seen this year 
is the change in culture internally. We have invested 
a lot in enhancing the understanding of our ambition 
and how we need to integrate it across our business. 
This has resulted in a series of innovative insurance 
solutions that are already being tested in markets, 
significant reductions in our own environmental 
footprint and the implementation of excellent remote 
working arrangements when we needed it the most to 
mention a few examples.
Q
	
How do you see the  
customer in joining Zurich’s 
sustainability journey?
Linda: Our customers expect us to be the best in 
what we do, that includes sustainability. We have 
already seen a change in consumer sentiment 
requesting more sustainable solutions within the 
retail, food & beverage and automotive industry, 
and it’s just a matter of time before this accelerates 
within insurance as well. We want to provide the best 
solutions to our customers to help them on their own 
sustainability journey. We will do so by investing in 
innovation and strengthening the dialog with our 
customers even further.
Q
	
What sustainability trends are  
you seeing that will have an impact 
on the insurance industry?
Linda: We are only seeing the tip of the (melting) 
iceberg when it comes to understanding climate 
risk and the impact it will have on our society. It is 
also being increasingly picked up by regulatory 
frameworks across the world. With our commitment 
to aligning our business with a 1.5°C Future, we are 
working hard to understand what this means for 
our business and for our stakeholders. We can also 
expect to see different work practices coming out 
of the pandemic where our employees have gotten 
used to serving our customers from a different 
location and interact differently with internal and 
external parties. This will hopefully bring along more 
sustainable working practices from a climate and 
wellbeing perspective.
Q
 	
Who is your favorite sustainability 
hero and why?
Linda: It’s hard not to mention my fellow Swede Greta 
Thunberg for her incredible courage but I will go for 
Sir David Attenborough. Through his work we can 
witness climate change from our own living room and 
he has lived long enough to personally attest to it.
Our customers expect 
us to be the best 
in what we do, that 
includes sustainability.
Linda Freiner
Group Head of Sustainability
3
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

2020  
headlines
Our  
commitment  
to the  
environment
Responsible 
investment
Our  
commitment  
to society
Awards 
and 
recognition
Expanded effort to  
develop sustainable  
products and services
First results with Climate  
Change Resilience Services.
Thermal coal, oil  
sands and oil shale
Continued the implementation  
of our 2019 policy.
Increased talent mobility
To fill vacant positions  
and address priority work.
*	 Subject to audit of the Z Zurich Foundation in June 2021.
Prioritizing safety and  
wellbeing of employees
Employees felt highly supported 
during COVID-19 crisis, reflected 
in the record eNPS score.
Industry  
leader 
in Dow Jones Sustainability  
Index 2020
Net zero-investment journey
Collaboration with the Science Based 
Target initiative and the UN-backed 
Net-Zero Asset Owner Initiative to 
operationalize our net-zero investment 
journey with the aim of setting first 
2025 target in Q1 2021.
Supporting vulnerable people
Z Zurich Foundation donated over CHF 14 million* 
to charities supporting the vulnerable during the 
COVID-19 crisis.
USD 5bn
Exceeded USD 5bn of impact  
investment portfolio
Now focusing on reaching our impact targets  
(5m tons of CO2 avoided and benefiting 5m people).
Expanded Zurich Flood  
Resilience Alliance
To provide direct support to an additional 200 
communities, with the ambition of reaching four 
million people by 2024 overall.
4m  
people
Established Group-wide  
climate approach
To align our business with a 1.5°C Future.
1.5°C
2020 headlines
A- 
Leadership Level’s  
CDP 2020 submission score
Carbon footprint  
methodologies
Contributed to their  
development in cooperation  
with industry bodies.
4
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

About us
Our business 
With about 55,000 employees, we provide a wide range of products and 
services in more than 215 countries and territories. Our customers include 
individuals, small businesses, and mid-sized and large companies, as well 
as multinational corporations. 
Our purpose and values
Create a brighter future together.
Our purpose defines who we are, who our stakeholders are, and the impact  
we want to have in the world. It’s an evolution. It builds on our legacy and better 
reflects how we serve the needs of our customers, employees, partners and 
society. For Zurich, being a responsible and impactful business is a principle  
that informs every action we take. It’s who we are. We are guided by our  
values. We are optimistic, caring and reliable. With forward thinking,  
determination and a sense of togetherness, we bring our purpose to life.
Our purpose and values are at the basis of our strategy.
Read more online:
Our strategic priorities
Our purpose and values
Creating  
a brighter  
future  
together. 
We are a leading multi-line insurer  
that serves its customers in global  
and local markets. 
55,000
Employees 
215
Countries  
and territories
USD 4.2bn
Business 
operating profit1
AA-/stable
Standard & Poor’s 
financial strength rating 
of Zurich Insurance 
Company Ltd as of 
December 31, 2020
USD 51.6bn
Total revenues2 
USD 5.8bn
Total amount of  
impact investments 
(USD billions)3
1	 Business operating profit (BOP) indicates the underlying performance of the 
Group’s business units by eliminating the impact of financial market volatility 
and other non-operational variables.
2	 Total revenues excluding net investment result on unit-linked investments.
3	 Impact investments in 2020 consisted of: green bonds (USD 3,773 million), 
social and sustainability bonds (USD 904 million), investments committed to 
private equity funds (USD 189 million, thereof 64 percent drawn down) and 
impact infrastructure private debt (USD 904 million).
5
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our business model
What we do:
Ma
na
ge
 c
la
im
s
th
ro
ug
h 
mu
lti
pl
e 
ch
an
ne
ls
Se
rv
e c
us
to
me
rs
 a
nd
 d
is
tri
bu
te
Li
fe
P
r
o
p
e
rt
y 
&
 
C
a
s
u
al
t
y
In
ve
st 
an
d 
de
liv
er 
re
tu
rn
s
Ma
na
ge
 r
es
er
ve
s
Un
de
rw
rit
e a
nd
 m
an
ag
e r
is
k
Our employees are 
helping our retail and 
commercial customers to  
understand and protect 
themselves from risk. 
We create 
sustainable  
value.
Over nearly a century and a half, we have 
refined our business model to make the 
most of our resources and generate value 
for all our stakeholders.
The resources we use:
Financial
Intellectual
Human
Social and relationship
Natural
Read a more detailed version: 
Zurich Annual Report 2020 (Business model) page 19.
We create  
value for our  
customers  
We create  
value for our  
employees 
We create 
value for our  
investors 
We create  
value for communities 
and society 
How our stakeholders benefit:
6
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

The 2020 pandemic and financial crisis reinforced  
the need to prepare society for systemic  
risks with sustainable prevention and mitigation.
The forces 
shaping  
our future.
Climate change
	
– 2020 crisis reinforced society’s risk awareness, 
underscoring the need to prepare for the complex 
risks we face, e.g. pandemics, changing weather 
patterns, rising sea levels, to build back better
	
– It also highlighted the need for insurance to create 
awareness with the public in order to ensure further 
insurability of climate risks and ensure an efficient 
transition to a low carbon world, and the investment 
need for climate solutions.
Digitalization
	
– 2020 crisis accelerated digitization and technology 
adoption and need to foster confidence in 
digital society
	
– Multiplication of cyber attacks tested ability to 
ensure data security.
Changing nature of work
	
– Remote work poses new operational and mental 
health challenges to be addressed by employers
	
– Acceleration of digitization and technology 
adoption increases the urgency for companies to 
build new organizational capabilities for the future.
Key trends and global context
7
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Materiality
Our materiality analysis
Using this evaluation, we then analyze the results  
in what we call a ‘materiality matrix.’ Zurich identified 
10 key groups of stakeholders to include in our 
assessment of materiality. Through interviews, 
meetings and surveys with these stakeholders we 
could identify which ESG issues affected them  
the most, and also identify the issues they thought 
Zurich was best positioned to impact.
In this matrix, ‘y’ (vertical) axis indicates the  
perceived importance to our external stakeholders 
of these issues. The ‘x’ (horizontal) axis indicates 
the perceived importance of these issues to Zurich. 
The issues in the top right corner are important to 
both our stakeholders and our business, and are 
Zurich’s strategic sustainability focus areas.
Based on these results we focus our efforts on the 
areas where we can make a difference. Fair and 
inclusive workforce and workforce development 
practices underpin our focus on ’work sustainability.’ 
‘Confidence in a digital society’ encompasses our 
work on issues related to digitalization, innovation  
and data privacy. And our climate initiatives seek  
to align our business model to increase the resilience 
of the customers and communities we serve while  
at the same time helping accelerate the transition 
to a climate neutral future. Organizing how we 
approach these key issues in this way helps us to 
concentrate our resources and establish clarity while 
being systematic in setting goals. Read more about 
these three strategic sustainability focus areas in the 
section about sustainability strategy on page 9.
Medium
High
Medium
High
Importance to our external stakeholders
Importance to our employees
Monitor trends
Proactively manage
Strategic priorities
Climate 
change
Innovation  
and  
digitalization
Workforce 
development
Natural 
disasters
Data privacy 
and security
Fair and  
inclusive  
workplace 
Responsible 
investment
Human rights
Energy efficiency
Product responsibility
Natural capital
Pollution
Water
Responsible 
supply chain
Waste 
management
Governance
Ethics and  
compliance
Transparency
Wellbeing 
and health
Local  
community  
support
1
2
3
1
2
3
Zurich’s ‘materiality assessment process’  
(how we determine what is most relevant  
to our business) helps us to evaluate which 
relevant environmental, social and governance  
(ESG) issues are most critical for Zurich’s  
long-term success.
 Identifying 
what  
matters.
What matters most: 
1  Changing climate 
2  Confidence in a digital society 
3  Work sustainability
8
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our sustainability strategy
We have identified three transformational  
themes that we believe are very important  
for Zurich’s future. 
What 
matters 
most. 
Why we do it
Society is transforming. No single actor can 
solve complex societal issues like globalization, 
digitalization or climate change alone. To help 
manage the risks and benefit from the opportunities 
they present, we must take bold action.
What matters most
	
Changing climate
	
Actively tackling climate change as a risk 
and opportunity.
	
Confidence in a digital society
	
Making people and organizations more 
resilient by enabling and inspiring confidence 
in a digital society.
	
Work sustainability
	
Supporting our employees and customers 
navigating the impact of the changing nature 
of work.
How will we do it
	
– Sharpen our focus on innovative sustainable 
solutions, investments and operations
	
– Develop clear positions on sustainability issues and 
stand up for what is right
	
– Manage our own exposure to sustainability risks.
Climate change is perhaps the most complex risk facing society today.  
It is intergenerational, international, and interdependent. Zurich strives  
to be a leader in helping the world better manage climate risk and improve 
resilience against it: we aim to help prevent risks before they can have 
an impact.
Read more:
Page 22
The digital transformation is well advanced, and it is affecting people 
worldwide. Devices are connected and ‘smart.’ This offers enormous 
potential for good, but also new risks. It requires being responsible  
in the way we work with and handle data. Zurich is also seeking ways  
to complement and support digital trends with a new generation  
of products and services.
Read more:
Page 34
Work sustainability is about enabling our people to grow the right skills  
to deliver what our customers need, ensuring they feel valued in their role 
and supported in their career. As we accelerate the digitalization of our 
company, products and services, we need our people on this journey. 
Work sustainability ensures that our people have the necessary mindsets 
and skills to be ready for the future of work, and to innovate solutions that 
create a brighter future for our customers and communities.
Read more:
Page 37
Changing  
climate
We are addressing  
the impacts of  
a changing climate.
Confidence  
in a digital  
society 
We are inspiring confidence  
in an increasingly  
digital society.
Work  
sustainability
We are supporting our  
employees and customers  
in times of great change 
and transformation. 
1
1
2
3
2
3
9
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our SDG contribution
As part of being a responsible and sustainable business, we are focusing on 
those SDGs where we can have the biggest impact through our business 
activities, investments and community programs.
	
	
SDG 8 
	
	
Promote sustained, inclusive and sustainable  
	
	
economic growth, full and productive employment  
	
	
and decent work for all
We pay special attention to transactions that might contravene human rights. 
These include those that could:
	
– Contribute to human rights abuses, such as involuntary relocation of local 
communities, inappropriate use of force or have adverse impacts on vulnerable 
indigenous people
	
– Support regimes, governments, government officials or other politically exposed 
persons in countries with poor governance (for example failed states, those in 
conflict or war zones, or where there is an ineffective rule of law) or those with 
poor human rights records
	
– Enable harmful child labor, forced labor, or tolerate poor health and safety 
conditions and/or provide unfair remuneration.
We have set guidelines detailing our position and what we consider as best 
practices. We also provide guidance and training for underwriters and other 
relevant stakeholder groups, and have established risk assessment and 
referral processes. 
In addition, the Z Zurich Foundation, through its grant programs initiative, 
provides support and funds to help Zurich offices to work with local 
community organizations to develop multi-year programs focusing on social 
equity and creating a society of equal opportunity. It includes supporting 
youth empowerment.
	
	
SDG 3
	
	
Ensure healthy lives and promote  
	
	
wellbeing for all at all ages
As an employer and provider of life insurance, savings and pensions, we have 
a responsibility to promote healthy and sustainable lifestyles. We are doing this 
through different channels:
	
– Establishing a new LiveWell digital engagement platform that utilizes 
cutting-edge technologies to incentivize and rewards individuals pursuing 
healthier lifestyles
	
– Improving access to healthcare and financing healthcare infrastructure through 
our impact investing strategy
	
– Research and campaigns focusing on increasing the awareness and 
understanding of the importance of individuals being more proactive to make 
themselves and their families financially resilient, i.e. finding the right protection 
at the right time to be able to deal with a potential loss of income due to illness, 
disability or the loss of a breadwinner
	
– Promoting and encouraging work of the Z Zurich Foundation, a corporate 
foundation funded by various members of the Zurich Insurance Group, with 
the ambition to help improve the mental wellbeing of 10 million people by 2024 
through innovative programs aimed at overcoming the stigma often associated 
with seeking help.
10 million 
Z Zurich Foundation’s ambition  
to help improve the mental wellbeing  
of 10 million people by 2024
Helping  
to meet 
the world’s 
goals.
Zurich’s approach to proactively address 
environmental, social and governance (ESG) 
factors as part of our day-to-day business activity 
supports several of the United Nations  
Sustainable Development Goals (SDGs). 
Read more online:
Our SDGs
10
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our SDG contribution (continued)
	
	
SDG 11
	
	
Make cities inclusive, safe,  
	
	
resilient and sustainable
Zurich believes that doing business responsibly will promote resiliency in the 
future. This can be best achieved by enhancing risk prevention and mitigation. 
Zurich has invested in a number of activities to enhance resilience:
	
– Zurich’s Swiss business has developed a user-friendly online interactive 
platform, the Natural Hazard Radar, to allow people living in Switzerland to 
assess risks to property from floods, landslides, mud and rockslides
	
– Zurich is a supporter of SBP (formerly the Saint Bernard Project), an organization 
that rebuilds disaster-affected homes, consults with local governments on 
disaster recovery planning and trains homeowners and small businesses on 
disaster resilience in many places throughout the U.S. Funding is also provided 
by the Z Zurich Foundation
	
– Supporting initiatives related to road safety, including as part of the ‘Insurance 
for Safer Roads’ initiative
	
– The Zurich Flood Resilience Program was launched in 2013 to help improve 
community resilience to flooding. The work focuses on communities and looks 
at how, by improving the way that they build, maintain and use all their assets, 
they are able to continue to prosper despite floods. The program has developed 
the first resilience measurement tool – a set of guidelines and methods – to 
assess resilience to floods at a community level. In the first phase (2013-2018), 
Zurich Flood Resilience Alliance (the Alliance) members applied the tool in 110 
communities impacting 225,000 people. In the second phase (2018 to date), 
Alliance members have so far applied the approach in around 65 additional 
communities reaching 170,000 more people to date.*
 
	
	
SDG 13
	
	
Take urgent action to combat  
	
	
climate change and its impacts
As a responsible investor, we use capital markets to search for and fund solutions 
to many of the pressing social or environmental issues of our time. We are 
committed to fully decarbonize our USD 200 billion portfolio of own assets 
by 2050, and in 2020 have helped to avoid 2.9 million tons of CO2 equivalent 
emissions through our impact investment portfolio.
As a responsible business, it is important for Zurich to be accountable for the 
impact our operations have on the environment. We have been operating as a 
CO2-neutral business since 2014. We prioritize avoiding emissions wherever 
possible. Emissions we cannot avoid are offset with resilience-enhancing carbon 
credits, thereby maintaining carbon neutrality in our operations. Since 2007, 
we estimate that we have reduced our operational footprint by more than 
150,000 metric tons of CO2e. 
The Zurich Flood Resilience Alliance takes a collaborative approach to supporting 
communities at risk of floods. Together with members of the Alliance, we use our 
in-house expertise as an insurer to help communities reduce flood risk.
225,000 
People impacted by the  
Zurich Flood Resilience Alliance  
first phase (2013-2018)
*	 Established in 2013, all members of the Alliance, with the exception  
of Zurich Insurance Company Ltd, are funded by the Z Zurich Foundation.
USD 200bn 
Portfolio of own assets  
we are committed to fully  
decarbonize by 2050
11
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our response to COVID-19
Key actions taken
Zurich worked with customers and communities to provide support that was 
targeted and effective. Initiatives included:
	
– As one of the largest commercial insurers in the world, Zurich advised 
customers on heightened risks caused by the pandemic, such as a rise in cyber 
attacks, risks to buildings that stood vacant during lockdowns, and increased 
vulnerability affecting supply chains in addition to the obvious public health 
risk of a new pandemic. It also offered remote risk engineering assessments. 
Zurich worked with customers during times when their businesses had to 
temporarily adapt to major changes to support the fight against COVID-19. 
Among these were hotels that housed patients instead of travelers and 
manufacturers that shifted operations to make personal protective equipment, 
such as a Canadian sports equipment maker. Zurich supported one of the 
world’s largest hockey equipment suppliers, Bauer Hockey, to quickly retool 
their facilities to produce protective COVID-19 face masks through crafting a 
complete insurance solution for this entire new product line and operations in 
less than a week
	
– Zurich waived pandemic exclusions in individual life policies in Chile, Spain,  
and through our Zurich Santander joint venture, as well as in our Zurich 
International Life business
	
– In markets around the world, Zurich provided a variety of payment deferral 
options to support both individual and commercial customers
	
– Zurich provided rebates or renewal bonuses to auto insurance customers in 
several countries including Argentina, Colombia, Ireland, Spain and Portugal 
	
– In Switzerland, Zurich introduced a hotline for free IT support, coaching and 
legal advice, as well as a new networking platform for small- to medium-
sized enterprises
	
– In Switzerland, Zurich supported the testing initiative Corona Immunitas led  
by the Swiss School of Public Health. Zurich sponsored specifically modified 
vans that enable mobile testing for COVID-19 antibodies. Corona Immunitas  
is a research program that investigates the spread of the pandemic in 
Switzerland, thereby providing reliable data as a basis for effective policy 
measures to protect the population and the healthcare system
	
– In various countries, Zurich and the insurance industry provided technical 
knowledge for developing public-private pandemic insurance proposals to 
address customers’ business interruption in future pandemics. In addition, 
Zurich advocated for a government backstop in trade credit risk insurance that 
would support customers with challenged cross-border supply chains
	
– In May 2020, Zurich joined 155 companies, representing over five million 
employees, in urging governments around the world to align their COVID-19 
economic aid and recovery efforts with the latest climate science through 
committing to the Recover Better statement of the Business Ambition for 1.5°C 
Pledge. We believe recovering from the COVID-19 crisis offers all of us a unique 
opportunity to drive positive change with decisive climate action. Grounded  
in science and in collaboration with governments, our focus will continue to 
prioritize improving global resilience by building back better.
In difficult times Zurich supports its employees, 
customers and communities around the world, 
and 2020 was no different. Whether financially, 
emotionally or even providing practical assistance, 
we were there. Zurich responded to the COVID-19 
pandemic by ensuring the safety of our employees, 
while offering prompt support and relief to 
our customers and the communities in which 
we operate.
A shoulder  
to lean on.
12
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Engaging our stakeholders
Our investors 
Why we engage
Our shareholders expect the Group to be 
managed in a sustainable way that ensures long-
term success and lives up to our commitments. 
How we engage
We maintain dialogs with our investors throughout 
the year. Our annual corporate governance and 
sustainability roadshow, led by our Chairman, aims 
to increase investor understanding of the Group’s 
developments in relation to sustainability and 
demonstrate the Group’s delivery with regard to 
ESG performance.
Topics of discussion 
	
– Strategy and financial performance
	
– Governance and remuneration practices 
	
– Environmental and Social performance.
Our employees 
Why we engage
People are Zurich’s most important asset. 
They enable us to achieve our strategy and 
deliver for our customers. Their skills, diverse 
perspectives and experience are key to 
innovation and reflect the breadth and diversity 
of our customers, suppliers, communities and 
investors worldwide.
How we engage
We measure engagement and advocacy through 
both the Employee Net Promoter Score (eNPS) 
and Organizational Health Index (OHI). 
During COVID-19, we ran employee listening 
campaigns shortly after the first country lockdowns 
started in early 2020, and responded quickly to 
employees’ needs for more flexible scheduling  
and caring for their wellbeing. As part of Employee 
Net Promoter Score (eNPS) this year we asked 
employees how supported they felt by Zurich during 
COVID-19, and the response was overwhelmingly 
positive with a score of 74. 
Topics of discussion
Supporting our people through the uncertainty  
of 2020 has been a key priority. The challenges  
of this year made us think more boldly about things 
like work flexibility, wellbeing, and diversity and 
inclusion. During the COVID-19 crisis we enhanced 
our internal talent mobility to deploy resources  
where they were most needed, and what started 
as a crisis response has become part of our 
everyday business ambition to promote internal 
talent development. 
A company of Zurich’s size and influence can make 
a significant positive contribution to society by 
proactively working with our customers, regulators, 
civil society, investors and other stakeholders.
Listening  
and  
learning.
13
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Engaging our stakeholders (continued)
Our suppliers 
Why we engage
We want to ensure that sustainability is an integral 
part of our sourcing and procurement activities. 
That extends to the products and services we 
purchase, contractual agreements we enter, and 
partners we work with. We continue to reveal new 
opportunities for collaboration and innovation 
through ongoing dialog with our suppliers, where we 
can work together to solve sustainability challenges. 
How we engage
Through our procurement practices, we aim to 
make a positive social, environmental and ethical 
impact by:
	
– Working with social enterprises to provide goods 
and services
	
– Encouraging transparent environmental 
performance, such as climate-related and 
other disclosures
	
– Ensuring minimum standards, such as acceptable 
labor conditions, and transparency related to 
health and safety, and data security.
Topics of discussion
	
– Environmental performance and sharing and 
evolving best practice
	
– Procurement practices that drive social value
	
– Supplier diversity and inclusion.
How we engage
Through our businesses we maintain constant 
engagement with our customers, for example:
	
– Through our relationship managers, brokers and  
by hosting customer events we understand ways 
that we can better serve our commercial customers
	
– In developing our Climate Change Resilience 
Services to actively engage with customers 
on the potential physical risks associated with 
climate change
	
– Our Customer Office teams work directly with 
individual consumers and SMEs to co-create 
insurance solutions guided by their needs
	
– By evolving our digital channels and enabling  
new distribution opportunities to serve our 
customers in a way that is convenient to them
	
– We are systematically listening to customers 
through our Net Promoter System (NPS) program 
throughout all customer touchpoints, and act on 
feedback to improve the customer experience.
Our customers 
Why we engage
As an insurance company Zurich protects 
customers. Putting their needs at the heart of 
what we do and providing them with cover for 
the things and people they value has been our 
mission since Zurich was founded in 1872. As our 
customers take the fundamental steps needed to 
address sustainability, our focus is to help them 
through this transition to adopt more sustainable 
business practices and, as individuals, to be more 
sustainable in their everyday lives.
Topics of discussion
	
– Transition pathways, enabling us to further 
understand how we can support customers’ 
operational challenges and transition plans
	
– Promoting confidence in digital technology  
and the growing threat of cyber risks 
	
– Elaborating beyond the physical risk associated 
with a changing climate, to broaden awareness 
of all aspects of emerging risks and potential 
mitigating actions
	
– Customers’ ability to close income and health 
protection gaps by offering relevant life and 
corporate health cover to employees 
	
– Addressing evolving technology together, 
such as e-vehicle advancement and alternate 
energy sources for private residence, to adapt 
to consumers’ needs.
14
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Engaging our stakeholders (continued)
NGOs 
Why we engage
By combining resources and expertise, we have 
greater opportunity to provide the benefits 
of sustainable practices and approaches to 
vulnerable people, which benefits them as well 
as society and businesses. 
How we engage
The Z Zurich Foundation provides a package 
of support, where it shares its and our skills 
and provides financial support, to develop 
and implement tailored grant programs. 
Zurich employees volunteer their time and 
expertise to support vulnerable people within their 
communities, providing charities with the skills 
they need to develop and achieve greater impact.
Topics of discussion
	
– Adapting to climate change
	
– Improving mental wellbeing
	
– Enabling social equity.
Communities 
Why we engage
Vulnerable people share a need for connection, 
because the challenges they face are often 
common to many individuals. The Z Zurich 
Foundation connects non-governmental 
organizations, governments, businesses and local 
experts to work with those who need support. 
Working together allows all stakeholders to 
achieve more than we could alone.
How we engage
Z Zurich Foundation supports programs 
and develop engagement initiatives in close 
collaboration with Zurich’s business units and 
people, and charitable organizations worldwide.
Topics of discussion
	
– Adapting to climate change
	
– Improving mental wellbeing
	
– Enabling social equity.
Governments and regulators 
Why we engage
Zurich works with global, regional and local 
policymakers, governments, regulators and opinion 
leaders to keep ourselves informed about policy 
trends and issues, and shares its expertise and 
insights to contribute to effective policy solutions.
Zurich is also a member of many trade associations 
where it can increase its engagement on public 
policy issues. 
How we engage
We maintain dialogs with international multi-
stakeholder bodies including (Financial Stability 
Board, International Association of Insurance 
Supervisors, National Association of Insurance 
Commissioners) authorities (European Insurance 
and Occupational Pensions Authority), policymakers 
(European institutions, US Congress and US 
Administrative Agencies) and regulators. 
In addition, we engage with many stakeholder 
groups and coalitions including the Insurance 
Institute for Business and Home Safety (IBHS), 
the US Chamber of Commerce (US CoC), the 
Global Business Alliance (GBA) and the Smarter 
Safer Coalition. 
We advocate for best practices and share our 
expertise. Examples include on a global basis 
through the Institute of International Finance, 
regionally in trade associations like Insurance 
Europe and PensionsEurope as well as nationally 
in the American Property Casualty Insurance 
Association and the Swiss Insurance Association.
We are also active in business federations like 
Economiesuisse in Switzerland, bilateral trade 
organizations, and think tanks including Brussels-
based Centre for European Policy Studies (CEPS), 
Atomium European Institute for Science, Media 
and Democracy, Avenir Suisse, the Swiss Forum on 
Foreign Policy (foraus). And we work closely with 
academic institutions including Oxford University.
Topics of discussion 
	
– Climate-related policies/polluter pays principle/
voluntary carbon markets and carbon pricing
	
– Build-back-better efforts in addressing the 
COVID-19 crisis
	
– Corporate governance and sustainability risks 
along the global value chain 
	
– Natural hazards and innovative insurance solutions
	
– Educating and building resilience of communities
	
– Enhancing the social safety net through 
improvements in workforce protection
	
– Supporting Public Private Partnerships for cyber 
security and data stewardship.
15
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Embedding sustainability in Zurich
Governance
Zurich’s Board and the Executive Committee take 
an active role in overseeing and implementing our 
approach to sustainability. The Board approves 
the Group’s sustainability strategy and objectives, 
including related targets having a material impact 
on Zurich or the Group based on the proposal of 
the Governance, Nominations and Sustainability 
Committee (GNSC), a standing committee of 
the Board.
The CEO EMEA and Bank Distribution is 
responsible for the Group’s sustainability 
strategy and objectives. Zurich’s Executive 
Committee is responsible for integrating the 
sustainability strategy into our business practices. 
The Sustainability Leaders Council leads the 
ongoing implementation of our sustainability 
objectives, formulating and formalizing the 
integration of sustainability across businesses 
and functions. The Council is comprised of 
senior executives from across the business and 
is chaired by the Group Head of Sustainability. 
The relevant business units and Group functions 
determine the approach and method for 
achieving the objectives. They are supported 
by local sustainability champions and a central 
sustainability team at the Group’s headquarters.
Sustainability is embedded  
into our remuneration framework
Zurich has a clearly defined global performance  
and development approach where individuals,  
jointly with their managers, define and agree on  
annual objectives that support the achievement  
of the business strategy and operating plans.  
An individual’s personal achievements consider  
performance on objectives, as well as the behaviors  
demonstrated. These continue to be guided by the  
Group’s Code of Conduct, purpose and values,  
and our commitment to sustainability.
We monitor developments and best practices, and 
review Zurich’s remuneration approach to ensure 
it complies with regulatory requirements, supports 
our strategic objectives, incentivizes the right 
behaviors and considers the interests of all our 
stakeholders alike.
To further support our customer-led transformation, 
quantitative customer metrics are incorporated 
to assess the overall business performance and 
resulting funding for short-term incentive plan 
(STIP) awards in selected markets and for our senior 
leaders. In addition, to ensure the sustainability of our 
efforts, the target card framework for the Executive 
Committee (ExCo) and the wider leadership team 
includes both financial and non-financial targets in 
the areas of financial measures, customers, people 
and other strategic projects. Examples include the 
transactional Net Promoter Score (tNPS) and the 
employee Net Promoter Score (eNPS) metrics, which 
are global best practice standards for measuring 
customer and employee experience respectively.
External indices to monitor  
our progress and improve  
our sustainability performance
In its 2020 Dow Jones Sustainability Indices 
(DJSI) Review, Zurich outperformed 100 percent 
of other companies in the insurance industry 
group, becoming industry leader and receiving 
Gold Class distinction. Zurich is a member of the 
DJSI World and DJSI Europe Indices. 
Since 2004, Zurich has submitted annually a 
‘Climate Change’ response to CDP, a not-for-profit 
charity that runs the global disclosure system for 
investors, companies, cities, states and regions 
to manage their environmental impacts. Zurich’s 
2020 submission score was A- Leadership Level.
Zurich has been a constituent of the FTSE4Good 
Index Series since the index was introduced 
in 2001. Our ESG Rating Absolute Score in 
December 2020 was 4.4 compared with the 
highest possible score of 5.
Zurich is also a constituent of the MSCI ESG 
Select Leaders Index. MSCI is an independent 
provider of research-driven insights and tools for 
institutional investors. As of July 2020, Zurich 
Insurance Group AG received an MSCI ESG 
Rating of ‘AA.’ The highest possible rating is ‘AAA’.
As of December 2020, Zurich was ranked third 
among industry peers, as defined and reported by 
Sustainalytics ESG Risk report.
Governance  
Nominations 
and Sustainability  
Committee 
Michel Liès  
Chairman
Jeffrey Hayman
Dame Alison  
Carnwath
Monica Mächler
Christoph Franz
Part of 
everything 
we do.
Making responsible and sustainable  
decisions is part of our daily business  
and decision-making is a priority  
at the highest levels of our organization. 
Board
Executive 
Committee
Sustainability 
Leaders Council
Country Champions  
Network
Group Sustainability 
Team
16
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Incorporating sustainability in Zurich
We  
care.
We care about doing  
the right thing
Living by our values, making ethical 
decisions, and speaking up when  
we see something that does not seem right 
is crucial for us to maintain the trust  
of each other, our customers, investors, 
regulators and society.
We care about  
business integrity
We care about business integrity  
and ethical behavior because conducting all 
our business in a compliant and fair manner 
helps prevent criminal, illegal and unethical 
activities and preserves the transparency 
and integrity of the markets.
We care about  
our colleagues 
Because we know that we can  
only be successful if we work as a team,  
and that mutual respect is vital  
in order for each and every one of us  
to live up to our full potential.
We care about  
our company 
Because we are proud of Zurich’s  
heritage and brand, and understand that 
protecting our reputation and our assets  
is critical for our long-term success.
We care about  
our future 
And want to be one of the most  
sustainable companies in the world. 
We understand that we must always 
consider the consequences that today’s 
actions could have on tomorrow.
We care about  
our customers 
Because they are the reason we are in 
business. Putting their needs at the heart  
of what we do and providing them  
with protection for the things and people 
they value has been our mission since 
Zurich was founded in 1872.
At Zurich, caring is one of our six values and a key 
element of what we stand for and how we conduct 
ourselves individually and as a business.
Our Code of Conduct
17
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Incorporating sustainability in Zurich (continued)
Doing the right thing means not only following  
the rules, but also using our best judgment.  
Not all situations have a specific guideline to 
support our actions, nor can our Code of Conduct 
address all decisions and potential dilemmas  
that we may face. This is why in all of our decisions, 
we are guided not only by applicable laws  
and regulations and internal guidelines, but also  
by what is the right thing to do.
Is it legal?
Consider whether the decision 
complies with applicable laws 
and regulation.
Is it the right thing to do?
Consider whether the decision reflects 
the standards of conduct articulated 
in this Code and our internal standards 
and policies, as well as our purpose 
and values. Ask yourself not only 
whether you can do something, 
but whether you should.
Is it in our company’s and 
stakeholders’ best interest?
Consider whether the decision honors 
our commitment to our customers, 
is respective of the rights of our 
colleagues and others we work with, 
and serves our company’s long-term 
interest. Ask yourself whether the 
decision places your personal interest 
in conflict with those of the company 
or our customers.
Is it reflective of our brand  
and what Zurich stands for?
Consider whether you would be 
comfortable if the decision were made 
public and whether it could hurt our 
reputation and/or diminish trust in 
us, or negatively impact others (e.g 
customers, shareholders, colleagues, 
or the public).
Anti-bribery and anti-corruption
Zurich is committed to fair and responsible business and prohibits all forms 
of bribery and corruption, and any business conduct that could create the 
appearance of improper influence. The anti-bribery and anti-corruption Group 
Policy sets out our global framework addressing the common areas of risk  
and includes the requirement for business management and local compliance 
functions to appoint an anti-bribery and anti-corruption officer; complete  
an anti-bribery and anti-corruption risk assessment; identify and document 
appropriate control activities to mitigate the anti-bribery and anti-corruption  
risk within the business; and produce appropriate management information, 
reporting, and risk-based assurance.
Read more online:
Human rights
Anti-bribery and anti-corruption
Under our Code of Conduct, each employee is encouraged to ask 
themselves the following four questions when faced with a decision:
Code of Conduct
Our rules of conduct give a reference for the decisions we make every day,  
and our actions and business goals must be consistent with those rules.
Read more online:
Code of Conduct
Acting  
with  
integrity.
18
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Incorporating sustainability in Zurich (continued)
Being a responsible taxpayer
Living up to our responsibility to society
As a global insurer, Zurich plays an important role as a long-term investor,  
a provider of insurance coverage and risk management services that include 
resilience to natural hazards such as flooding and others. Zurich acts as a 
responsible corporate citizen, which influences the Group’s day-to-day decisions 
and long-term strategic planning. As part of this, Zurich is committed to being 
a responsible taxpayer and, as such, a supporter of economic and societal 
development in the communities where it operates.
Zurich considers effective and efficient tax compliance to be a key objective  
and allocates significant resources to ensure that the tax affairs of the Group  
are sustainable, well governed and transparent.
This is reinforced by:
	
– Employment of appropriately qualified and experienced people in key tax-
related roles, with specific tax responsibilities and accountabilities included in 
their job descriptions
	
– An organizational structure that supports and encourages the reporting and 
escalation of tax issues
	
– A culture based on values and behaviors that encourages long-term 
ethical thinking
	
– Having appropriate systems and processes in place enabling us to validate our 
understanding of relevant tax legislation, thereby strengthening our compliance 
with the tax laws and regulations of the jurisdictions in which we operate
	
– Maintenance of a strong and transparent working relationship with the relevant 
tax administrations. Where possible, we will discuss new and complex tax 
positions or proposed changes in tax legislation with tax authorities in real 
time. In addition, we may request generally available statutory or non-statutory 
clearances from relevant tax administrations in respect of specific transactions 
where there is material uncertainty and/or where the transaction is material to 
the Group entity involved.
Total tax contribution reflects Zurich’s economic contribution to the economy 
in taxes – the direct and indirect taxes paid by Zurich (‘tax borne by the 
shareholders’) and those taxes that Zurich is legally obliged to collect on behalf  
of the tax administrations (‘tax collected’).
Our approach to tax is guided by our purpose as a company: to protect customers, 
employees and society, to inspire confidence, and to help our stakeholders 
reach their full potential. It is also guided by our values, including a commitment 
to deliver on our promises and stand up for what is right. Our purpose and values 
are embedded in a responsible tax strategy, which is supervised by the Board of 
Directors and executed by the Group Executive Committee. The Group’s Code of 
Conduct is embedded into our responsible tax strategy and requires compliance 
with laws and regulations of all countries where the Group operates.
We are a significant contributor of taxes, both those borne by our own 
shareholders as well as those collected on behalf of tax administrations.
The Group actively manages tax obligations with the aim of minimizing 
unexpected adverse financial or reputational impact to the Group.
Tax contributions  
include but  
are not limited to:
Corporate Income Taxes
Employment Taxes
Insurance Premium Taxes
Value Added Taxes
Stamp Taxes and Other  
Transactional Taxes
Real Estate and Other Asset Taxes
Excise Taxes
Withholding Taxes
Taxes borne by shareholders
all numbers based on IRFS 
excluding deferred income tax 
Taxes collected
all numbers based on IRFS 
excluding deferred income tax 
Total 2019
USD 2.2bn
Shareholder income tax 
55%
Stamp duty and other taxes 
6%
Employer social security 
22%
Irrecoverable VAT 
17%
Total 2019
USD 6.2bn
Employer social security 
7%
Other taxes (incl. WHT) 
21%
Payroll tax 
17%
PH Income and other taxes 
11%
Premium tax 
36%
VAT declared 
9%
19
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our commitment to sustainable insurance
Sustainability risks in underwriting 
A company of Zurich’s size and influence can make a significant positive 
contribution to society by proactively working with our customers, regulators, 
civil society, investors and other stakeholders to identify, assess and mitigate 
environmental, social and governance risks. We have used our proprietary  
risk-profiling methodology since 2012 to prioritize five key sustainability risks  
to be monitored across all our business transactions. These include:
	
– Respect for human rights, in particular avoiding business involving child labor, 
forced labor, poor health and safety conditions or unfair remuneration
	
– Banned weapons, avoiding business involving the manufacture, sale, 
distribution or stockpiling of cluster weapons or anti-personnel mines
	
– Dam construction, avoiding unacceptable social, political or environmental  
risks of specific dam construction projects
	
– Oil and gas operations, and mining operations, avoiding risks involving 
damage to protected areas or critical natural habitats, corruption and human 
rights abuses.
In 2019, we extended our coal and oil sands policy to align with the Business 
Ambition for a 1.5°C Pledge, to avoid businesses that for example generate  
more than 30 percent revenue in this area, extract more than 20 million tons  
of thermal coal or that continue to invest in coal mining and infrastructure.
To support the above, we have implemented a more sophisticated sustainability 
issues framework. This is a systematic and fully integrated approach to  
identifying, assessing and recommending action on potential risk and opportunity 
areas from a sustainability perspective across all our activities, but particularly 
in investment management and underwriting. We have developed a three-step 
process to manage this.
Issue identification
Filter issues from various sources (ESG research, 
social and traditional media, NGOs, businesses) and 
identify those select issues to go through our risk 
assessment process.
Our three-step process to managing sustainability issues:
Risk assessment 
Risk assessment by filtering issue through public 
commitments, role of insurance, underwriting  
risk assessment, market exposure assessment, 
etc. Our Executive Committee approves a position 
statement on the issue, recommends business 
actions and takes reputational management 
considerations into account.
Implementation
Businesses locally implement mitigation actions and 
reputational management plans. Support available 
from experts across the Group and escalation follows 
normal governance procedures.
1
2
3
Our 
commitment 
to sustainable 
insurance.
As one of the world’s leading insurers, Zurich 
takes a systematic, fully integrated approach to 
identifying, assessing and recommending action 
from a sustainability perspective on potential risk 
and opportunity areas. Helping our customers 
to adapt to more sustainable behaviors, we 
provide risk transfer solutions that encourage 
risk prevention. 
20
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our  
commitment  
to the  
environment
At Zurich, being a responsible and sustainable company  
is at the foundation of our business. We help our customers  
and communities become more resilient to natural hazards  
and extreme weather; we make a difference through  
our responsible investment approach; and we are swiftly 
reducing our own carbon footprint. 
We expect a significant shift in how businesses 
operate over the coming years as they move  
to lower carbon business models. At Zurich,  
we believe the best way to tackle this challenge 
is by working with our customers. We understand 
the magnitude of our role in the transition to  
a low-carbon future and look forward, with our 
customers, to a better future. 
Sierra Signorelli
Group Chief Underwriting Officer
21
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to society
Responsible 
investment
About  
this report 
 Our commitment  
to the environment

We are helping to tackle climate change through 
our role as an insurer, investor, employer, and in 
the communities where we live and work. In 2019, 
we became the first insurer to sign the Business 
Ambition for 1.5°C Pledge, a Paris Agreement  
for the business sector. 
Making  
the future 
better.
Net zero 
Emissions target 
 by 2050
Overview and approach
100% 
Renewable electricity  
to power Zurich’s operations  
by the end of 2022
This includes setting science-based targets across our business to reach net 
zero emissions by 2050. But we need to do much more. We aim to completely 
integrate climate risk into our risk management processes, engage with our 
customers to enhance their climate risk knowledge and resilience, and provide 
them with innovative and sustainable solutions. To deliver on this we set out  
‘Our 1.5˚C Future Plan’, the Group-wide climate strategy guiding our efforts  
to address the risks and opportunities posed by climate change. 
A Group-wide climate strategy
Our climate targets:
	
– Set science-based targets for Zurich’s investment portfolio and operations 
in 2021 
	
– Activate USD 1 billion in investments from others going into pre-event resilience 
and climate action by the end of the Zurich Flood Resilience Program together 
with the Zurich Flood Resilience Alliance. In 2020, the Z Zurich Foundation 
committed additional support, with the ambition to help make four million people 
overall more resilient to flooding with the Zurich Flood Resilience Alliance by the 
end of 2024
	
– Help to avoid five million tons of CO2 equivalent emissions per year through 
impact investments
	
– Understand and monitor the carbon intensity of our underwriting portfolios, 
developing key metrics to support alignment to a 1.5°C Future whilst ensuring 
customers themselves successfully navigate the transition
	
– Launch an internal carbon fund by setting a realistic internal price on carbon 
emissions for our operations in 2021. The carbon fund will be used to support 
Zurich’s CO2 neutrality commitment and to drive down emissions from our 
operations, as well as other emissions sources related to our business
	
– Adopt 100 percent renewable electricity to power Zurich’s operations by the 
end of 2022 and continue maintaining carbon neutrality for our operations
	
– Transition our global car fleet to 100 percent electric vehicles by 2029.
22
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

This means the world needs to reduce global 
greenhouse gas emissions by 50 percent per 
decade, to reach ‘net zero’ by 2050. Climate change 
will affect Zurich’s products, services and operations, 
while creating new risks and opportunities. 
Understanding, managing and measuring these 
impacts will be important in maintaining the long-term 
profitability of our company.
Our own analysis suggests a greater likelihood that 
the Paris Agreement’s target will be missed rather 
than achieved. To help enable the required systemic 
transformation, we are stepping up our efforts to 
advocate and encourage companies and individuals 
to act to reduce global warming. Meanwhile we 
are also supporting those most at risk from climate 
change through new services, insurance products, 
and continued strategic philanthropy.
See page 60 in the Investment section of this report. 
This analysis is available online:
COVID-19 crisis
Our commitment – supporting a 1.5°C Future
Through our efforts, we want to benefit not just our 
own business, but also the communities, businesses, 
and the families we serve. We believe a prosperous, 
vibrant, climate-neutral world is achievable, and 
have committed to set science-based targets for 
achieving ‘net zero’ emissions within our business. 
We will continue expanding our impact investment 
methodology and look for ways to demonstrate the 
positive impact we create. By aligning with a 1.5°C 
Future and harnessing the capabilities of a global 
insurer, we believe we can do our part to hasten the 
transition to an economy where growth is decoupled 
from carbon emissions and more than nine billion 
people are able to live well on the planet by 2050. 
Our climate commitment
Changing  
climate
Embed governance
Actions
Evaluate progress and adapt
Goals
Disclose via TCFD
A Group-wide strategic framework to achieve our commitment to a 1.5˚C Future
Set science-based CO2  
reduction targets
	
– In our internal operations
	
– In our investment portfolio
Creating a brighter  
future together
	
– Deliver our contribution to the  
future and live our purpose
Deeply understand  
and integrate climate risk
	
– Physical/transition line of 
business risks
	
– Accumulation impacts
Climate-risk  
optimized portfolios
	
– Financial performance and 
volatility improvements
Innovation for  
sustainable solutions
	
– Enabling adoption of 
sustainable behaviors
Catalyze customer  
resilience and transition
	– Innovatively support customers  
on physical and transition risk
Opportunity
Growth
Risks
Quality
Leadership
Internal
External
Internal
Impact
Aligning 
with a 1.5°C  
Future
Setting science-based CO2 reduction targets 
By signing the Business Ambition for 1.5°C Pledge, 
Zurich recognizes the responsibility it has, and 
acknowledges the role science-based targets play  
in meeting the Paris Agreement goals. We can  
use these targets as a basis for solutions for our  
ourselves and our business customers. We joined  
the UN-backed Net-Zero Asset Owner Alliance  
as a founding member and consulted with the  
Science‑Based Targets initiative, a collaboration  
between non-profit sustainability organizations,  
to formulate a methodology for financial services 
related to such targets. 
How we’re putting our commitment into action
Based on these discussions, Zurich will establish 
science-based emission reduction targets in  
Q1 2021 for its USD 200 billion investment portfolio, 
and its operational footprint, which will include  
interim reduction targets for 2025. 
Currently, science-based targets do not exist for 
insurance underwriting portfolios. To change that, 
as a first step we contributed to producing the CRO 
Forum report on methodology to assess carbon 
footprints for underwriting portfolios and continue  
to work within the industry to develop this. 
Read more online:
Minimizing our environmental footprint
Responsible investment
CRO Forum report
In 2015, governments came together to adopt  
the Paris Agreement, an ambitious global plan  
to fight climate change that aims to limit the world’s 
temperature increase to well below 2°C above  
pre-industrial levels before the end of this century. 
23
Zurich Insurance Group
Sustainability Report 2020
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approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our climate commitment (continued)
Our commitment into action 
Supporting community flood resilience 
Across society, losses from natural hazards 
continue to accumulate in the multiple billions 
every year – and have been trending upwards 
over the past decade*. 
The vast majority of these hazards are related to 
climate risks and they affect a growing number 
of people worldwide and disproportionately 
affect society’s most vulnerable. For humanity 
to prosper in the face of climate change, sharing 
collective knowledge and resources is essential. 
With the Z Zurich Foundation and the Zurich 
Flood Resilience Alliance (the Alliance), Zurich 
is supporting at-risk communities to become 
more resilient.
The Alliance is a multi-sector, global partnership 
focused on finding practical ways to help 
communities thrive despite repeated floods,  
while saving lives.
It comprises organizations from the private, 
international development, humanitarian, 
and research sectors. Established in 2013, all 
members of the Alliance, with the exception of 
Zurich Insurance Company Ltd, is funded by the  
Z Zurich Foundation. Read more on page 49 in 
the Society section.
*	 Source: www.munichre.com/en/risks/natural-disasters-losses-are-
trending-upwards.html#-1624621007 
Our commitment into action 
Thermal coal, oil sands and oil shale
We stand by our position on thermal coal, oil sands 
and oil shale, established in 2017 and enhanced 
in June 2019, aligned with our decision to sign the 
Business Ambition for 1.5˚C Pledge. A description 
of our current position can be found here, stating 
that Zurich generally will no longer underwrite 
or invest in companies that operate above our 
defined thresholds.
For clients and investee companies that exceed 
the position thresholds, Zurich engages in a dialog 
on credible mid- to long-term transition plans in a 
Group-wide effort in line with the process below. 
For avoidance of doubt, Zurich expects firm 
commitments to a plan to achieve all thresholds 
within 24 months, and in the case of science-based 
targets, meaningful actual movement towards those 
targets within five years maximum with an annual 
review of progress. 
If in the course of these dialogs the company does 
not show a credible plan for a transition from thermal 
coal, oil sands or oil shale, Zurich will facilitate 
a transition to an alternative insurer, divest from 
equity holdings, stop investing in new debt and 
run-off existing holdings. Furthermore, we will only 
consider new clients or investee companies that 
are already below those limits or have near-term 
commitments in place to bring them below the limits. 
With Zurich’s Group Investment Management and 
Group Underwriting teams, we have engaged with 
268 companies – either as customers, investee 
companies, or both, and decided after careful 
review to terminate our business relationship with 
36 percent leading to divestments and non-renewed 
premiums. We recognize the divestments and 
non‑renewed figures shown in the graphic represent 
less than half a percent of our respective investment 
or insurance portfolios and as such further confirm 
that our exposure to the thermal coal, oil sands and 
oil shale industry was already limited before the 
policy inception, reflecting Zurich’s ESG integration 
approach. The graphic to the right represents our 
progress to the end of 2020. 
The five stages supporting our engagement
External coal/oil  
sands/oil shale data
Apply policy  
thresholds
Underwriting/ 
Investment  
Management  
engagement
Potential  
escalation  
via Zurich’s  
sustainability  
desk
Final  
decision
Innovating for sustainable solutions
We work with customers and collaborate with public 
and private organizations to enhance resilience 
and advocate for solutions to prevent, or minimize, 
damage and harm from climate-related perils. 
We develop insurance and risk management 
solutions for new technologies, business models 
and approaches that are needed to achieve a 
climate-neutral economy. We also use capital 
markets to search for – and fund – solutions to many 
pressing social or environmental issues. We have 
committed to building an impact investing portfolio, 
helping to avoid five million tons of CO2 equivalent 
emissions per year, and separately, making a positive 
contribution to the lives and livelihoods of five 
million people. 
Assess and integrate climate risks
Zurich’s approach to climate risk is part of our Group-
wide risk management processes, and it is managed 
consistent with other risks to which the Group is 
exposed. We are beginning to integrate assessments 
of the evolving physical and transition risk landscape 
into our underwriting and investment strategies. 
Moving forward, this work will only accelerate 
in the coming years as methodologies and new 
modeling tools are being developed that enable us to 
implement and scale climate-optimized investing and 
underwriting approaches across our business. 
Read more online:
Financial Stability Board’s Task force on Climate 
Change-related Financial Disclosure (FSB-TCFD) 
1 Number of companies subject to Zurich’s coal, oil sands 
and oil shale policy since 2017.
2 Non-renewed gross written premiums (GWP). 
3 Cumulated divested equity and fixed income already 
disposed since 2017. 
Progress on coal and oil sands/oil shale policy
Excluded 
36%
Cleared 
22%
Engagement ongoing 
42%
GWP non-renewed2
USD  
33m
Divestments3
USD 
497m
Companies1
268
24
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

In conversation with Anja-Lea Fischer,  
Head of Environmental Performance.
Your questions  
answered...
Q
	
Tell us a bit about you  
and your work at Zurich?
Anja-Lea: As the Head of Environmental 
Performance, my team is responsible for our global 
environmental reporting, including defining the 
standards and governance to support our processes. 
We also deliver strategic projects to help mitigate our  
environmental impact (e.g. RE100 a global leadership 
initiative bringing together influential businesses 
committed to 100 percent renewable electricity) 
and support employee engagement on sustainable 
operations. We build alignment across operational 
areas (e.g. corporate real estate, sourcing & 
procurement, technology) to ensure ESG risks and 
opportunities are understood and addressed.
Q
	
How do you define  
a 1.5°C world?
Anja-Lea: A 1.5°C world requires industries, 
governments and society to work together to enable 
‘sustainability by default’. Today many consumers 
are actively making different choices to live a more 
sustainable life, but often this comes with some 
degree of sacrifice. In a 1.5°C world, I hope to see  
all people have access to more sustainable solutions 
in their daily lives, as the standard option. 
Our climate commitment (continued)
Working for a 1.5°C world
Q
	
What are some of the changes 
you’ve seen while at Zurich?
Anja-Lea: I have seen awareness and understanding 
about sustainability spread throughout our employee 
population. So many people are truly passionate 
about sustainability, whether it be the environmental 
or social dimension, often times both. Zurich listens 
to its employees, and they are the reason we set 
ambitious targets, for example to eliminate single-use 
plastics from our operations. 
Q
	
What are you most  
hopeful about?
Anja-Lea: I am excited about technology 
breakthroughs. I am a tech optimist and I know, if we 
keep the pressure on, we’ll see the much-needed 
solutions come to market to help us meet our 1.5°C 
goals. I am very proud of the commitment Zurich has 
made to become one of the most responsible and 
impactful businesses in the world, as this epitomizes 
the role the private sector can play to help drive these 
positive changes. 
Q
	
How are we working 
 towards a 1.5°C world?
Anja-Lea: At Zurich, we are working to address 
carbon emissions in our daily operations, in our 
investment portfolio, and within our core business. 
It is a fantastic effort that involves collaboration 
across multiple functions and levels of our 
organization, for example Investment Management, 
Risk Management, Commercial Insurance, Group 
Sustainability, the Customer Office, and our business 
units. The collaboration also extends externally with 
peers, customers, our supply chain, and through 
sustainability associations. 
Q
	
With all that entails a 1.5°C world, 
what area are you most interested 
and driven/passionate about? 
Anja-Lea: I am passionate about sustainability 
within our operations. We are pushing our RE100 
commitment forward, and I am excited about the 
progress we have achieved in 2020. We have 
also joined EV100 with a commitment to electrify 
our entire global car fleet. With our new emissions 
reduction target, we will include new sources  
of emissions, which means we have new areas  
to influence change. These global commitments 
really motivate me, as this means I have the 
opportunity to work with inspiring colleagues  
across all our business units.
At Zurich, we are 
working to address 
carbon emissions  
in our daily operations,  
in our investment 
portfolio, and within  
our core business.
25
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our climate commitment (continued)
Working for a 1.5°C world (continued)
Providing sustainable 
solutions 
Innovation that supports  
the sustainability of customers
Zurich aims to provide innovative services and 
solutions that go beyond traditional insurance. 
Our industry is transforming from one that is 
reactively paying compensation toward one 
providing solutions that actively seek to keep 
people out of harm’s way. For years, Zurich has 
been pioneering providing business critical 
risk transfer solutions as well as protect retail 
customers from a range of risks. In addition to 
the more traditional coverage that supports 
the foundation of today’s modern economy, 
we support our customers through sharing risk 
insights that encourage prevention and build 
resilience, as well as a growing portfolio  
of innovative solutions that enhance  
our customers’ sustainability. To do  
this, we are empowering a network  
of forward-thinking innovative  
leaders across Zurich to develop  
and scale the sustainable solutions  
needed to build a better way.
Zurich Climate Change  
Resilience Services 
Expanding Zurich’s existing natural hazards risk advisory 
service to include climate change services is part of 
the Group’s ongoing commitment to provide protection 
through insurance, while proactively helping customers 
to become more resilient. To address the risks of extreme 
weather events, Zurich has brought together a dedicated 
team of climate risk experts to deliver our ‘Climate 
Change Resilience Services’ that help businesses tackle 
climate change risk and better understand how it might 
affect their operations, strategy, and financial position. 
Customers can map their exposure globally or 
regionally, according to specific sites or the risks 
posed to vital equipment. Zurich also offers ways  
to mitigate risk and adapt to changes in weather-
related risks like wildfires, windstorms and floods,  
and temperature and sea-level changes. It also 
provides guidance on sustainability measures. 

 
There is an increasing demand from 
customers to understand the physical risks 
they are facing from climate change and a 
need for advice on mitigation and prevention. 
In response to this demand, we have 
established our Climate Change Resilience 
Services through which we share our highly 
specialized expertise in this area. This is one 
example of how we are adapting/developing 
existing and new products and services 
to address the changes all companies are 
facing as we build a more sustainable future. 
Together with traditional insurance offerings, 
these innovative products and services 
reinforce our commitment to addressing 
climate risk as underpinned by our overall 
sustainability ambition.
Gabrielle Durisch
Head of Sustainability,  
Commercial Insurance
In North America, Zurich provides  
rapid response to support with 
emergency environmental clean up
An environmental spill is considered a worst-case 
scenario for businesses, and for the environment. 
To minimize such risks, in the event of a spill, in 
North America the Zurich Environmental Emergency 
Response team provides round-the-clock support 
365 days a year to rapidly and systematically address 
potential hazards. Working with incident response 
specialist Spill Center, Inc, we can deploy assistance, 
communicate with crisis management teams and do 
immediate reviews and assessments with the aim of 
minimizing the environmental impact.
Aligning customers’ values  
with retirement planning 
Customers are increasingly demanding sustainable 
retirement investment solutions. Zurich is addressing 
this by enabling individuals to invest through 
portfolios aligned with ESG (environment, social and 
governance) objectives. Zurich as a company has 
done this type of investing for many years with its 
investments. In 2020, we introduced similar options 
for individual customers, which may potentially offer 
results equal or even superior to those of traditional 
retirement solutions. 
	 		
 
	 		
Long-term oriented 
savings and retirement 
products and professionally 
managed ESG-portfolios –  
I believe that is a natural fit. 
Our customers in Germany 
can now choose ESG-
compliant portfolios or 
single funds in all of our 
pension products.
	
		
Nino Botsch
	
		
Head of Product Concepts Life, 
	
		
Life Product Development (Germany)
Zurich North America offers  
construction projects more protection 
against climate-related risks 
Our innovative response to the risks of potential 
changes in climate include new cover for 
construction property. In 2020, Zurich North 
America’s construction team introduced a parametric 
insurance cover that allows customers to insure 
against climate-related risks that were not insurable 
under traditional covers. With a parametric product, 
our customers and Zurich will agree on an objective 
‘trigger’ event, such as extreme rain of a certain 
amount. When this event happens, the payout to 
the customer is ‘triggered’. In addition, because the 
trigger event is measured and verified by a third party, 
the claims process is streamlined. Our customers 
now have the ability to insure construction projects 
against ‘extreme weather’ events such as rain, 
heat, cold, or high winds. Zurich can also insure 
them against financial losses and weather-related 
construction delays independent of physical damage. 

Our customers have expressed great 
interest in this innovative product offering, 
as it allows them to further de-risk their 
projects, providing additional balance 
sheet protection.
Kelly Kinzer
North America Head  
of Construction Property
 
I’m excited to see how this product provides 
new coverages to existing customers. 
As we continue to explore additional 
parametric insurance products, we can 
create even more opportunities to provide 
insurance for climate-related risks.
Jonathan Charak
Emerging Solutions Director,  
Zurich North America
26
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our climate commitment (continued)
Working for a 1.5°C world (continued)
Insuring electric vehicles – tailoring 
services that make ownership easier 
Recognizing the increasing demand for standalone 
specific electric vehicle (EV) insurance, Zurich offers 
specific electric vehicle insurance to retail customers 
in seven countries in addition to covering EVs within 
commercial portfolios and traditional products. 
We want to support customers to switch to more 
sustainable ways to drive, especially if these vehicles 
may also increase customer safety. Zurich continues 
to expand our core motor insurance propositions that 
make owning an electric vehicle easier. In Brazil, for 
example, we recently launched cover that includes 
towing cars to the nearest charging point, includes 
charging cables and also provides a network of 
specialized garages. 
	 		
 
 
Zurich is making it 
easier to choose more 
sustainable EVs.
	
		
Helen Green 
	
		
Senior Product Underwriter 
	
		
Global Retail Lines
Renewable solutions – offering options  
to businesses no matter what size 
In 2020, we expanded providing solutions that 
are right for small- and medium-sized business 
customers, while helping them to increase their use 
of renewable energy sources. Demand for smaller-
sized renewable energy installations that serve these 
customers is increasing as electricity providers 
decentralize and reduce their reliance on fossil 
fuels. Zurich already insures an increasing number 
of rooftop solar installations on private homes and 
businesses. It also offers insurance solutions for 
providers using renewable sources – hydropower, 
biomass, geothermal installations and heat pumps. 
For larger commercial customers, Zurich covers solar 
and wind farms either directly, or via a third-party 
strategic relationship with a specialist agency. 
In Brazil, in 2020 we scaled an existing Zurich 
renewable energy insurance product from our 
European market, called Zurich4Power, to help our 
small- to medium-sized business customers shift to 
renewable energy, which offers protection for solar 
panels covering the installation, equipment assembly, 
tests and first six months of operation. 
	 		
 
	 		
When we share knowledge 
and experiences, we 
all gain. Zurich’s global 
expertise was key 
to building the value 
proposition in Brazil.
	
		
Rodrigo Barros
	
		
Brazil Head of Strategy,  
	
		
Marketing & Innovation
	
		
 
	 		
While it is not yet possible 
to completely avoid carbon 
emissions, the next best 
thing, at least for now, is 
to offset them. At Zurich 
we have introduced a pilot 
where we compensate 
the CO2 emissions of the 
cars insured with us for 
free during the first year 
of a policy.
	
		
Gabriel Szalai (top)
	
		
Senior Marketing Manager,  
	
		
Zurich Switzerland
	
		
Dominic Gisler (bottom) 
	
		
Key Account Manager Partnerships,  
	
		
Zurich Switzerland
Climate-neutral motor  
insurance – enabling customers  
to offset vehicle emissions 
Zurich has also begun integrating options for climate 
neutrality in its motor insurance policies. Aware that 
private transportation can be a significant contributor 
to emissions, in Switzerland, in 2020 we introduced 
a ‘climate-neutral’ motor insurance policy that allows 
customers to offset driving emissions. Launched as 
a pilot with VCS Verkehrs-Club der Schweiz (the Swiss 
Association for Transport and Environment), it lets 
Zurich connect customers directly to innovative 
carbon offsetting projects around the world.
	 		
 
	 		
Our ambition is to help 
our customers make 
sustainable choices – 
allowing them to keep track 
of vehicle emissions, and 
ideally reduce them, while 
offsetting those they cannot 
avoid. Carbon offsetting 
is one piece of the puzzle. 
Our innovation team, 
working together with their 
colleagues throughout 
Zurich, is passionate 
about bringing sustainable 
solutions to our customers.
	
		
Miriam Hürster
	
		
Senior Innovation Manager,  
	
		
Zurich Switzerland
Insurance based on use –  
rewarding customers who drive less 
Zurich’s commitment to sustainability includes 
rewarding customers who use their cars infrequently. 
Offering usage-based solutions is one way to do 
this, as the price of insurance can be automatically 
adjusted, meaning customers pay less when they 
drive less. This flexibility is more important than 
ever, especially as COVID-19 has had an impact on 
people’s driving habits. An example of how we are 
supporting customers in this regard is in the UK.
	 		
 
 
In 2020, we entered an 
agreement with By Miles, 
to offer usage-based 
insurance which rewards 
lower-mileage driving. 
This is a great example of 
collaborating with a broker 
to offer an innovative 
and sustainable product 
to customers.
	
		
Mark Muir 
	
		
UK Partnerships Manager
27
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
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 Our commitment  
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Responsible 
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About  
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Our climate commitment (continued)
Working for a 1.5°C world (continued)
Zurich Forest – connecting 
customers with reforestation
The Zurich Forest is an eight-year collaboration 
with Instituto Terra that we entered into in 2020. 
Instituto Terra, a non-profit organization, aims to 
re-create native forests, restore the biodiversity 
of plants and animals, protect soil, and revive and 
maintain water sources. Zurich’s grant supports the 
planting of a total of one million native seedlings on 
a former cattle farm in the Doce river valley in Brazil, 
which is already a home for over 250 species of 
animals – some of these are even at risk of extinction. 
In addition, Zurich planted over 150,000 trees 
through Tree Nation to honor customer engagements 
as part of our one policy one tree initiative.
	 	
	

 
We are very happy to have 
Zurich’s support in this 
new phase that we have 
entered. Together we will 
promote the increase of 
biodiversity in the forest 
planted at RPPN Fazenda 
Bulcão. We at Instituto 
Terra thank everyone at 
Zurich for believing in this 
dream and together helping 
to restore our planet.
	
	
Isabella Salton
	
	
Executive Director Instituto Terra
Zurich Innovation Championship 
encourages sustainable solutions 
In 2020, Zurich completed the second ‘edition’  
of the Zurich Innovation Championship. The focus  
of the latest contest was on finding innovative ways  
to make the world a better and more sustainable 
place. The contest, one of the biggest of its kind  
in the financial industry, identifies some of the best 
and brightest entrepreneurs. In 2020, it chose from 
over 1,300 submissions received from around the 
world. Following an extensive selection process  
from local to regional to global finals, three winners 
were ultimately selected, while many others shortlisted 
for the finals will work with Zurich on developing 
solutions. Two of the winners are directly related  
to sustainability and will help Zurich have a positive 
social and environmental impact, which ultimately 
should benefit our customers and society as a whole. 
The top sustainability-centric Zurich Innovation 
Championship winners:
	– Jupiter Intelligence: Provides catastrophic risk 
management modeling that factors in ongoing climate 
change for global portfolios and specific facilities. 
Delivers risk-focused and actionable climate-related 
insights which have the potential to enhance efforts to 
create climate change resilience for Zurich customers. 
	– Pops: Mobile phone app and sensor that 
enables people to manage their own diabetes 
with AI virtual coaching combined with unique 
glucose measurement.
	 		
	
 
	 		
I am proud that we were able 
to attract some of the world’s 
smartest minds to collaborate 
with Zurich. Moving forward, 
we will focus on delivering 
impact for our customers 
together with our winners and 
they will support us in fulfilling 
our sustainability ambition.
	
		
Joel Agard
	
		
Group Innovation Strategist
28
Zurich Insurance Group
Sustainability Report 2020
Our  
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 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Sustainable operations
We constantly strive to improve how we measure 
our performance, using data as the basis to 
implement change. 
In 2020, we focused on defining the methodologies 
to support our new science-based emissions 
reduction target, which is scheduled to be introduced 
in 2021. We also worked on initiatives to reduce 
emissions, evolving our approach to sustainable 
sourcing and procurement, and raising awareness 
among our employees.
Reducing our emissions
Our approach
To successfully deliver emissions reductions, 
sustainability must be embedded in standard 
operational practices. Our real estate strategy 
focuses on incorporating environmental sustainability 
standards and qualities in our properties. For our 
largest office locations, we have a strong track 
record in achieving the highest level of sustainability 
certifications, including but not only for our Swiss, 
U.S. and Australian headquarters. That will also 
include our global headquarters in Zurich that will 
reopen in 2021. Renewable power plays a critical 
role in our efforts to reduce emissions. We anticipate 
an increase of approximately 20 percentage points 
in total renewable electricity used in our offices 
worldwide during 2020 (results will be confirmed in 
Q2 2021). Using technology, we help cut down travel 
emissions with enhanced virtual collaboration tools. 
A new travel booking tool was implemented that 
shows carbon emissions during the travel booking 
process to make employees more mindful of the 
environmental impact of travel. 
As we prepare to introduce a new emissions 
reduction target for our operations, we have added 
other sources of emissions to our reporting creating 
more footholds to reduce indirect emissions. 
Our performance
2015
2016
2017
2018
2019
Absolute emissions
metric tons CO2e
120,000
90,000
60,000
30,000
0
Facilities emissions
Travel emissions 
Total energy per FTE
MWh/employee
2015
2016
2017
2018
2019
5.0
4.0
3.0
2.0
1.0
0
In 2020, based on 2019 data reported, we reduced 
total emissions from office facilities and business 
travel by 31 percent relative to our 2015 base year, 
and by 7 percent compared with 2018. Emissions per 
full-time employee declined by 28 percent compared 
to the base year and by 10 percent compared to 
2018. Energy consumption per full-time employee  
fell by 31 percent compared to the base year and  
18 percent against 2018.
Single-use plastics have been almost completely 
eliminated from our operations. With offices closed 
due to the COVID-19 pandemic in 2020, some final 
efforts to reduce plastic waste have been temporarily 
put-on hold. We are on track to meet our target to 
reduce internal paper use by 80 percent compared 
to 2015. 
2020 highlights
	
– Defined new internal carbon fee which 
supports an internal carbon fund to encourage 
innovation to reduce emissions and maintain our 
carbon neutrality 
	
– First global insurer to join EV100
	
– Created a global ‘environmental hero’ 
community
	
– Progressing RE100 – anticipating an increase 
of approximately 20 percentage points in 
total renewable electricity used in our offices 
worldwide during 2020 (results will be 
confirmed in Q2 2021).
	
– Defined the new methodology to support 
our science-based target for operations (with 
plans to formally release this in the first quarter 
of 2021)
	
– Defined our energy baseline across our 
strategic data centers globally
	
– Delivered an entrepreneurial sustainability 
training program – ‘Micro Tyco Innovate’ 
working with WildHearts for our global sourcing 
and procurement teams 
	
– Zurich UK was awarded ‘Best Business 
Sustainability/Corporate Responsibility 
Campaign’ for its leadership in promoting 
social responsibility values at the British 
Insurance Awards.
CO2e emissions per employee (metric tons per FTE)
Environmental key 
performance indicators
20193
2018
2017 
2019 
change  
vs baseline
2015  
baseline
Target
CO2e emissions 
per employee  
(tons per FTE)
1.75
1.94
2.06
(28%)
2.43
-20% by 
2025 (vs 
baseline)
of which CO2e 
emissions related 
to facilities (tons 
per FTE)1
0.79
0.95
1.09
(33%)
1.18
-20% by 
2025 (vs 
baseline)
of which CO2e 
emissions 
related to travel 
(tons per FTE)2
0.96
0.99
0.97
(23%)
1.24
-20% by 
2025 (vs 
baseline)
1	 Includes emissions from own-use real estate (electricity and heat).
2	 Includes emissions from air travel, rail and cars (rental cars and car fleet).
3	 2020 data will be available in Q2 2021.
Read more online: 
Zurich’s environmental key performance indicators
Our approach to sustainability takes into account 
all aspects of our operations including our office 
buildings, business processes, travel, information 
technology, sourcing and procurement, and  
the behaviors and mindsets of our employees. 
A sustainable 
mindset.
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 Our commitment  
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About  
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Sustainable operations (continued)
Environmental Heroes  
Council – a badge of honor
In 2020, Zurich launched its Environmental 
Heroes community, where employees can earn 
an ‘Environmental Heroes’ badge displayed on 
their profile page on Zurich’s internal collaboration 
tool. To earn this badge and become a member 
of the Environmental Heroes Council, employees 
could participate in awareness campaigns (for 
example, a CO2 literacy quiz) or share their stories, 
highlighting how they proactively champion 
sustainable behaviors. 
Environmental Heroes are part of Zurich’s efforts  
to become a more sustainable enterprise, and  
gives our employees the ability to contribute,  
as individuals, to a more sustainable future. 
Climate Risk Virtual Summit –  
upskilling Zurich leaders to implement 
our climate strategy
In April of 2020, Zurich reinforced its climate 
strategy. It was introduced to the wider 
organization in a virtual climate risk summit 
involving over 300 of Zurich’s leaders, including 
in areas such as underwriting, investment 
management, risk management, and global 
relationship managers. The event led to greater 
awareness and increased willingness among 
leaders to use and apply new techniques to 
manage climate risk, and identify opportunities  
to do more. The virtual summit contributed to  
better understanding of our climate strategy,  
and willingness to implement it. 
‘PaperLess Future’ campaign:  
creating a global paperless mindset
To support our aim to use 80 percent less paper, in 
February 2020, Zurich launched a month-long virtual 
‘PaperLess Future’ campaign. Each week featured 
a particular focus aimed at raising awareness and 
addressing habits and mindsets related to printing. 
Zurich provided insights and tips on saving paper 
by using digital tools and technology to work more 
efficiently and securely from any location.
The campaign included a video challenge on Zurich’s 
internal collaboration tool. Employees could post 
videos of themselves pledging to reduce or even give 
up using paper, and then challenged their colleagues 
to do the same. The campaign helped to increase 
awareness of alternatives to paper with the aim of 
fostering a global ‘paperless’ mindset.
	

 
With the many digital tools 
available to our employees, 
this campaign gave them 
the opportunity to learn 
how to stop their paper-
wasting habits and adopt 
more sustainable behaviors 
like I did, by switching to 
using Outlook ‘To Do’ and 
digital sticky notes.
	
Rebecca Santos 
	
Global Environmental 
	
Management Consultant
Climate Month 2020: inspiring  
each other to build a better future
September 1, 2020, marked the start of Climate 
Month at Zurich. During September, Zurich hosted 
company-wide conversations about sustainability 
with senior leaders. It featured ‘Green Week 
Wednesdays’ offering more than 40 live video 
sessions, training, and other interactive activities 
created and hosted by Zurich employees, across 
different countries, time zones and in multiple 
languages. Each Wednesday, employees could learn 
about topics like biodiversity, climate change, how to 
reduce plastic pollution, sustainable foods, and tips 
on how to be sustainable at home. 
	

 
I have known for quite some 
time how important the 
topic of climate change is 
to Zurich. However, seeing 
the level of participation 
and enthusiasm globally 
from our employees during 
Climate Month really made 
me see just how much 
of a difference we can 
make together!
	
Roland Varga 
	
Risk Management Services,  
	
Bratislava, Slovakia
30
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Sustainable operations (continued)
	

 
As well as obtaining a 
competitive offer, we felt 
it critical in this project to 
negotiate on ‘Social Value’ 
rather than purely on 
cost. We wanted staff to 
realize that all parties in the 
supplier eco-system are 
serious around supporting 
upstream sustainability 
projects back to source 
which can benefit a number 
of important causes. 
The suppliers and Zurich 
came jointly together to 
support the development  
of a fund which we will jointly 
agree how best to spend.
	
Richard Farrant 
	
Global Category Manager,  
	
Sourcing and Procurement
The Zurich Merchandise eStore:  
an eco-friendly marketplace
Our Zurich Merchandise eStore in North America 
is an example of how Zurich supports positive 
impacts on the environment and community through 
merchandise. Proceeds from sales of some of 
the items in the eStore are donated to charitable 
organizations. The type of benefits that the sales 
provide are identified by icons on each product. 
Items include apparel, headwear, bags, health 
essentials, technology and accessories. They can be 
purchased by Zurich employees and our customers. 
The Zurich eStore’s sustainable product offering 
helps to build a sense of pride, while promoting high-
quality products that people really use.
Our Quai Zurich Campus project: 
sustainability in future operations
Our ‘Quai Zurich Campus,’ the site of Zurich’s global 
headquarters, is expected to reopen in 2021 in the 
center of Zurich. Aiming to achieve top rankings 
in sustainability and wellness, it offers numerous 
examples of how we can achieve greater sustainability, 
from using local products in construction to an energy-
efficient heating and cooling system. 
One innovative feature of the headquarters is a 
program to provide high-quality, sustainable coffee for 
our employees and visitors, including in the café on the 
site that is open to the public. Through an agreement 
with Zurich, the coffee machine manufacturer, and 
the local roaster, a USD 100,000 social value fund 
has been created, jointly funded by all three parties. 
This cooperation will fund investments in social 
value projects, such as sustainable clean water, 
sanitation or hygiene projects, CO2 neutral farming, 
farmer crop resilience programs and organic farming. 
Zurich employees will also benefit from a discount 
when they purchase their coffee at our supplier’s 
external barista bars throughout the city.
Another way we are making our headquarters more 
sustainable is by re-using furnishings. The project 
will refurbish more than 400 conference chairs and 
10 sofas. With minimal repair, we will extend the lives 
of these pieces and reduce waste, and save natural 
resources and energy that otherwise would be 
needed to manufacture new furniture. 

 
The project team wanted to provide  
an exceptional coffee experience,  
with sophisticated technology, while 
supporting sustainable farming, delivered 
by a buyer-roaster-vendor in one.
Régine Bischofberger 
Head of Employee & Guest Services
Zurich wins British award for best 
corporate responsibility campaign 
In the UK, Zurich is a founding member of Social 
Enterprise UK’s ‘Buy Social Corporate Challenge,’ 
an initiative aimed at using the collective purchasing 
power of corporations to spend GBP 1 billion 
with social enterprises. At the British Insurance 
Awards in 2020, Zurich UK was awarded ‘Best 
Business Sustainability/Corporate Responsibility 
Campaign’ for its leadership in promoting social 
responsibility values. As part of Zurich’s work, we 
go beyond challenging our existing suppliers on 
their sustainability goals. We also prioritize social 
procurement – sourcing goods and services from 
social enterprises. Our philosophy is simple: If we are 
buying goods and services, then why not spend that 
money in a way that provides the greatest possible 
positive impact? 
Micro Tyco Innovate to support  
the UN Global Goals 
In 2020, we set colleagues from our global 
Sourcing & Procurement teams the challenge to 
participate in ‘Micro Tyco Innovate’ – a six-week 
entrepreneurial training program to generate 
ideas through a competition to promote the UN 
Sustainable Development Goals. The winning 
team’s entry was the ‘Tech Poverty Project:’ 
an employee e-waste recycling program that 
would provide underprivileged school children 
with access to technology. The issue is even 
more pertinent due to the impacts of COVID-19. 
The winning team is now working on implementing 
their idea, with pilots planned in 2021. 
Micro Tyco Innovate is a program run by the social 
enterprise, WildHearts Group that raises money 
to address gender inequality in the developing 
world and in the UK, and inspires school students 
to create positive impact in their local communities. 
By collaborating with Micro Tyco, Zurich is helping to 
fund training for schools and colleges, giving children 
ways to make a difference in the communities they live in.
	

 
I have been overwhelmed 
by the energy and passion 
the program created,  
as well as the opportunity 
for individuals to work 
across business units. 
We have some great 
initiatives to carry forward 
into the business plus 
we give something back 
to our communities in 
the process.
	
Phil Soderberg 
	
Global Head of Sourcing & Procurement
Give Back
A portion of the proceeds will be  
donated to charitable organizations 
supporting sustainability.
Eco Friendly
Items are made from materials that are 
reclaimed from waste products, or an 
environmentally friendly reusable product.
Recyclable
Materials or products have been  
treated using a special industrial process  
so that they can be used again.
31
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
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Responsible 
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About  
this report

Our  
commitment 
to society
As an insurer, we have a key 
role to play in supporting 
customers, employees, investors, 
communities and the planet  
we share by building resilience 
and serving their needs.
Alison Martin
CEO EMEA (Europe, Middle East & Africa)
and Bank Distribution
This involves supporting our customers in a  
changing digital world, supporting our employees  
and customers in times of great change and  
transformation and supporting vulnerable people  
by investing in communities.
32
Zurich Insurance Group
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 Our commitment  
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Overview
We greatly value the trust our customers place in us when they share their data 
and, because of this, the ethical stewardship of our customer data is of paramount 
importance. We take our data protection obligations seriously and strive to honor 
our customers’ long-standing trust with a commitment to the ethical use of the 
information they give us. We seek to adapt and stay agile to benefit from the 
prudent and responsible use of digital technologies.
We also look to support all our employees and believe we can achieve this  
best by supporting them to develop the skills they need, including to serve  
our customers, and support their long-term careers.
Read more online:
HR Factbook
Our responsibility to society extends to cooperation with the Z Zurich Foundation, 
a charitable foundation with registered office in Zurich (Switzerland) established 
by Zurich Insurance Company Ltd and Zurich Life Insurance Company Ltd in 
accordance with Swiss law. It is the main vehicle by which Zurich delivers on its 
global community investment strategy. The Z Zurich Foundation aims to support 
a fairer, more open and sustainable society by empowering vulnerable people 
within its communities to better manage risk, and to adapt and thrive in a rapidly 
changing world.
Insurance creates value for society. It allows people  
and businesses to manage risk better and helps them 
become – and remain – prosperous and resilient.
For a better  
tomorrow.
Z Zurich 
Foundation 
Aiming to support  
a fairer, more open and  
sustainable society.
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Zurich Insurance Group
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Our digital society commitment
We are aiming to complement and support emerging 
digital trends with a new generation of products 
and services and are committed to deliver the 
best online and offline solutions and experiences 
for our customers. As part of our continued focus 
on this, in 2020, we set up a new business unit, 
Global Business Platforms, as we seek to further 
enhance our digital capabilities. We are also helping 
society, and our customers, to increase cyber 
security through risk awareness, mitigation and 
insurance offerings. 
We believe that to make full use of digital 
technologies, including capabilities offered by the 
internet, the private and public sectors must work 
together to understand the nature and evolution of 
the opportunities and risks. Zurich is a signatory of 
the Paris Call for Trust and Security in Cyberspace, 
which provides principles to promote security related 
to digitalization of society, and is also a strategic 
partner of the World Economic Forum’s Centre 
for Cybersecurity.
Our commitment
Trust is the key driver for a sustainable digital future. 
As part of our Data Commitment, Zurich pledges  
to our customers to:
1.	 Keep their data safe
2.	 Never sell their personal data
3.	 Never share their personal data without  
	
being transparent about it
4.	 Put their data to work so Zurich can  
	
better protect them.
Confidence  
in a digital  
society.
Digital capabilities have only continued to gain 
in importance in 2020 during the COVID-19 
pandemic. The expectations and increased 
reliance on digital communication and services 
require Zurich to be responsible in the way  
we work with and handle data, as expressed  
in our Data Commitment which we put in  
place last year. 
Our commitment into action
Ethical Use of Customer Data –  
honor customers’ trust
We value the trust our customers place in us when they share  
their data. Trust is a two-way street. Today’s customers are 
increasingly calling for greater transparency around how 
companies actually use their data. 
At Zurich transparency means being open about how Zurich 
handles its customers’ data, including making information 
available about where we get the data, how we store it, what  
we use it for, and if we share it, with whom.
Data protection and cyber security –  
strengthening capabilities
Zurich’s data strategy relies on data and analytics solutions. 
We apply a proactive approach to cyber risks, which includes 
focusing on preventing cyber threats and protecting Zurich’s 
data and information assets, while supporting the requirements 
of our business. Zurich’s Group Information Security function 
brings together subject matter experts to provide cyber threat 
intelligence, enhance response speed, and make best use  
of the skills and expertise of our specialists.
The COVID-19 pandemic in 2020 increased the risk of 
opportunistic cybercrimes. The cyber security measures we apply 
in our own company can serve as a blueprint for the solutions 
we provide to customers. We also work with regulatory bodies 
and agencies to protect the integrity of digital experiences, the 
Internet of Things, and other aspects of ‘cyberspace’ for society’s 
benefit. As a leading global insurer in the cyber security insurance 
market globally, Zurich’s cyber security business has grown 
rapidly through helping our customers mitigate cyber risk. 
Business resilience and digitalization –  
providing customer solutions
In 2020, during the COVID-19 pandemic, Zurich increased 
its reliance on digital technology, and supported customers 
in many ways, including through virtual offerings on our 
‘#ZurichNeverStops’ online platform. Our previous investments 
in technology and spending time introducing programs to ensure 
that our workforce was flexible to respond to challenges, including 
working from home, put us in a good position to respond and 
support customers throughout the crisis. Building on this strong 
foundation, we have increased our investments into digital 
technology, and we are shifting our Group operating model to 
deliver business resilience and digitalization across Zurich. 
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Cyber resilience – achieving  
a digital future for our customers 
In 2020, we expanded our collaboration of 
specialized providers to increase our customers’ 
resilience to cyber threats. To support our customers 
Zurich continues to strengthen the typical insurance 
coverage we provide by including a suite of cyber 
resilience and risk engineering services in the 
protection products we provide. That includes 
so-called ‘pre-breach’ mitigation or ‘post-breach’ 
response. For example, in 2020, Zurich worked 
with the global security specialist CYE to expand 
our cyber protection offering to shield businesses 
against the growing risks of cybercrime. 
Data stewardship plays a pivotal role in this context 
as well: Zurich’s Data Commitment (see page 34) 
is a crucial piece of our sustainability agenda and 
enables us to raise awareness on the importance and 
relevance of data risk to strengthen effective digital 
risk management. We believe that to offer customers 
a safe digital environment with full capabilities, private 
and public sectors must work together to understand 
the nature and evolution of risks and develop 
solutions. That is why Zurich is also a signatory of the 
Paris Call for Trust and Security in Cyberspace and 
a strategic partner of the World Economic Forum’s 
Centre for Cybersecurity. Zurich is also a member 
of Pan European Insurance Forum (PEIF), chaired 
by our Group Chief Executive Officer, Mario Greco. 
In this context Zurich, together with Munich Re, has 
sponsored an initiative which aims to improve the 
digital EU policy framework to allow development  
of a more robust market for cyber cover.*
	 	
	

 
Cyber resilience is of 
utmost importance in the 
fast-evolving technology 
landscape. As we’ve 
learned from the COVID-19 
pandemic, unseen threats 
can have a significant 
impact on our customers 
and therefore a holistic 
approach to managing 
cyber risk will help to 
provide for a more digitally-
resilient future.
	
	
Lori Bailey
	
	
Global Head of Cyber Risk,  
	
	
Commercial Insurance 
Our digital society commitment (continued)
Supporting  
our customers  
in a changing  
digital world.
*	 More information on PFEIF:  
PEIF brings together some 12 Europe headquartered insurance companies 
engaging with EU policy makers on relevant regulatory issues. In that context 
Zurich, together with Munich Re, has sponsored an initiative which aims at 
improving the digital EU policy framework allowing for the development of a 
more robust market for cyber cover. Three dimensions were analyzed: improve 
prevention/resilience, improve transparency and access to cyber incidents (to 
better understand the risk and allow for more effective cover) and proposing 
a risk pool design with public backstop mechanism. The results and policy 
recommendation are now being discussed with key EU and member state 
governmental and supervisory institutions.
35
Zurich Insurance Group
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Our digital society commitment (continued)
Wellbeing and health  
in the digital age
By introducing a new digital health and wellbeing 
proposition LiveWell, Zurich has announced 
another key step toward providing comprehensive, 
personalized and data-driven services for our 
customers. It provides customers the freedom  
to choose so they can personalize their approach  
to improving their physical, mental, social and 
financial health. Through recent acquisitions 
(HealthLogix, HealthInSite and FitSense), LiveWell 
offers ways to let customers track and assess their 
activities, provides insights on how to lead a healthier 
life and to help them prevent ill-health. The offering 
includes coaching and diagnostics tools as well 
as making services available to assist in managing 
chronic conditions. Zurich has introduced LiveWell 
in some markets and looks to further expand these 
offerings. This can support not only individuals,  
but if successful, have a broader impact by showing 
how health and wellbeing can have a positive 
influence on society as a whole.
	 	
	
 
	 	
	
LiveWell is an exciting 
opportunity to amplify 
sustainable impact for us 
as an organization and 
our broad customer base, 
because it allows our 
customers to take control 
of the decisions that will 
be important for their life 
and health based on their 
specific needs.
	
	
Helene Westerlind  
CEO LiveWell
Read more online:
Livewell
LiveWell – on-demand 
health and wellbeing advice 
for leading a healthy lifestyle 
with strong incentives to 
drive sustainable behavioral 
change. 
36
Zurich Insurance Group
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Our work sustainability commitment
One key area for Zurich is how customer  
expectations are evolving: lifestyles are changing, 
creating new demands, while technology is having 
a profound impact, with customers increasingly 
expecting a frictionless digital experience. They want 
simpler, more personalized products, faster delivery 
and seamless processes. Our products, and how  
we serve customers, must adapt.
Technology is also redefining how we work, when  
we work and where we work. Tools are changing  
and demand new skills, including increased use  
of artificial intelligence, machine learning, virtual  
reality and robotics. We must stay agile to reap the  
benefits of digital technologies for our customers,  
our businesses and our employees.
Amid all these changes we need to stay relevant 
to attract and retain diverse talent. We can do this 
best by supporting our people to develop the right 
skills, while ensuring our employees feel valued. 
By supporting employees in their careers, we all  
look to the future with confidence.
Our commitment 
Zurich’s Work Sustainability Principles support 
employees by making sure they have the skills to 
succeed as the business environment evolves. 
As Zurich accelerates its reliance on digital tools, 
products and services, combining our insurance 
expertise with the latest technology, we need to make 
sure that our employees have the right mindsets, 
skills, and creative freedom to introduce innovation 
needed now and in the future.
Zurich supports every employee to learn, develop 
and grow, and explore new opportunities that 
make the most of their talent, skills and expertise. 
Giving people opportunities to develop their careers 
also creates a more sustainable recruitment model, 
allowing us to fill jobs internally. Work Sustainability is 
our opportunity to reach our full potential, individually 
and as one Zurich team.
Read more online:
Our Work Sustainability Principles
Our commitment into action
We have made good progress across the Group in 
designing and implementing a strategic approach 
to workforce planning that helps our businesses 
identify future needs, including skills gaps, to best 
manage the talent we’ll need for the future. 
An employee-driven culture of reskilling supports 
that. And we have significantly upgraded our 
global learning experience platform, relaunched 
in February 2020, that provides access to digital 
learning content from LinkedIn Learning as well as 
our technical academies that focus on function-
specific learning. 
We prioritize developing and hiring from our 
current workforce, rather than hiring externally, 
whenever possible. During the COVID-19 crisis 
we enhanced our internal talent mobility to 
deploy resources where they were most needed. 
We are also proud of our innovative work-based 
learning approach to prepare young people 
across our business for a career in insurance, 
and we continue to expand apprenticeships and 
opportunities for such learning across the Group. 
Work 
sustainability.
The world is changing and how we work is also 
evolving. Across generations and throughout  
the world, global trends are reshaping our personal 
and work lives, as well as the expectations of our 
customers. These changes have been amplified by 
the COVID-19 pandemic, which profoundly altered 
even the most mundane aspects of our lives.

 
Work sustainability is of 
high concern in today’s 
world, especially in these 
times of great change and 
transformation. We need 
to make it our top priority. 
A successful company like 
Zurich, with a long-term  
vision and a strong sense  
of purpose, needs to support 
and encourage all our 
employees to progress  
in their careers and build  
a path for their future.
Mario Greco
Group Chief Executive Officer
37
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Second, we increased our focus on diversity 
and inclusion. ZNA didn’t stay silent during 
demonstrations about racial injustice in 2020. 
We listened and responded. We worked with leaders 
and employee resource groups to provide space 
for people to share their stories. We committed 
to increased transparency, knowing we have an 
opportunity and a responsibility to create a place 
where people feel heard and respected
Third, we prioritized wellbeing. Wellbeing includes 
physical health, and a sense of satisfaction, 
happiness and control over things that affect your life. 
During the COVID-19 pandemic, helping employees 
and their families get the care and support they 
needed to manage physical, social, emotional 
and financial wellbeing took on a new urgency. 
We expanded and added benefits, and hosted 
events about mental health and staying connected 
while working remotely. We created support 
communities for parents, increased the flexibility of 
paid time-off policies, and communicated regularly to 
remind employees that the resources were available
And finally, we used apprenticeships as a talent 
pipeline. Our award-winning apprenticeship program 
provides Zurich with access to a new network 
of talent and a way to develop people internally 
instead of solely on the external jobs market. 
The approach has been so successful that we have 
expanded our focus from claims and underwriting 
to include programs focused on cyber, independent 
assessments of policy exposures and associated 
premium, human resources and more. In 2020, 
we also expanded our apprenticeship locations 
to include suburban Chicago and New York City, 
and helped our industry establish a program for all 
insurers called Insurance Apprentice USA.
Q
	
What does the Work Sustainability 
Commitment mean to you?
Laura: We’re thinking differently about where and 
how we work, taking advantage of technology 
to free up time and stay connected. We are also 
emphasizing the importance of competencies and 
the value of temporary ‘gig’ assignments, prioritizing 
development to facilitate increased internal hiring, 
and reinforcing the urgency and resources available 
to be future-ready – such as taking action now to 
build skills for future success. Our focus on work 
sustainability includes not only business needs. 
It is also about the culture and experience we are 
creating that supports our people holistically, shows 
we care for their wellbeing, meets and exceeds 
their expectations when it counts, and ensures that 
everyone has equal opportunities to reach their 
full potential. It’s about engaging our people and 
sustaining a workplace that prioritizes both individual 
and business needs. 
Q
	
What impact has our Work 
Sustainability Commitment had  
on our employees and the  
customers they serve?
Laura: Supporting our people through the 
uncertainty of 2020 has been a key priority. 
The challenges of this year made us think more 
boldly about things like work flexibility, wellbeing, 
and diversity and inclusion. One of the things I am 
most proud of during this time is our approach to 
listening to our people and shaping our efforts 
based on their feedback. This is crucial to building a 
culture that reinforces our ability to attract and retain 
talented individuals.
Our work sustainability ambitions enable our 
customer-centric strategy. We know that our people 
can’t take care of our customers if they don’t first feel 
supported and empowered. 
Q
	
Where do you see Zurich  
North America leading in work 
sustainability?
Laura: I see four main areas:
First, we demonstrated a real commitment to our 
current employees. Early in the pandemic, ZNA 
said it would ‘protect our core.’ We accelerated our 
development of what we call the ‘talent marketplace’ 
that lets us identify critical work and match it with 
employees who have the right skills. We provided 
resources, technical training through ‘academies’ 
and an internal website to help our employees upskill 
and reskill. We also changed our hiring process 
to require a four-week internal posting before any 
role can be posted externally, and introduced an 
internal referral program to encourage managers 
and fellow colleagues to look out for each other’s 
career interests 
In conversation with Laura Rock, Chief Human  
Resource Officer Zurich North America (ZNA).
Your questions  
answered...
Work sustainability is about 
engaging our people and 
sustaining a workplace that 
prioritizes both individual 
and business needs.
Laura Rock
Chief Human Resource Officer  
Zurich North America (ZNA)
Our work sustainability commitment (continued)
38
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Our work sustainability commitment (continued)
 
I was extremely happy with the  
compassion and communication when 
dealing with Zurich in processing  
my claim at an extremely stressful time. 
Direct feedback from a customer  
in Zurich Australia
Treating customers with care and empathy has 
always been at the heart of what we do at Zurich. 
However, we recognized that the COVID-19 crisis  
had the potential to cause our customers additional 
stress and anxiety. So, we rolled out refresher  
training to our front line employees across different 
markets to help them emphasize with how our 
customers were feeling during these extraordinary 
times, equipping them with additional skills to 
respond with care and compassion. 
In Japan, Zurich was one of the first insurance 
companies to move to a fully remote call center. 
While we had the technology to move our 700 
Japanese call center and operational employees 
home, once they began working remotely, the  
number of calls per hour decreased but the time 
customers spent on hold increased. 
In an office-based call center, employees can  
visually signal to colleagues close by to get help 
answering customer questions, but this is hard 
to do working from home. To address this, Japan 
developed and launched a communication 
application in just 48 hours. The app allows call 
center workers to see each other’s availability 
and virtually raise their hand to answer 
customer questions. 
The results were impressive: 67 percent of the  
call center employees said it reduced the stress  
of remote work, 78 percent said it made it easier  
to ask questions, and 85 percent said it made  
it easier to see the availability of supervisors.
Equally impressive, the app was developed  
by a team of strategists, ‘agile’ developers and 
end users, all working from home using online 
collaboration tools.
Equipping  
our employees  
to support 
customers in  
a changing  
world of work.
 
At the start of the pandemic, I had angry 
callers because I didn’t have a way  
to get a quick answer. With the new app  
in place, I was able to make a customer  
very happy when I answered a complex 
question on the spot.
Customer Care employee
39
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Sustainability Report 2020
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approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our people 
Diversity and inclusion
Our people are Zurich’s heart and soul. Our behaviors aim to be inclusive, and 
our actions focused on fair and equitable treatment. We want to instill a sense 
of belonging. 
Zurich’s workforce reflects the breadth and diversity of our customers, suppliers, 
communities and investors around the world. To succeed, Zurich needs to 
attract, select, develop and retain talented people. That’s why we strive to create 
a workplace where people can thrive in an environment in which everyone 
feels important. 
Our approach
At Zurich, we are committed to reinforcing a culture in which collaboration, 
curiosity, agility, and lifelong learning mean that the future belongs to everyone 
and achieving our aspirations as a business and individuals is a shared goal.
Beyond our role as a leading insurer, we want to be recognized as a purposeful, 
values-driven organization. We want to deliver unique employee and customer 
experiences while improving social conditions.
To get there, we celebrate the diversity of our people. We carry out initiatives to 
embed and maintain a zero-tolerance approach to harassment, discrimination, 
bullying and disrespectful behavior in the workplace.
Key initiatives
Our global ‘Diversity & Inclusion’ (D&I) framework helps Zurich to target initiatives 
and improve diversity and inclusion across the organization. Our global framework 
has four global focus areas: gender, generation, culture/race/ethnicity and LGBT+ 
(lesbian, gay, bisexual, transgender and other identities) and provides global 
direction while empowering local action. 
Zurich is committed to developing policies, practices and ways of working that 
support diversity. Our global efforts include initiatives such as equal pay for 
equivalent work or similar analysis, global harmonization of parental leave policies, 
flexible and virtual teamwork, and work-life balance practices that help to maintain 
the performance and health of our employees.
Our work in these areas is supported by employee resource groups (ERGs) – 
employee-led associations that provide personal and professional support, and 
networking. Our ERGs also help Zurich better understand the challenges faced  
by our employees, customers and communities where we live and work.
Our performance 
On a global level we have developed a D&I scorecard to monitor progress, 
including measuring workforce representation across career levels, promotion and 
hiring data, and turnover rate by gender and generational diversity. Global data 
shows that Zurich is committed to female representation at the very top, starting 
with our Group Board (as of 31 December 2020): 
Our heart  
and soul.
It would be utter folly to exclude anybody 
who is talented and innovative given 
the changing demography, realities and 
expectations of our workforce, customers 
and communities.
Nadia Younes  
Group Head of D&I, Employee  
Experience and Wellbeing
Additional KPIs have been developed on a local level. For example, Zurich UK 
published a mean ethnicity pay gap showing a gap of 9.8 percent for average 
hourly pay as of July 2020. Data showed 7 percent of UK employees were part 
of an ethnic minority group, based on 86 percent of employees volunteering this 
information. This data is used to inform the UK’s strategy to increasing ethnic 
minority representation across the business, including at senior levels.
All our employee data are published in the HR Factbook, which Zurich publishes 
annually in the second quarter of the calendar year
Read more online:
Facts and strategy
Group Board
5 women
6 men
Group Executive 
Committee
3 women
9 men
Group Leadership 
Team
32 women
86 men
45%
women
25%
women
27%
women
Women
Men
40
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
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 Our commitment  
to society
Responsible 
investment
About  
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Our people (continued) 
Diversity and inclusion (continued)
Driving inclusivity
To advance efforts and further clarify responsibilities related to transparency, 
equity and belonging initiatives, Zurich North America (ZNA) launched the 
Executive Diversity & Inclusion Council (EDIC) on September 30, 2020. 
The EDIC’s primary objective is to oversee the organization’s effort to improve 
diverse representation in the workforce, to promote inclusive behaviors, actions, 
and policies, and ensure effective integration and alignment with ZNA’s diversity, 
inclusion, equity and belonging (DIEB) strategy. 
Within ZNA, the EDIC serves as the principal advisory body on diversity and 
inclusion issues with the goal of ensuring that Zurich achieves workforce diversity, 
workplace inclusion, and that these objectives are sustained. Business units have 
also set up their own diversity councils to support the DIEB strategy at a local 
level. These smaller councils’ main objective is to provide greater representation 
in their own functions and advocate for progress on diversity and inclusion 
throughout ZNA.
The councils and leadership team members from each unit implement the 
diversity strategy and policies established by the EDIC. They are also responsible 
for advising leaders on what is needed to achieve diversity and inclusion aims, 
and report on progress of diversity initiatives throughout ZNA. Separately, the UK 
has also established a D&I council, chaired by the UK CEO, consisting of senior 
representatives from each of the business areas. The council aims to increase 
accountability and responsibility for D&I, and encourage each area of the UK 
business to develop its own D&I targets and plans. This council has been very 
successful at increasing awareness of, and focus on D&I across the business, 
engaging new and passionate advocates for D&I as members of the council. 
As part of their membership of the council, each business area has set their own 
diversity targets which they are responsible for delivering on in the next two years.
Zurich’s inclusive LGBT+ 
practices recognized
Zurich has been recognized as one of 
17 multinationals in Stonewall’s 2020 Top 
Global Employers list for LGBT+ Stonewall, 
an independent charitable organization that 
works with institutions to create inclusive and 
accepting cultures, acknowledges Zurich’s 
support for LGBT+ rights as part of our 
overall diversity and inclusion commitment 
to employees, stakeholders, and customers. 
This recognition underlines our continued 
efforts to create an inclusive, respectful and 
safe workspace for all our colleagues. 
Read more online:
Our people
What’s next 
Our goal in 2021 is to enhance the impact of our 
efforts by more closely aligning Zurich’s strategy 
and purpose with an integrated and systemic 
approach to diversity and inclusion. 
Zurich will continue to prioritize inclusion, and 
work to create more adaptive and effective 
teams to address global challenges of the future. 
We believe we are more innovative and resilient 
in the face of any crisis if we seek input from 
a diverse group of employees who approach 
problems from a variety of perspectives. 
Diversity and inclusion are critical for business 
recovery and resilience, and for business growth. 
We will continue to expand and measure the 
impact of our diversity and inclusion efforts. 
To accelerate our progress in inclusion, we will 
continue to listen, and act where necessary, while 
promoting dialog with employees about their 
experiences within the company. Employees from 
historically underrepresented groups are 
increasingly working with Zurich’s leaders to 
identify and address any obstacles to inclusion. 
Zurich will also continue to use the power of its 
analytics measuring inclusivity throughout the 
‘talent lifecycle.’ These analytics are used as part 
of our talent strategy, and influences how we 
recruit, develop and promote diverse talent. 
Employee resource groups continue to play 
a pivotal role in developing our diversity 
and inclusion strategy and strengthened 
communications and connections among 
those employees working remotely during the 
COVID-19 pandemic.
41
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Our people (continued)
Building talent
Our approach 
Our ambitious targets will only be achieved by 
continuing to ensure that we have the right talent. 
COVID-19 has given even more urgency to this 
priority. As we continue to draw on the opportunities 
a diverse workforce provides, we are increasing the 
visibility and frequency of employee opportunities: 
we are focused on building talent in-house rather 
than ‘buying’ it. It is in our customers’ interest, as well 
as our own, to do so. Supporting our own employees 
to develop skills and advance their careers helps to 
maintain a workforce that fits our business strategy. 
Key initiatives
Offering the right development opportunities 
to maintain in-house expertise is critical. 
We have invested significant resources in making 
online learning available to all employees on 
MyDevelopment – our digital learning experience 
platform. We are building technical ‘academies’ 
(virtual learning centers) together with Zurich’s 
businesses to curate content. We also have  
provided a series of webinars to give employees  
and managers support in coping with the personal 
and professional implications of COVID-19.  
Topics in these sessions have included tips  
for working remotely, such as new ways of virtual 
collaboration, wellbeing and employee health. 
The sessions also explored the implications  
of COVID-19 on economy and the future  
of our industry. 
Given the speed at which the world is changing,  
it is important that our employees remain motivated  
to adapt and be equipped for the future. On a  
Group level, in 2020 we launched the ‘Brighter 
Future Together’ program for senior leaders to 
support their development, helping them to better 
adapt to a rapidly changing business environment. 
This bespoke virtual program includes peer 
coaching to build skills that can be shared across 
their organizations.
Local business also prioritized building talent. In one 
of our biggest businesses – Zurich North America 
– and our Group Operations unit, 10 percent of 
employees’ incentive plans is tied to development 
objectives. Our Swiss business unit introduced a 
strategic focus on digital transformation for their top 
130 leaders to make them ‘fit for the future.’
What’s next 
Skills are the currency of the future. We are 
reviewing and updating our skills framework – a list 
of all the skills needed for jobs in Zurich both now 
and in the future – to make them relevant, dynamic 
and integrated into all aspects of employees’ 
career cycles. That includes skills assessments 
to help them to make the right development 
choices based on their aspirations, their current 
skills and those needed to achieve their goals. 
Our approach includes fostering a growth mindset 
and encouraging mobility within the company, as 
well as taking advantage of learning opportunities.
Developing talent to  
meet our future needs
In 2020, our UK business introduced pilot programs to train  
and equip employees for roles that will become more important 
in the future. One program refocused more than 40 employees 
on highly relevant areas including continuous improvement, 
automation and predictive analytics. These employees were given 
significant time on the job alongside professional training to build 
their skills. Another program set up ‘academies,’ or online training 
centers for employees. As an example, the ‘Automation Academy’ 
started in September 2020 and is currently reskilling 15 employees 
who have temporarily been embedded in claims and commercial 
insurance business teams. These employees provide additional 
capacity to support our customers while simultaneously building 
their skills for the future. 
Our performance
26,749
courses completed
43,740
visitors to MyDevelopment
42
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
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Responsible 
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Our people (continued) 
Talent mobility
Our approach 
Internal talent mobility is at the heart of organizational 
resilience: it provides a source of critical skills and 
knowledge, a competitive advantage, and serves to 
motivate employees, inspiring them to develop.
The result of the COVID-19 pandemic required rapid 
responses to changes in consumer behavior that 
affected our staffing needs. Where we identified 
a mismatch between the skills on hand, and those 
we needed, internal talent mobility enabled us to 
redeploy employees where they were able to support 
either on a temporary or permanent basis. This meant 
we could shift them to areas of high demand during 
the crisis, while also broadening their skills.
Our experiences during the crisis demonstrated that 
increased talent mobility has many benefits, helping 
us to maintain institutional knowledge while saving 
time and costs that otherwise would have been 
needed to source and train external hires. 
Key initiatives 
In 2020, we established talent marketplaces across 
the Group to facilitate internal talent mobility, and 
allow us to make the best use of people where 
they were needed most, while providing on-the-
job training and work-based learning to reskill. 
Our positive experience throughout 2020 with 
internal deployments shows that employees were 
better prepared than anyone had expected. 
Some examples of how this worked include in Spain, 
where due to COVID-19 we experienced major shifts 
in customer services activities, which in some cases 
dropped off by 70 percent, while elsewhere new 
demands increased significantly. Talent mobility 
helped us to quickly redeploy more than 10 percent of 
our Spanish claims team, putting them in temporary 
roles – for example, moving retail customer-facing 
teams from claims and contact centers into 
commercial insurance and underwriting. Across the 
entire business, we have now shifted approximately 
9 percent of our workforce in less than a year. We will 
continue to identify talent, manage capacity and 
provide reskilling paths for team members to move 
between jobs, maintaining this mobile mindset to 
facilitate a flexible talent infrastructure.
In Zurich North America, what started as a crisis 
response in 2020 has become part of our everyday 
business ambition to promote internal talent 
development and mobility. During the COVID-19 
pandemic we designed an in-house talent 
marketplace in just under four weeks allowing us to 
deploy talent to our most critical business needs. 
What’s next 
Building on the momentum of our internal talent 
marketplaces launched in response to COVID-19, 
we will continue to enable career mobility and 
help employees to develop skills to help them be 
mobile and agile, and give them opportunities 
to acquire new skills. We are putting in place an 
integrated career and rewards framework that will 
provide the foundation for career management. 
It will allow us to focus more on skills at the heart of 
career development, and facilitate talent mobility 
within Zurich, across geographies and jobs, while 
making us more flexible and agile when it comes 
to staffing, reflecting our commitment to fostering 
and growing our internal talent pool.
Talent mobility in action
Sandra Garro joined Zurich 18 months ago as a 
campaign coordinator in a team in Switzerland 
that is focused on business insurance and sales 
channel development. She took a job working half 
of the time in a customer relationship management 
team to cover for a colleague on sabbatical, which 
provided opportunity for her to learn about a 
different department while still doing her old job. 
When the sabbatical ended in late 2020, Sandra 
and her colleague switched roles completely. 
Sandra moved into her new role full time, and the 
returning employee is providing back-up support for 
Sandra as needed. This is just one example of how 
Switzerland is promoting employee flexibility and 
mobility, prioritizing internal hiring, internal mobility 
and developing the skills of our employees in line with 
our Work Sustainability Principles.
I was surprised how 
openly and quickly my 
wish for change was met. 
Thanks to internal mobility, 
I am able to develop 
further within Zurich.
Sandra Garro
Customer Relationship Management Lead  
& Campaign Manager
At the height of the crisis we supported 51 
redeployments, who were mainly employees 
from claims who moved into market-facing 
roles. We will continue to enhance and expand 
the talent marketplace. We also developed 
onboarding programs for all employees and made 
use of on-the-job reskilling. Initial feedback from 
managers and employees who participated was 
overwhelmingly positive. 
Our performance
53%
of positions filled internally in 2020
45%
of positions filled internally in 2019
43
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
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Our people (continued) 
Health and safety in unprecedented times
Our approach
We want to provide a safe working environment for all employees, protect people 
on the job, and support their health and wellbeing. We do this through formal 
procedures and guidelines that identify minimum requirements for managing 
health and safety across the Group.
Key initiatives
These efforts in 2020 were dominated by the response to the COVID-19 
pandemic and the need to prioritize employee safety and wellbeing while ensuring 
we continued to serve our customers.
As the pandemic started to spread globally early in 2020, crisis management 
teams were formed at Group, regional and country levels. These teams managed 
and coordinated the response across the businesses to ensure employees were 
protected and critical services were maintained.
We imposed global business travel restrictions to limit the potential exposure of 
employees to COVID-19 and to reduce the risk of employees becoming stranded 
when border restrictions were imposed. Events involving international or cross-
border travel were canceled, or virtualized whenever possible. These restrictions 
remained in place throughout 2020.
We also developed and implemented working-from-home protocols to minimize 
employees’ potential exposure, and comply with national restrictions and 
lockdown measures. We made a quick, smooth transition to a remote working 
model as the virus started to spread.
We consulted regularly with an expert virologist to gain better insight into the 
disease and to get advice and guidance on our response.
Group guidance was issued for the response to a COVID-19 confirmed case at a 
Zurich location, and for the actions required to mitigate the risk of infection within 
our workspaces and to provide reassurance for employees.
We implemented a voluntary testing program for employees, where feasible,  
to help limit the spread of COVID-19.
Group guidance was also developed for a safe return to the office and procedures 
required to mitigate potential risks. Plans implemented locally took a cautionary 
and flexible approach with a gradual return to the office in some limited locations, 
working at low occupancy levels. Nevertheless, working from home remained a 
new reality for most employees and across geographies in 2020. 
Our performance 
We successfully switched to a new way of working while prioritizing employee 
safety, and provided a wide range of remote work practices, resources and 
initiatives to help support our employees’ wellbeing.
The number of confirmed cases and hospitalizations among Zurich employees 
was tracked weekly to provide senior leaders with an overview of the direct impact 
to employees within each region.
What’s next 
We will continue to protect the safety of our employees, whether returning to 
the office or working from home. We will coordinate and monitor our actions 
globally so we can respond appropriately to changing circumstances in the 
nature and scale of the pandemic and the international response.
Proactively taking care  
of our colleagues
The actions taken to care for our colleagues during 
the pandemic were numerous and wide-ranging, 
including the following examples, just some of many:
	
– Supplying office and IT equipment to employees 
working from home to help reduce ergonomic risks
	
– Zurich Austria provided an online program covering 
physical and mental health, workplace safety 
and fitness 
	
– Zurich Singapore organized a ‘Wellness 
Wednesday’ program 
	
– Zurich North America issued a ‘Zurich Never Stops’ 
kit to all employees to help them stay safe and 
healthy (face mask, sanitizer, etc.).
 
The fundamental aspect of caring about your people, wanting them 
to live happier and healthier makes not only sense to the individual 
person as such but also for the business performance.
Helene Westerlind
CEO LiveWell
44
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Sustainability Report 2020
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approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Our people (continued) 
Employee wellbeing
Our approach
At Zurich, wellbeing means having healthy, happy  
and motivated employees. Our global employee 
wellbeing framework is underpinned by measures 
that allow Zurich employees to improve physical, 
social, mental and financial wellbeing.
In 2018, we developed a global holistic wellbeing 
framework that provides Zurich employees  
with the tools and resources needed to help them 
stay healthy and take control of their careers. 
The framework is applied across the Group with 
global guidance and local implementation to meet 
employees’ different needs.
Key initiatives 
Across Zurich, 55 employees meet virtually once a 
month to share ideas and examples and focus on 
where health and wellbeing programs that succeed 
in one country might be used in others. Zurich offers 
a global employee wellbeing newsletter and a 
wellbeing group on Zurich’s internal social networking 
platform (Workplace) to share ideas. Our global 
wellbeing learning channels offer employees 
resources and practical tips: how to stay connected, 
take control of their careers, and be healthy. 
During the COVID-19 crisis, Zurich’s focus on 
wellbeing and employee support was underpinned 
by a benefit provided to any employee or family 
member hospitalized because of the pandemic. 
Making wellbeing, health and safety priorities for our 
employees, customers, communities and families 
remains an essential part of Zurich’s culture, and 
expresses our commitment and engagement to all 
our stakeholders.
Our global wellbeing and  
health initiatives boost awareness 
Zurich developed several health initiatives during the challenging 
months of 2020. Globally, it introduced webinars focused on topics 
to help people stay connected, in control and healthy, helping 
employees navigate through extraordinary times. 
Around the world, there were also many examples of how these 
difficult and important issues were discussed through active 
support and conversations, education and innovative approaches:
	
– The Asia Pacific region published a series of video messages 
called ‘#mystory’ in which senior leaders shared ideas and tips. 
Hong Kong launched a dedicated resource center to raise mental 
wellbeing awareness 
	
– Zurich UK launched a series of ‘resilience check-ins’ giving 
employees information about personal resilience and useful 
techniques to counteract anxiety or burn-out syndrome 
	
– In Mexico, in a twice-monthly wellness conference, experts 
shared tips and tools for employees to combat stress, 
recognize depression and address other wellbeing issues. 
Employees and family members were given access to 24-hour 
psychological assistance. 
What’s next 
Work-life balance will remain a priority. 
Zurich continues to build the skills needed to 
promote work-life balance. For example, we are 
developing innovative health and wellbeing 
offerings for its employees to allow people to take 
control of their health and wellbeing. 
Flexwork@Zurich and other practices to promote 
wellbeing enabled business continuity during 
the COVID-19 crisis and will be vital in the future. 
Flexwork empowers people to have greater choice 
in where, when and how they work. It provides 
minimum constraints and maximum flexibility. 
Zurich is taking the lessons learned during the 
pandemic to develop new ways of working and  
to introduce more flexible work practices. 
Employee wellbeing and work-life balance will 
continue to be priorities. Zurich will listen and  
act on employees’ feedback as we prepare for  
what is likely to be a ‘new normal’ that will have  
long-lasting implications for our employees,  
our customers and communities. 
45
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Sustainability Report 2020
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 Our commitment  
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 Our commitment  
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Responsible 
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Our people (continued) 
Employee engagement 
Our approach
To transform our business and serve our customers, 
in April 2020 we put in place an employee promise: 
‘Let’s Grow Together.’ The promise spells out why 
people should commit the best of themselves to 
Zurich. It underscores our commitment to each other, 
and brings to life our purpose and values. 
Read more online:
Purpose and values
Our employee promise was developed through 
extensive listening to our employees, and reflects  
the diversity of our workforce. It includes five key 
areas of focus that employees identified as most 
important to them, personalized as: ‘My First Year;  
My Career Growth; My Contribution; My Wellbeing; 
My Work Environment.’
Our performance
What’s next 
Looking ahead, we are reimagining the workplace 
– the workplace of the future – as one in which 
every employee is able to do their best work. 
We will continue to involve employees in this 
process as we seek to better understand their 
needs to connect and collaborate, develop 
meaningful careers, and maintain a healthy 
balance between work and home. 
The Zuricher Song  
captures our spirit
Perhaps the most inspiring testament to these 
efforts was an organic expression of unity and 
purpose spearheaded by a Zurich employee 
in Brazil, Anna Liro. What first started as a few 
tunes on her ukulele to lighten the mood in April 
turned into a global phenomenon, with hundreds 
of employees contributing to the Zuricher 
Song. With lyrics about purpose, heritage and 
confidence, the song captured Zurich’s customer 
passion, collaborative spirit and creativity. 
Watch the video: 
Zuricher song
*	 79 percent of respondents scored 9 or 10 when asked if they feel supported 
by Zurich during COVID-19. 15 percent of respondents gave a score of 7 or 8 
and 5 percent of respondents gave a score between 0 and 6. 
eNPS results 
#yousaid, #welistened
October 2019 
Wave 4
August 2020 
Wave 5
+30
Response  
rate 
77%
eNPS  
score
+52
eNPS  
score
Response  
rate 
84%
Since 2017 our  
‘Place to work’  
eNPS score has  
moved from 
 -23 to +52
Promoters
Passives
Detractors
Place to work
COVID-19 response earns high marks
Strongly agree
 
79
Key initiatives
We also keep close track of what employees are 
thinking and feeling. The employee net promoter 
score (eNPS) helps to measure overall employee 
experience. The score serves as an indicator, 
while we focus on understanding feedback and 
taking appropriate action. In January 2020, we 
continued the ‘You said…We listened Campaign’ to 
tie employee feedback directly to actions we have 
taken to provide positive employee experiences. 
This year we also asked employees how supported 
they felt by Zurich during COVID-19. The response 
was overwhelmingly positive with 79 percent of 
respondents providing a score of 9 or 10 on a scale 
of zero to 10*. Employee listening campaigns began 
shortly after the first country lockdowns started in 
early 2020. In September 2020, we conducted a 
series of employee focus groups across the regions 
to understand how we could further develop flexibility 
practices adopted during COVID-19 to reimagine the 
workplace of the future.
19%
32%
49%
10%
27%
62%
46
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Sustainability Report 2020
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What’s next 
At Zurich, we are committed to our youth hiring programs. Even in an uncertain 
economy, we are stepping up our focus on building vocational skills through a 
wide range of entry-level programs for youth.
Our approach 
Zurich is proud of the numbers of young people we have employed. 
From 2016-2020, Zurich hired nearly 4,000 school or university leavers as 
full-time employees. Approximately 1,200 of these came to us through a Zurich 
apprenticeship. Our worldwide youth employment initiatives form an integral part 
of our workforce strategy.
Key initiatives
In Europe, some of our biggest apprenticeship programs are in Germany, the UK, 
Switzerland, Austria, Ireland and Sweden. These are multi-year programs that 
allow new employees to earn while they learn, drawing a salary while they advance 
their education, so they obtain both a degree and a job. Our apprentices have 
proven successful against metrics such as retention, employee engagement and 
upward mobility.
Establishing apprenticeship programs can be challenging. Apart from the 
human resources needed to establish and manage these programs, and the 
financial investment, they require collaborating with local universities to develop 
a curriculum, and also must be certified. Typically only large companies have 
apprenticeship programs. Mindful of that, we set out to establish sector-wide 
apprenticeship programs that generated job opportunities across the industry, 
not just in Zurich.
One example is in Spain. With youth unemployment over 40 percent, the need 
for such programs in that country is acute. To address this, Zurich worked with 
education authorities, government and the insurance industry to establish a 
sector-wide insurance apprenticeship. So far 44 students have graduated from 
the course and 85 percent of them were offered a permanent job in the insurance 
company where they apprenticed. 
Thus, we could take the lead in creating an apprenticeship program that delivers 
much more than a single company could offer.
Elsewhere, in the UK, we offer a summer intern program aimed at undergraduates 
in next-to-final year of university. We see this as a pipeline for our graduate 
program and as a great opportunity to share insights about careers in insurance. 
In 2020, in the UK 12 interns worked in different business areas, including 
marketing, underwriting, claims, finance and actuarial areas. In 2020, this was 
done virtually. We have made 11 offers of employment to our interns and their 
feedback was overwhelmingly positive. Beyond working in assigned jobs, they 
also worked on a Group project: ‘Travel Insurance in a post-COVID World.’ Their 
ideas are being taken up to develop a proposition that could become part of 
our business.
Our people (continued) 
Youth employment
People key performance indicators
2020
2019
Change
2018
2017
2016
Total number of 
employees – headcount
55,089
55,369
(0.5%)
53,535
53,146
53,894
Total number of 
employees – FTE  
(full time equivalents)
52,930
54,030
(2.0%)
52,267
51,633
52,473
Employee turnover rate 
(%)1
9.6%
13.6% (4.0 pts)
14.1%
14.7%
16.5%
Average tenure (years)
9.7
9.7
n.m.
9.7
9.8
9.9
Group voluntary turnover1
4.7%
7.2% (2.5 pts)
7.5%
7.5%
8.2%
Technical functions 
voluntary turnover1,2
4.6%
6.5% (1.9 pts)
7.0%
7.1%
8.7%
Female workforce 
participation (%)
51.0%
51.1% (0.1 pts)
50.7%
50.6%
51.1%
Female participation in 
Leadership Team (%)
27.1%
22.6%
4.5 pts
22.3%
21.0%
16.2%
Employee participation 
in Group-wide feedback 
channels (%)3
84.0%
76.0%
8.0 pts
70.0%
–
–
Employee net promoter 
score (eNPS)4
+52
+26
26 
+7
–
–
Notes: Bolivia and the Farmers Exchanges are not in scope of any above key performance indicators (KPIs). The Farmers 
Exchanges are owned by their policyholders. Farmers Group, Inc., a wholly owned subsidiary of the Zurich Insurance Group, 
provides certain non-claims services and ancillary services to the Farmers Exchanges as attorney-in-fact and receives fees 
for its services.
1	 Turnover figures only consider regular and inpatriate employees.
2	 Technical functions include Claims, Underwriting and Risk Engineering.
3	 Group-wide feedback channels include organization health surveys, employee net promoter scores (eNPS) and any other 
Group-wide feedback channels. This KPI refers to the average participation rate in the two occurrences of the employee 
net promoter score survey in 2019, while in 2020 it refers to the single survey that was carried out due to the pandemic.
4	 eNPS is calculated as the average of the two surveys carried out during the year in 2019, and based on the single 
survey for 2020, measuring employee loyalty through the likelihood to recommend the company as a place to work. 
eNPS is based on the methodology of measuring and improving customer satisfaction and loyalty (transaction NPS and 
relationship NPS) which Zurich uses as a successful method to retain customers.
Providing opportunities  
for young adults
Sara Martín Moya is a technical support clerk in 
reinsurance & coinsurance in our Barcelona office. 
She took part in a vocational training program created 
by Zurich Spain and financed by Z Zurich Foundation: 
“Taking part in the ‘Dual Vocational Training in 
Insurance’ program , I had the chance to be one of 
the five students trained at Zurich, and some of my 
fellow students were trained with intermediaries. 
When I finished my studies, Zurich gave me the 
chance to be part of the Zurich team.” Sara has been 
working for Zurich Spain since June 2019.
Above: Zurich apprentices 
(from left): Jordan West, 
Liz Rodriguez, Sreelekha 
Sathiyamma, Jose Gonzalez 
and Trinette Patterson at 
Zurich North America’s 
headquarters in Schaumburg, 
Illinois, in February 2020. 
Sathiyamma graduated from 
the program in November 
2020 and is now a Zurich 
cybersecurity analyst.
47
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

The  
activist  
in all  
of us.
About the Z Zurich Foundation
The Z Zurich Foundation (the Foundation) is a 
charitable foundation with its registered office in 
Zurich, Switzerland. 
It aims to support a fairer, more open and sustainable 
society by empowering vulnerable people within its 
communities to better protect themselves from risk, 
and to adapt and thrive in a rapidly changing world.
The Z Zurich Foundation unites NGOs, governments, 
businesses and local heroes to work with those most 
in need. It is redefining what a foundation can be by 
activating the activist in all of us.
The Foundation contributes to Zurich’s performance 
in the Dow Jones Sustainability index’s Corporate 
Citizenship and Philanthropy category. In the 2020 
assessment, Zurich achieved second place in the 
insurance industry for this category. 
Z Zurich Foundation’s strategy
The COVID-19 pandemic has highlighted the positive role corporate  
foundations can play in society. To support its strategy, redefined in 2019,  
the Z Zurich Foundation focuses its efforts on three relevant challenges  
as shown below. To do so, it funds grant programs in collaboration with  
Zurich’s business units and charities worldwide and develops initiatives  
to engage Zurich’s employees and other stakeholders in its work. 
Z Zurich Foundation works alongside Zurich 
employees, businesses, governments and NGOs  
in pursuit of a future where people can thrive in  
the face of increasing climate hazards, where those  
of us feeling the stresses of life are empowered  
to speak up, and where the marginalized in our 
society can reach their full potential.
Adapting to  
climate change 
Focus on  
adaptation
Flood and other  
multiple-hazard resilience 
in urban settings
Improving  
mental wellbeing 
Focus on  
prevention
Stress and anxiety,  
reducing stigma
Engaging  
social equality 
Focus on  
empowerment
Equity of  
opportunity
Z Zurich Foundation
Strategy
48
Zurich Insurance Group
Sustainability Report 2020
Our  
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 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Z Zurich Foundation (continued) 
The Zurich Flood Resilience Alliance 
About the Zurich Flood  
Resilience Alliance (Alliance)
In 2019, financial losses from natural hazards 
continued to rise – the vast majority driven by 
climate perils. Vulnerable people are affected 
disproportionally. This underlines the need for 
Zurich’s and the Foundation’s continued efforts to 
support community resilience building.
The Zurich Flood Resilience Alliance (the Alliance) is 
a multi-sector, global partnership focused on finding 
practical ways to help communities strengthen their 
resilience to floods globally and save lives.
It is comprised of organizations from the private, 
international development, humanitarian, and 
research sectors. 
Following the successes achieved in Phase I (from 
2013 to 2018) and the recognition that systemically 
building flood resilience requires longer-term 
program cycles, the Alliance was extended to a 
second phase in 2018. Phase II has ambitious goals 
around increasing investment from others going to 
pre-event resilience by USD 1 billion by the end of 
the program.
In September 2019, the Alliance also committed to 
scale up its work in climate action to reach two million 
people. In 2020, the Foundation pledged additional 
investment in community programming, such that it 
may reach up to four million people overall by the end 
of 2024.
The Alliance’s work is defined by the Flood Resilience 
Measurement for Communities (FRMC) approach,  
a holistic framework that promotes systemic thinking 
to understand the resilience context of a community. 
Alliance members work with communities using 
knowledge obtained from the FRMC to identify the 
most promising approaches. The analysis conducted 
before intervening is different from more traditional 
approaches, in that it uses extensive insights to 
prioritize solutions that reflect the needs in the local 
context. This approach sets the Alliance apart. 
Key initiatives
During the second year of its latest phase, the 
Alliance achieved several examples of progress, 
including:
Community Impact
Alliance teams benefited 170,000 people since July 
2018. This has been achieved through a diverse 
range of interventions designed in collaboration 
with the communities and informed by the results of 
the FRMC analysis. These have included activities 
such as:
	
– Improving risk awareness and developing 
community members’ capacity to use information 
from early warning systems
	
– Protecting assets that help to maintain people’s 
livelihoods, and provide diversified ways to earn  
a living, despite a changing climate
	
– Use solutions in tune with the environment,  
like ‘biodykes.’
The onset of COVID-19 created a challenge for 
community-based work, but the Alliance’s approach 
demonstrated that some of the resilience measures 
taken can also help communities get through 
the pandemic. 
For example, Mercy Corps, working in Indonesia as 
part of the Alliance, recognized that good sanitation 
helps prevent the spread of disease associated with 
flooding – including protecting against the pandemic.
Achieving greater impact
As of July 2020, the Alliance has both influenced 
USD 243 million of commitments and spending on 
flood resilience from others and improved policies 
and policy guidelines and tools in sub-national, 
national, and global spaces. For example, Zurich 
UK, together with the London School of Economics 
(the Alliance’s research partner), worked with the 
UK government, to increase the funds they have 
committed for flood and coastal resilience building, 
especially for solutions that work with nature. 
The UK government referred to the Alliance’s FRMC 
framework in its supporting policy paper. In countries 
such as Peru and Nepal, funding and efforts were 
committed to expand work the Alliance has begun in 
those countries. 
Read more online:
Zurich Flood Resilience Alliance
Climate chaos
All members of the Alliance, with the exception of Zurich Insurance  
Company Ltd, are funded by the Z Zurich Foundation. 
Engaging policymakers
The progress the Alliance made in 2020 includes 
increased collaboration and inclusion of Alliance 
messages in key principle documents within the 
UN High-Level Experts and Leaders Panel on 
Water and Disasters (UNHELP), the UN Office for 
Disaster Risk Reduction (UNDRR), and the World 
Economic Forum’s Sustainable Development 
Impact Summit (WEF SDIS). 
One key focus in 2020 was on working on 
advocacy during a pandemic. This included 
providing policy stakeholders with support in their 
COVID-19 responses, drawing on multiple risks, 
and multi-hazard resilience, while the Alliance’s 
approach to ‘building back better’ encouraged 
those responding to the pandemic and focusing on 
recovery efforts to take a longer-term view. It also 
urged them to incorporate long-term goals to adapt 
to climate change in their response to COVID-19. 
These successes highlight the flexibility and speed 
with which the Alliance can operate to ensure 
support to communities. 
The role the insurance industry can play to make 
society more climate resilient and sustainable goes 
beyond the insurance product itself. Zurich works 
with the Insurance Development Forum (IDF) and 
are engaged in industry associations such as 
Insurance Europe, where they are supporting the 
leadership of the Sustainability Group.
Above: Mercy Corps introduced hand-
washing stations in Indonesia that not only 
promote good hygiene practice to fight  
the current sanitary crisis but also protect  
against disease in flood situations. 
Photo credit: Dian Anggoro, Pekalongan  
City Disaster Management Agency
Below: Discussing FRMC  
results with the community.
Photo credit: Practical Action
49
Zurich Insurance Group
Sustainability Report 2020
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approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Z Zurich Foundation (continued)
The Zurich Flood Resilience Alliance (continued)
The community brigades have received significant 
state and national level recognition, in large part 
due to a collaborative effort between the MRC and 
Zurich Mexico, to expand the program. That includes 
a long-term effort to provide similar programs at a 
country level. Here, changing people’s attitudes 
and traditional practices was vital. This included 
developing disaster risk reduction measures, while 
building relations with the local government. This led 
to the 2019 National Civil Protection award from 
the Mexican President. The MRC has received 
national attention and set a standard in developing 
community groups, and is recognized as an important 
institution for disaster risk reduction. With support 
from local, state, and federal authorities, the MRC 
succeeded in achieving formal inclusion of the 
community brigades’ program in Tabasco’s State 
Development Plan (2019-2024), a direct way that the 
Alliance helps vulnerable people strengthen their 
resilience to flooding. 
Achieving acceptance of community flood resilience 
strategies and projects in policies and plans is a 
long-term process, but worth the effort. It includes 
establishing relationships with governments on 
local and national levels, getting them on board, 
and demonstrating the success of such programs. 
Working in this way can pave the way towards getting 
best-practice approaches that have real benefit into 
both policy and budgets, to make the best use of 
resources spent on resilience.
What’s next
In 2020, as part of its ‘Adapting to Climate 
Change’ program, the Foundation agreed to 
further expand the Alliance work to more countries 
and communities starting in January 2021. 
The Alliance will expand programs in 14 countries, 
reaching another 200 communities, and aims 
to help approximatively four million people 
overall strengthen their resilience to flooding. 
The program has been extended to the end of 
December 2024, helping to ensure that existing 
programs affected by the COVID-19 pandemic 
can be completed, while also making sure that 
these programs achieve their desired outcomes.
In addition, the ‘Adapting to Climate Change’ 
program intends to make greater use of the global 
resilience approach introduced for floods for other 
relevant hazards such as wildfires. The Foundation 
plans to work with Zurich employees, customers 
and other stakeholders, developing local 
programs based on the knowledge, expertise 
and tools developed through the Alliance’s 
work. The plans include running pilot projects 
in communities where Zurich does business in 
which an increasing number of vulnerable people 
are at risk from climate change. 
The third focus going forward will be on 
enhancing urban resilience. The program aims to 
go beyond a single-hazard approach, extending 
local solutions to multiple (or compound) 
hazards in urban areas, including some where 
Zurich operates. 
Awards
At the annual meeting of the World Economic Forum 
(WEF) in January 2020, the WEF put a spotlight on 
over 160 projects it described as ‘multi-stakeholder, 
transformative and future-focused’ – with the idea of 
encouraging broader use of successful approaches. 
The Zurich Flood Resilience Alliance’s work was 
recognized as one such Lighthouse Project.
Read more online:
Lighthouses for a perfect storm
	 		

The Zurich Flood Resilience 
Alliance connects with 
people and organizations 
familiar with the situation 
of individuals in need, to 
build better understanding 
of how the risks facing the 
wider community interrelate. 
The aim is to not only share 
knowledge and expertise 
on how they can better 
protect themselves from the 
consequences of natural 
hazard events, but also to 
help them find alternative 
sources of income.
	
	
Gregory Renand 
	
	
Head of the Z Zurich Foundation
Making a difference  
for communities in Mexico
One area where the Alliance made a difference was in 
communities in Mexico’s low-lying state of Tabasco. 
These communities face devastating floods and 
have struggled to recover from them. The repeated 
flooding, year after year, has destroyed homes, public 
property and businesses, and undermined economic 
wellbeing, has a negative impact on social morale. 
Actions on both the community and the state levels 
were needed.
To improve resilience to floods in these communities, 
the Mexican Red Cross (MRC) set up community 
‘brigades’ to improve social cohesion and community 
collaboration to address slow and difficult access 
to emergency aid. They also addressed the need for 
individual communities to come together to prepare 
for and respond to floods. A brigade was formed and 
funded in each community, consisting of seven to 10 
people trained to assist, for example, in evacuation, 
shelter, in communicating with communities and 
local authorities, first aid, and other critical roles. 
The teams were also trained in crisis preparation and 
response. The teams worked with other members of 
their communities to raise awareness and developed 
a community emergency plan linked to government 
agencies, and found ways to get responders outside 
the community on the scene faster. 
Left: Alliance teams meeting with  
the Las Nieves communities  
who faced significant flooding. 
Photo credit: International Federation 
of Red Cross and Red Crescent 
Societies (IFRC)
50
Zurich Insurance Group
Sustainability Report 2020
Our  
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 Our commitment  
to the environment
 Our commitment  
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Responsible 
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About  
this report

Z Zurich Foundation (continued) 
2020 Initiatives and Impacts
Overview
The COVID-19 pandemic exposed many 
vulnerabilities and led to a sudden surge in demand 
for charities’ services around the world. 
The Foundation increased its activity in 2020 
compared with 2019, mainly due to the response to 
COVID-19 where over CHF 14 million* was given out 
in short-term support. The amount of matching funds 
the Foundation provided also increased relative to 
dedicated matching campaigns.
After the first outbreak of the pandemic in the first 
half of 2020, the Foundation focused its efforts on 
how it could best support communities worldwide. 
Through its different initiatives, the Foundation has 
supported more than 200 charitable organizations 
and have helped an estimate of over one million 
vulnerable people in 2020.
*	 Subject to audit of the Z Zurich Foundation in June 2021.
Key initiatives
As part of its COVID-19 response the Foundation 
provided support to the organizations it already works 
with, and to the charities Zurich’s business units 
globally have been working with for many years, to 
enable them to continue providing services to those 
who were severely affected by the pandemic.
The Foundation also funded local disaster relief 
initiatives that Zurich’s business units identified. 
Here, the focus was on urgent medical support, food 
shortages, or mental health needs. This also included 
helping to address domestic violence, and providing 
technology for homeschooling. 
The response also worked with communities to 
bring people together to support those most in 
need. The Foundation worked with Zurich’s business 
units and employees in fundraising campaigns, 
donating 100 percent matching for Zurich employees’ 
fundraising efforts to support local charities. 
It also worked through other initiatives to provide 
opportunities for Zurich employees to support their 
local charities. 
The Z Zurich Foundation continues to look for 
ways to support some of the most vulnerable in our 
communities, while focusing on its ambitions to 
achieve the greatest impact. The Foundation aims to 
transform the lives of more than one million vulnerable 
people, and positively affect the lives of 10 million 
others by 2024.
Left: Gary Shaughnessy 
volunteering alongside Antonio 
Bico, Zurich CEO Portugal
 
We have acted in 
every region of the 
world, delivering 
support to charities 
and their beneficiaries. 
Thanks to the 
commitment of Zurich’s 
people and local  
charities, we have been 
able to act rapidly.
Gary Shaughnessy
Chair of the Z Zurich Foundation’s Board of Trustees
Supporting the  
vulnerable in Australia
Z Zurich Foundation’s donation to Foodbank Australia 
enabled the organization to provide two million 
meals to vulnerable Australians, some for whom 
getting support from the charity was a first as they 
have recently lost their source of income due to the 
pandemic. This unprecedented time asked Foodbank 
Australia to adapt and introduce new operational 
models to support its beneficiaries. 
Photo credit: Foodbank Australia
Watch the video: 
Z Zurich Foundation’s 
COVID-19 response
51
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
to the environment
 Our commitment  
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Focusing on education  
and career opportunities for  
young people in Latin America
In 2020, Foundation’s first regional grant was 
launched across Latin America in collaboration 
with several local Zurich offices, Zurich Santander 
Seguros S.A and the charitable organization 
Foundation Forge. This three-year grant program 
aims to supply young people from vulnerable 
communities with the skills they need to succeed in 
the local labor market. This program aims to support 
the personal and professional development of 
more than 84,000 young people and train more 
than 2,000 teachers across Argentina, Chile, Brazil, 
Mexico and Uruguay.
Supporting social innovation 
projects in Ireland
In Ireland, Z Zurich Foundation supported Rethink 
Ireland’s Innovate Together Fund. The Innovate 
Together Fund aims to support social innovation 
projects that address the current and long-term 
social, economic and environmental challenges 
arising out of the COVID-19 crisis. 
Pictured are Anthony Brennan, CEO, Zurich Ireland,  
Deirdre Mortell, CEO, Rethink Ireland, Dr. Fiona O’Reilly, 
General Manager, Safetynet Primary Care, Emma Coughlan, 
Clinical Nurse Manager of the COVID-19 Mobile Health 
and Screening Unit, Safetynet Primary Care, Ian Power, 
CEO, SpunOut and Marie Slevin, Clinical Developmental 
Psychologist at the Department of Neonatology,  
The National Maternity Hospital, Holles Street.
Photo credit: Marc O’Sullivan
The Foundation committed  
to increasing support
The COVID-19 pandemic increased societal 
concerns about issues that the Foundation already 
works to address. In 2020, the Foundation committed 
to increasing support in these areas by expanding its 
work in the adapting to climate change and funding 
new grants to improve mental wellbeing and enable 
social equity. 
Z Zurich Foundation (continued) 
2020 Initiatives and Impacts (continued)
Below: Young people supported  
by the Foundation Forge. 
Photo credit: Foundation Forge
New commitments
During 2020, the Foundation also approved  
funding for six new grants starting in 2021. 
The Foundation has committed funds to 
indigenous communities in Brazil’s Amazon region 
in collaboration with Origens Brasil®. In the U.S., 
the Foundation will support the creation of equal 
opportunities for people of color with the organization 
Year-Up. It is also continuing collaboration with 
Junior Achievement in Canada to empower young 
people. In Austria, through a second grant program, 
the Foundation will support the ‘Verein für Training, 
Integration & Weiterbildung’ to create better access 
to health care and education for disadvantaged 
young people in Vienna. In Switzerland, the 
Foundation and Zurich are supporting children’s 
rights with the Ombudsstelle Kinderrechte Schweiz.
52
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Z Zurich Foundation (continued)
2020 Initiatives and Impacts (continued)
What’s next
In December 2020, several Zurich entities 
donated a total of CHF 40 million to help the  
Z Zurich Foundation continue its work. 
The changes brought about by the COVID-19 
pandemic in 2020 increased need for rapid 
response, and raised demand for short-term 
emergency relief efforts. With the situation 
hopefully stabilizing, the Foundation should be 
able to refocus on its long-term strategy and 
further implement it through innovative, ambitious 
and highly effective means. The Foundation will 
continue to observe the ongoing developments 
and, where possible, will anticipate potential 
needs and react as quickly as possible.
Performance
Zurich and the Z Zurich Foundation demonstrated agility in responding to the 
extraordinary needs emerging from the pandemic. The Foundation refocused 
its investments and activities in 2020 and Zurich’s combined charitable cash 
contribution increased significantly. Furthermore, while the pandemic had a 
significant impact on all traditional forms of volunteering for all stakeholders 
including Zurich employees, skills-based volunteering levels remained good. 
In addition to volunteering, Zurich employees were keen to support their 
communities in many other ways, responding quickly and innovatively to support 
some of the most vulnerable. The impact of these other forms of engagements 
resulted in the amount of fundraising and matching from the Z Zurich Foundation 
doubling compared to 2019.
Fostering positive mental health 
through education, prevention and 
early intervention on the Isle of Man
Z Zurich Foundation, Zurich International and ‘Isle Listen,’ 
a charitable initiative of MCH Psychological Services, 
an Isle of Man registered charity, announced a three-
year funding collaboration to provide mental wellbeing 
education, prevention and transformative early intervention. 
The funds will enable the Isle Listen team to connect with 
the entire school and college population of the Isle of Man 
– approximately 15,000 students and over 1,000 people 
working within the education sector – while supporting 
employers, and delivering community-wide campaigns 
and resources. 
This grant will also make it easier to expand a one-to-one 
listening service within schools , equip a mobile art therapy 
vehicle to provide services to those who might not be able 
to otherwise get them and expand the service to support 
potential waiting lists in statutory services.
This program has the potential to transform mental health 
awareness and early intervention across the Isle of Man, 
especially given the broad scope relative to the population 
and its interconnectedness.
Above: Program announcement  
with Zurich International  
and Isle Listen representatives. 
Photo credit: Serena Wood
Community investment key performance indicators
2020
2019
Change
Fundraising and donations  
(USD millions)1
2.5
2.3
10%
Total time volunteered by 
workforce (business hours)2
38,830
129,702
(70.0%)
of which skills-based hours2
19,485
31,463
(38.0%)
Workforce actively volunteering 
(% of total headcount)2
9.3%
20.9%
(11.6 pts)
Total full year charitable cash 
contributions by Zurich business 
units (USD millions)3
31.9
11.9
168.0%
Total full year charitable cash 
contributions by Zurich to  
Z Zurich Foundation  
(USD millions)4
42.7
40.3
6.0%
Notes: Zurich Insurance Group and its employees are contributing through fundraising, volunteering and cash contributions 
apart from the community investment activities carried out by the Z Zurich Foundation. All figures exclude Farmers 
Exchanges. Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly 
owned subsidiary of the Group, provides certain non-claims services and ancillary services to the Farmers Exchanges as 
attorney-in-fact and receives fees for its services. 
1	 Mostly includes Zurich employees’ fundraising and donations. As the share of the Zurich business units’ matching 
becomes negligible, the split of these two sub-categories is no longer reflected.
2	 2019 figures have been restated to exclude volunteering by Farmers Exchanges employees.
3	 The increase in cash contributions in 2020 is mainly driven by a one-off donation to the COVID-19 Support Fund in 
the UK.
4	 Starting from 2019, contributions cover the total charitable donations made by various legal entities of the Zurich 
Insurance Group to the Z Zurich Foundation on a cash-out basis. The donation amounted to CHF 40 million in 2019 
and 2020.
53
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

2020 was an incredibly 
challenging year. But it has 
not distracted us from making 
progress in our responsible 
investment approach. 
We made important progress 
in our journey towards 
climate neutral portfolios, 
and have brought our impact 
investment commitment  
to a new level.
Johanna Köb 
Head of Responsible Investment 
Responsible 
investment
At Zurich, we aim to be one of the most responsible  
and impactful businesses in the world. Our approach  
to investment is no exception.
54
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Overview and approach
Zurich is proud to be a leader 
in responsible investing. 
We believe creating long-term, 
sustainable value – doing well 
and doing good – is not only 
possible, but necessary for all 
our investments. 
Doing  
well  
and doing  
good.
A leading responsible investor 
When we do ‘well,’ we generate superior risk-adjusted 
returns for our customers and shareholders. When we 
do ‘good’ we have a positive impact on society and 
the communities where we live and work.
Since we manage approximately USD 200 billion of 
own assets, by doing well and doing good, we can 
achieve substantial, long-term results that benefit 
people and planet. 
Beyond investment returns, we also focus on fully 
decarbonizing our investment portfolio by 2050, and 
helping to avoiding CO2 emissions and benefiting 
people through our impact investments. 
Our responsible investment  
approach as an asset owner
Responsible investment can mean different things 
to different people. Zurich has primarily chosen to 
pursue it in three ways:
	
– ESG integration: Besides examining financial 
performance, we also assess environmental, 
social governance (ESG) factors when analyzing 
individual investments and investment managers. 
We consider these sustainability risks and 
opportunities when we decide whether to buy  
or sell assets
	
– Impact investing: we fund institutions or projects 
that, while generating a safe, adequate return 
on our premiums, also generate targeted and 
measurable positive environmental or social 
impacts. More specifically, we are aiming to build  
an impact investment portfolio that helps save  
five million metric tons of CO2 equivalent emissions 
and benefits five million people every year
	
– Advancing together: responsible investing is 
becoming more sophisticated. We are glad to play 
a leadership role in developing new and innovative 
ways to measure impact, scale sustainable 
investment markets and practices with integrity, 
and promote climate action – working together with 
a broad group of stakeholders.
We apply a holistic responsible investment 
strategy across all our investments, relying on 
a variety of technical approaches such as ESG 
integration, impact investing, active ownership, 
selective exclusion screens and a net-zero by 2050 
decarbonization target. This enables us to apply the 
appropriate responsible investment approach to each 
individual asset class. In 2020, almost all of our own 
assets were managed by a signatory to the Principles 
for Responsible Investment (PRI) or asset managers 
meeting our requirements for responsible investment, 
giving us confidence that these assets are managed 
in line with our values. We also believe that we can 
achieve the best outcomes when we specify the 
responsible investment management approach used 
on an asset class level. 
As the graph below illustrates, every asset class is covered by at least  
one element of our responsible investment approach. 
*	 Signatory to the PRI or fulfilling Zurich minimum requirements.
Responsible investment strategy as an asset owner
The graph is a simplified visualization of our holistic responsible investment strategy, comprising  
a variety of tools we match with the asset classes where they have most practical influence.
Investment approach 
Asset class
ESG 
integration
Advancing  
together
Impact 
investment
2.
4.
5.
8.
1.
1.	 Equities
3. 	Private Equity
6. 	Hedge Funds
5. 	Government and Government Guaranteed
8. 	Cash
2.	Credit, private debt
4. 	Real Estate
7. 	Mortgages
Managed by a responsible investor*
Exclusion screens
Active ownership
Impact investing
Net zero 2050 target
ESG integration
6.
3.
7.
55
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
to the environment
 Our commitment  
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Responsible 
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About  
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ESG integration
We believe that proactively integrating environmental, 
social and governance (ESG) factors in our investment 
decisions will help us to do our job well over time. 
Integrating 
sustainability.
Overview
We examine the financial performance of individual 
investments and investment managers, and we 
also assess their ESG performance. We take 
these sustainability risks and opportunities into 
consideration when deciding to buy or sell assets. 
Proactively integrating ESG factors into the 
investment process – across asset classes, and 
alongside traditional financial metrics and state-of-
the-art risk management practices – supports us in 
‘doing well’ and in achieving our mission to generate 
superior risk-adjusted long-term financial returns. 
Successful ESG integration is based on:
	
– Adequate training to help investment decision-
makers understand the relevance of ESG factors
	
– Access to data, research and analysis pertaining to 
ESG issues to inform investment decision-making
	
– Formal integration of ESG factors into the security, 
asset and asset manager selection process
	– Active ownership practices, such proxy voting and 
active engagement campaigns. 
These four requirements help us to integrate ESG 
factors in the investment approach, and help us 
to understand and monitor where we or our asset 
managers stand in terms of capabilities. 
Zurich’s definition of ESG integration is interpreted 
relatively strictly, meaning we only apply it to 
asset classes where sufficient ESG information is 
accessible, and portfolios offer frequent turnover 
and a sufficient variety of issuers, so that taking 
into account ESG factors can actually influence 
investment decisions. 
Example of ESG integration 
Zurich has a long-term holding in a Taiwanese 
technology company which has had a consistently 
high ESG rating. We meet and speak with the 
company regularly and are consistently impressed 
with its strategy for sustainable value creation. 
The company’s corporate governance is excellent 
to the benefit of all stakeholders. The company has 
a strong commitment to being a technological lead, 
through cutting edge research and development. 
It also partners well with its customers and its highly 
qualified and motivated staff has driven long-term 
success, and exceptional investment returns. 
Occasionally, well-funded new entrants to the 
industry appear as a threat, but the company’s track 
record and innovative mind-set give us confidence 
to maintain our holdings, and also add to them as 
opportunities arise.
100% 
of in-scope assets managed 
by people who received 
responsible investment 
training 
100% 
of in-scope assets managed 
by people with access to ESG 
data, analysis and research
100% 
of in-scope assets managed 
with a clear and structured 
process for ESG integration 
in place
98% 
of in-scope assets managed 
with a clear and structured 
process to discuss ESG issues 
directly with the companies
49% of assets in-scope for ESG integration includes assets in scope  
for ESG integration and/or proxy voting only.
Our voting activities in 2020
 
Our voting behavior in 2020
 
Votes cast 
71%
No votes cast 
29%
 
Voted with 
management 
62%
Voted against 
management 
9%
No votes cast 
29%
What’s next
Zurich stays committed to follow best market 
practice and re-evaluate asset classes not 
yet covered by ESG integration with a view to 
expanding when good practice, enough data,  
and a choice of issuer becomes available. 
We expect climate change to keep playing a 
prominent role within the broad spectrum of ESG 
factors. We will keep expanding our climate risk 
management capabilities and expect to ramp up 
climate-focused engagement campaigns as part 
of Zurich’s climate change investment strategy 
and net-zero pledge. 
Progress and key developments
Over the years, we have ensured that ESG risks 
and opportunities are integrated in all relevant 
asset classes where we have choice of issuer, high 
quality data is available and good ESG integration 
approaches exist. 
	
– In 2020, close to 100 percent of all our assets were 
managed by a PRI signatory or asset manager that 
met our minimum ESG integration requirements – in 
other words, met our basic requirements of training, 
data, process, and voting and engagement.
	– In 2020, we concluded the roll out of proxy voting 
capabilities to all our in-house teams. We also 
continue to expand our scope for proxy voting in  
equity holdings managed by our external asset 
managers. We measure the votes we cast based  
on assets under management. The share of equity 
investments for which votes were not cast included 
assets where economic costs of exercising voting 
rights are not commensurate with expected 
benefits or where we bought a stock after proxy 
voting season. The latter is the main reason for 
nonexercised votes in 2020, driven by a combination 
of turnover in our portfolios and a different timeframe 
in which AGMs were held this year, delayed by the 
impacts of the COVID-19 crisis. 
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 Our commitment  
to society
Responsible 
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About  
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Impact investing
As a responsible investor, we use capital 
markets to search for – and fund –  
solutions to many of the pressing social  
or environmental issues of our time. 
 Focused  
on impact.
Impact investing is our way of investing in good causes
Impact investments are investment opportunities that allow us to intentionally 
target a specific and measurable social or environmental impact and are 
profitable, meaning that they generate a financial return adequate to compensate 
the risk. Zurich evaluates impact investments within the context of specific asset 
classes and creates dedicated strategies for impact investments for each of them. 
Zurich is committed to helping to avoid five million metric tons of CO2 equivalent 
emissions per year, and separately, make a positive contribution to the lives and 
livelihoods of five million people through its impact investing portfolio.
Progress and key developments
In 2020, Zurich exceeded the original USD 5 billion target allocation for its impact  
investment portfolio, which as of December 31, 2020, totaled USD 5.8 billion, 
doubling the size of its impact portfolio in three years. Going forward it will 
prioritize the impact this portfolio generates, making Zurich one of the first large 
institutional investors to prioritize the ‘impact’ rather than monetary amount 
of its impact investment portfolio. This focus on impact is a new approach for 
institutional investors pursuing impact investing and, after already exceeding 
its allocation target, Zurich once more will raise the bar for its impact investment 
portfolio by focusing on the results it aims to obtain.
At the end of 2020, Zurich’s impact investment portfolio of USD 5.8 billion had 
helped avoid 2.9 million tons of CO2 equivalent emissions and improved the lives 
of 3.7 million people, on an annual basis. 
	

 
We are once again leading 
the industry by shifting 
away from monetary targets 
to actual impact achieved. 
The objective of our impact 
investment strategy has 
always been about the 
positive outcomes that 
we can achieve through 
our investment decisions. 
With this in mind, it makes 
sense for us to commit  
to invest as much as needed 
to fulfill our environmental 
and social goals, which 
remain unchanged.
	
Urban Angehrn
	
Group Chief Investment Officer
Helping to finance  
a zero-carbon economy
We finance clean energy infrastructure and energy 
efficiency projects to transition to a zero-carbon 
economy as part of our direct private debt lending 
portfolio. Zurich’s investment in a 80 turbine offshore 
wind farm in the German North Sea helps to avoid 
40,000 tons of CO2 emissions in the course of 
a year, the equivalent of CO2 emissions released 
by 1.6 million propane cylinders used for home 
barbeques, or the carbon sequestered by almost 
660,000 tree seedlings grown over a 10-year period.1
1	 Source: www.epa.gov/energy/greenhouse-gas-equivalencies-calculator
USD 4,677m
Green, social and  
sustainability bonds
USD 904m
Impact infrastructure  
private debt
USD 189m
Impact private equity
3.7 million people
benefited from a positive  
contribution to their lives  
and livelihood 
2.9 million tons 
of CO2 equivalent  
emissions avoided
Total amount 
of impact investments 
 
Environmental 
77%
Social 
23%
USD 5.8bn
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COVID bonds
In 2020, Zurich invested into a variety of social bonds 
aiming to address the global crisis caused by the 
pandemic, so called ‘COVID-bonds.’ The issuers 
allocate the proceeds of these bonds to either 
finance the health-related response to the crisis or 
to support small- and medium-sized enterprises, job 
creating companies and start-up companies affected 
by the COVID-19 pandemic to benefit under-served 
communities across the world. 
Impact investing (continued)
Investing in purpose-driven businesses
Zurich’s investments in LeapFrog, a private equity manager focused on 
purpose-driven financial services, micro insurance, and healthcare businesses 
benefit 1.5 million people in some of the world’s fastest-growing markets. 
Through LeapFrog we invest in Pyramid, a specialty distributor for cardiac 
and orthopedic equipment in Tanzania, where over 90 percent of people live 
on less than two dollars a day. One of its projects is a collaboration with the 
largest government-run hospital on Tanzania’s east coast, one of the very few 
health care providers in the region serving poor and low-income patients. 
Pyramid’s support helps patients get access to high-quality medical care 
under Tanzania’s national health insurance. To meet a critical need for medical 
devices used in surgery, Pyramid opened a store inside the hospital which lets 
doctors choose the products they need. The hospital, reliant on government 
funding, couldn’t have taken on the risk of holding a large inventory of such 
life‑saving products. 
In 2018, Zurich developed an impact measurement 
framework to measure and aggregate impact across 
various impact asset classes. Measuring impact 
for three years provided insights on measuring and 
managing impact, specifically in how to interpret 
the ‘impact’ per invested dollar of various types 
of investments. This knowledge is now allowing 
us to prioritize the type of impact we seek, and to 
invest accordingly. In coming years this knowledge 
will help us to construct a more diversified, 
profitable and positive-outcome-oriented impact 
investment portfolio.
Zurich is a founding member to the Operating 
Principles for Impact Management (OPIM). 
In 2020, we published our ‘Disclosure Statement’ 
that provides detailed information on our impact 
investment framework and investment process. 
Among the OPIM’s signatories, Zurich is one of the 
largest private sector impact investors. 
At the end of 2020, the portfolio included green, 
social and sustainability bonds of USD 4,677 million, 
and USD 189 million in commitments to eight private 
equity funds active in areas like financial inclusion 
and clean technology, as well as private debt impact 
infrastructure investments, such as wind or solar 
farms of USD 904 million. The overall impact portfolio 
comprises 77 percent of investments with a focus on 
the environment and 23 percent on social outcomes. 
2020 was the year that brought the largest issuance 
volume of social bonds to date, many of them with the 
aim to raise funds for COVID response measures (see 
below). Zurich increased its exposure to social bonds 
by 70 percent from 2019 levels. 
Awards
In 2020, Zurich was recognized for the ‘Best 
Impact Report of the Year (for investors)’ in the 
2020 Environmental Finance Bond Awards. This is 
proof that Zurich plays a leading role as an impact 
investor, and encourages us to continue working 
with the investment community to make impact 
reporting easier. 
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Impact investing (continued) 
Advancing together
Overview
We believe that responsible investment will truly 
have an impact only if those participating in the 
market advance together and make this a mainstream 
approach. Supporting collaborative initiatives  
and working with other industry participants to 
further advance responsible investment is important 
to us. We have signed the UN-backed Principles 
for Responsible Investment (PRI) as well as the 
Principles for Sustainable Insurance (PSI) and 
collaborate with a number of industry initiatives  
and research bodies. Please find a full overview  
of our industry commitments on our website. 
Progress and key developments
In 2020, we collaborated with a total of 18 industry 
initiatives and research bodies and spoke at 48 
online events and conferences globally. Due to the 
risks posed by COVID-19, many annual conferences 
and speaking engagements were postponed or 
transferred to online platforms, and we were present 
– and spoke – at many virtual gatherings. 
As part of our net-zero journey, we joined Climate 
Action 100+ as a signatory.
Green Bond Principles (GBP)  
and Social Bond Principles (SBP) 
Zurich co-chairs the Executive Committee for The Green 
Bond Principles (GBP) and Social Bond Principles (SBP). 
The Principles are voluntary, and promote transparency, 
disclosure and integrity in developing green, social and 
sustainability bond markets. They have become the leading 
guidelines for these instruments. In 2020, Zurich was re-elected 
as the Co-Chair for the 6th consecutive time. Zurich is also 
active in various working groups such as ‘Sustainability-linked 
Bonds’ or ‘impact reporting.’ 
In 2020, the Principles made considerable progress in further 
developing the market for these instruments. The Principles 
published vision and mission statements as well as Principles 
for Sustainability-Linked Bonds and a Handbook for Climate 
Transition Finance. 
18
Participated actively in  
18 membership organizations
48
Spoke about responsible 
investment at 48 conferences 
and other industry events
Working  
hand-in-hand.
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Our eight step climate strategy
Net-zero portfolios by 2050
We have pledged to transition our investment portfolios to net-zero  
greenhouse gas emissions by 2050, consistent with a maximum temperature 
rise of 1.5°C above pre-industrial temperatures, taking into account the best 
available scientific knowledge.
Scenarios
It is hard to take action without context. Zurich’s Market Strategy and 
Macroeconomics team has defined high-level scenarios and is monitoring 
developments with the help of a scorecard that is updated regularly as shown  
in the graphic below.
Strengthen ESG integration
Given its complexity and long-term nature, climate change represents a 
particular challenge for environmental, social and governance (ESG) integration. 
Additional data and tools are required to raise awareness among investment 
professionals and to support integration in investment strategies. 
Benchmarks
ESG integration practices might fail to effectively capture all climate change-
related risks and opportunities. We are testing the use of special benchmarks 
that incorporate a climate risk assessment. We will evaluate the application  
of such benchmarks for new and existing portfolios on a case-by-case basis. 
Finance the transition to a climate neutral economy
As part of our ongoing commitment to impact investing and our target  
to help avoid the emission of five million tons of CO2 per year, we will evaluate 
green investments across different asset classes on an ongoing basis. 
Drive change through advocacy
Public and private sectors need to take decisive action. Zurich has defined clear 
positions on topics such as transparent risk disclosure, carbon pricing, etc. 
Engagement
As part of engaging with the companies in which we invest, climate change 
should be reflected on the agenda and considered in voting practices. 
Selective exclusions
Recognizing the particularly harmful impact of coal on the climate, Zurich  
has developed a Group approach on selectively excluding from its underwriting 
and investment activities companies related to the mining of, or electricity 
generation from, thermal coal, oil sands and oil shale. 
Climate action
Overview
As an insurer and investor, we have a direct interest in achieving sustainable 
global economic growth, and supporting communities to become more resilient 
to the environmental and social challenges they face. As a member of the 
Net-Zero Asset Owner Alliance, we have committed to ensure that by 2050 
the assets in which we invest, on a net basis, will produce no greenhouse gas 
emissions. We are thus committed to doing all we can to help in a transition to a 
‘climate neutral’ world through dialog and actions, by advocating public policies, 
and working with others to achieve this, while bearing in mind that we need to be 
mindful of the social impacts that this transition will have. As climate change is a 
cross-cutting issue, we are managing it through an eight step approach that forms 
part of and applies the tools of our responsible investment strategy.
Every business and every investment asset will be 
affected by climate change. Collective action  
is needed to mitigate or adapt to it. Unfortunately,  
our analysis suggests that we are likely to miss  
the Paris Agreement’s target of limiting global 
warming to well below 2° Celsius. 
Journey  
to net-zero.
Zurich climate change scorecard 
2°C scenario
Not on track for 2°C scenario
Improving but more is needed
On track if pace is maintained
1.	 Carbon pricing
2.	 Corporate action
3.	 Carbon capture, utilisation and storage
4.	 Social trends
5.	 Energy supply
6.	 Legislation
7.	 Energy demand and efficiency
8.	 CO2 emissions
9.	 Investment
10.	Energy integration and storage
11.	Fossil fuel subsidies
12.	Electrical vehicles
1.
1.
1.
2.
2.
2.
3.
3.
3.
4.
4.
4.
5.
5.
5.
6.
6.
6.
7.
7.
7.
8.
8.
8.
9.
9.
9.
10.
10.
10.
11.
11.
11.
12.
12.
12.
August 
2018
August 
2019
August 
2020
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Climate action (continued)
Progress and key developments
In 2020, the members of the Net-Zero Owner 
Alliance have formed various work streams to 
develop the guidelines, methodologies, and reporting 
templates necessary to help Alliance members 
measure the financed carbon in their portfolios and 
set interim targets on their trajectory of achieving the 
net-zero 2050 goal. 
	
– We consulted on the Science Based Target 
Initiatives’ methodology on how to set carbon 
emissions targets that are aligned with a 1.5 degree 
pathway for investment portfolios
	
– We are pioneering the use of science-based 
targets that will help ensure we have full 
understanding of how our investment portfolios 
will reduce carbon emissions, and how they will 
develop amid a transition from carbon-intensive 
industries to a climate-neutral environment
	
– We agreed on a method to calculate the baseline 
of financed emissions in our investment portfolio. 
On that basis, intermediary targets for 2025 can be 
set with the 2050 net-zero target in mind
	
– We anticipate setting first interim targets in 2021 
to put us on the path to achieve, in a thorough, 
responsible and timely way, the Paris Agreement’s 
2050 goals.
Zurich has also made progress in implementing its 
coal, oil sands and oil shale policy and reported on 
the progress made (page 24). We engaged with 
investee companies to accelerate their transition, 
and divested from companies that could not show a 
credible plan that enables them to meet our criteria. 
Where we don’t have an underwriting relationship, 
investment management is engaging directly. 
Since the implementation of our coal, oil sands  
and oil shale policy in 2017 we have divested and 
already disposed USD 497 millions from companies, 
that operate above our thresholds and do not have 
credible long‑term transition plans. 
We became a signatory to Climate Action 100+ in 
order to support collaborative industry engagement 
with the aim to ensure the world’s largest corporate 
greenhouse gas emitters take necessary action on 
climate change.
We have also held discussions with regulators and 
policymakers, urging them to introduce a price on 
carbon, and to set ambitious nationally determined 
contributions (NDCs) prior to 26th UN Climate 
Change Conference of the Parties (COP26) in 
2021 to include sustainability and climate change 
in their COVID-19 stimulus packages. This will 
help to integrate the climate goals into planning as 
governments work to restore their economies in the 
wake of the pandemic (‘build back better’).
Beyond our commitment to decarbonize our full 
investment portfolio by 2050, as part of our impact 
investment approach, we are actively seeking ways to 
help to mitigate, adapt and make the transition to life 
in a world affected by climate change. Through these 
investments we are seeking to avoid five million tons 
of CO2e emissions annually. 
Awards
In 2020, two of Zurich’s sustainability specialists – 
Johanna Köb, Head of Responsible Investment and 
John Scott, Head of Sustainability Risk – were named 
as being among those individuals ‘Most Influential 
on Climate Change’ by InsuranceERM, an online 
service that provides information on risk and capital 
management in the insurance industry. Both Johanna 
and John have contributed actively to Zurich’s climate 
strategy for many years. 
Responsible investment key performance indicators
2020
2019
Change
2018
2017
2016
External asset managers  
who are signatories to PRI (%)1
81.8%
81.3%
0.6 pts
74.2%
71.0%
74.1%
Group assets managed  
by PRI signatories (%)2
97.5%
97.5%
0.1 pts
97.2%
97.2%
97.7%
Total amount of impact  
investments (USD millions)3
5,770
4,555
26.7%
3,790
2,830
1,704
Investment portfolio  
(USD millions)4
226,389
204,803
11.0%
195,472
207,261
195,852
1	 The United-Nations supported Principles for Responsible Investment (PRI).
2	 Including assets managed by Zurich.
3	 Impact investments in 2020 consisted of: green bonds (USD 3,773 million), social and sustainability bonds (USD 904 million), investments committed  
to private equity funds (USD 189 million, thereof 64 percent drawn down) and impact infrastructure private debt (USD 904 million).
4	 Investment portfolio is calculated on a market basis, and is different from the total Group investments reported in the Consolidated Financial Statements,  
which is calculated on an accounting basis and doesn’t include cash and cash equivalents.
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 Our commitment  
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Real estate investments
As a leading sustainable real estate investor, we aim to achieve net-zero 
greenhouse gas emissions by 2050 in our global real estate investment portfolio. 
Real estate portfolios in the U.S., UK and Switzerland are benchmarked against 
the leading portfolio-level benchmark for ESG performance in real estate,  
the Global Real Estate Sustainability Benchmark (GRESB). 
In 2020, 22 percent of our real estate investment portfolio was certified as 
meeting high standards from a sustainability and environmental perspective. 
The Swiss real estate portfolio has achieved its target to reduce emissions by 20 
percent measured against a benchmark set in 2010, a year ahead of schedule and 
further reduced energy consumption.
Impact of real estate investment
Energy consumption1 (kWh per sqm)
2010
2016
2017
20192
2018
127
117
114
108
113
2010
baseline
Target: -20%
by 2020 (vs. baseline)
Impact of real estate investment
CO2e emissions1 (kg per sqm)
* Total change vs baseline
-7.8%*
-9.7%*
-10.7%*
2010
2016
2017
20192
2018
32
29
28
25.5
27
2010
baseline
Target: -20%
by 2020 (vs. baseline)
* Total change vs baseline
-10.9%*
-13.9%*
-21.0%*
-16.3%*
-14.8%*
1	 Scope includes Real Estate Investments in Switzerland (40% of global direct real estate investment value). Buildings in the real estate investment portfolio are largely 
not used by Zurich. The environmental footprint of Zurich’s own-use real estate is reported in Zurich’s environmental section. The data is based on meter readings 
and energy supplier information and are heating degree adjusted.
2	 Impact of real estate investment data 2020 will be available in Q1 2022.
Positive  
progress  
towards our  
targets.
22% 
Green labeled buildings/ 
USD 3.6bn real estate
As part of our investment philosophy 
we follow a thorough due diligence 
process that includes evaluating  
our investments against specific  
targets for energy, greenhouse 
gas emissions and other aspects 
of sustainability. 
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About  
this report
The world is transforming at an unprecedented pace.  
At Zurich we believe we can have a positive impact  
in our role as insurer, investor, employer and in society.  
We have the knowledge, skills and capabilities and  
spirit to make a difference.
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UN Global Compact
 Continuing  
to support  
the UN Global  
Compact.
Statement of continuing support
Zurich became a signatory of the UN Global Compact in July 2011, because 
we believe that being a responsible company is fundamental to our long-term 
sustainability. As a signatory, we are committed to aligning our strategy, culture 
and day-to-day operations with the Global Compact’s 10 universally-accepted 
principles in the areas of human rights, labor, environment and anti-corruption. 
The principles of the Global Compact complement our purpose, values and Code 
of Conduct, and all Zurich employees are expected to live up to them.
Our continued commitment to the Global Compact’s principles on human and 
labor rights, the environment and anti-corruption is expressed in this report. 
We are committed to embracing, supporting and enacting these principles within 
our sphere of influence, and we will regularly communicate our progress.
Mario Greco
Group Chief Executive Officer
Zurich Insurance Group
Links to relevant information on our website
Human Rights
Principle 1: Businesses should 
support and respect the protection 
of internationally proclaimed human 
rights; and
Principle 2: make sure that they are 
not complicit in human rights abuses.
Labour
Principle 3: Businesses should 
uphold the freedom of association and  
the effective recognition of the  
right to collective bargaining;
Principle 4: the elimination of all forms 
of forced and compulsory labour;
Principle 5: the effective abolition of 
child labour; and
Principle 6: the elimination 
of discrimination in respect of 
employment and occupation.
Environment
Principle 7: Businesses should 
support a precautionary approach  
to environmental challenges;
Principle 8: undertake initiatives to  
promote greater environmental 
responsibility; and
Principle 9: encourage the 
development and diffusion of 
environmentally friendly technologies.
Anti-corruption
Principle 10: Businesses should work 
against corruption in all its forms, 
including extortion and bribery.
Links
Our commitment
Diversity, inclusion and wellbeing
Employee development
Board composition (Annual Report 2020)
Employees speaking up  
and reporting concerns
Health and safety management
Suppliers
Links
Our commitment
Group environmental policy
Environmental performance
Assurance statement
Zurich Flood Resilience Alliance
Our climate commitment
Carbon neutrality at Zurich
Responsible investment
Environmental risks
Sustainable products and services
ESG integration into insurance
Coal, oil sands and oil shale
Links
Our commitment
Anti-bribery and anti-corruption
ESG integration into insurance
Respecting human rights
Links
Our commitment
Respecting human rights
ESG integration into insurance
Z Zurich Foundation  
Annual Report 2019
Global Risks Report 2021
Sustainable products and solutions
Employees speaking up  
and reporting concerns
Suppliers
Health and safety management
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A global 
framework  
for the 
insurance 
industry.
Proud of our approach
At Zurich, we are proud of the steps we have taken to incorporate environmental, 
social and governance (ESG) considerations into our core activities of investment 
and underwriting. Signing the UNEP FI Principles for Sustainable Insurance 
allows us to build on those efforts by being part of the broader dialog on the role 
insurance plays in shaping a more resilient tomorrow.
Mario Greco
Group Chief Executive Officer
Zurich Insurance Group
United Nations Environment Programme Finance Initiative 
(UNEP FI) and Principles for Sustainable Insurance (PSI)
The UNEP FI and PSI serve as a global framework for the insurance industry 
to address environmental, social and governance risks and opportunities. 
Zurich became a signatory in 2017.
Links to relevant information on our website
Principle 1
We will embed ESG issues relevant 
to our insurance business into our 
decision-making.
Principle 2
We will work together with our clients 
and business partners to raise 
awareness of ESG issues, manage  
risk and develop solutions.
Principle 3
We will work together with 
governments, regulators and other key 
stakeholders to promote widespread 
action across society on ESG issues.
Principle 4
We will demonstrate accountability 
and transparency in regularly 
disclosing publicly our progress  
in implementing the Principles.
UNEP FI Principles for Sustainable Insurance
Links
ESG integration in insurance
Respecting human rights
Our responsibility as an investor: 
doing well and doing good
Responsible sourcing and procurement
The Zurich Flood Resilience Alliance
Supporting initiatives to improve 
road safety
Industry knowledge
Commercial Insurance – Supporting  
a sustainable future
Links
Policy engagement
CDP submission 2020 section 12.3
The Zurich Flood Resilience Alliance
Finding new ways of improving 
flood resilience
Collaborating to advance 
responsible investment
The Z Zurich Foundation
The World Economic Forum
Learning and insurance
Links
Our annual Sustainability Report  
includes the UN Global Compact 
communication on progress
Annual Report
RI Transparency report
Z Zurich Foundation annual report
Industry knowledge
External monitoring, indices 
and commitments
Zurich.com/sustainability
Links
Our governance and policies
Our strategic priorities
Governance, Nominations 
& Sustainability Committee
Our Group’s Code of Conduct
ESG integration in insurance
Respecting human rights
Solutions with sustainable impact
Our claims philosophy
Our responsibility as an investor: 
doing well and doing good
Exclusion policies
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About  
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Data table
Amounts are rounded to the nearest million unless otherwise stated, with the consequence that the rounded amounts may not always  
add up to the rounded total. All ratios and variances are calculated using the underlying amounts rather than the rounded amounts.
CO2e emissions per employee (metric tons per FTE)
Environmental key 
performance indicators
20193
2018
2017 
2019 
change  
vs baseline
2015  
baseline
Target
CO2e emissions per 
employee  
(tons per FTE)
1.75
1.94
2.06
(28%)
2.43
-20% by 
2025 (vs 
baseline)
of which CO2e 
emissions related to 
facilities (tons per FTE)1
0.79
0.95
1.09
(33%)
1.18
-20% by 
2025 (vs 
baseline)
of which CO2e 
emissions related to 
travel (tons per FTE)2
0.96
0.99
0.97
(23%)
1.24
-20% by 
2025 (vs 
baseline)
1	 Includes emissions from own-use real estate (electricity and heat).
2	 Includes emissions from air travel, rail and cars (rental cars and car fleet).
3	 2020 data will be available in Q2 2021.
People key performance indicators
2020
2019
Change
2018
2017
2016
Total number of 
employees – headcount
55,089
55,369
(0.5%)
53,535
53,146
53,894
Total number of 
employees – FTE  
(full time equivalents)
52,930
54,030
(2.0%)
52,267
51,633
52,473
Employee turnover rate 
(%)1
9.6%
13.6%
(4.0 pts)
14.1%
14.7%
16.5%
Average tenure (years)
9.7
9.7
n.m.
9.7
9.8
9.9
Group voluntary turnover1
4.7%
7.2%
(2.5 pts)
7.5%
7.5%
8.2%
Technical functions 
voluntary turnover1,2
4.6%
6.5%
(1.9 pts)
7.0%
7.1%
8.7%
Female workforce 
participation (%)
51.0%
51.1%
(0.1 pts)
50.7%
50.6%
51.1%
Female participation in 
Leadership Team (%)
27.1%
22.6%
4.5 pts
22.3%
21.0%
16.2%
Employee participation 
in Group-wide feedback 
channels (%)3
84.0%
76.0%
8.0 pts
70.0%
–
–
Employee net promoter 
score (eNPS)4
+52
+26
26 
+7
–
–
Notes: Bolivia and the Farmers Exchanges are not in scope of any above key performance indicators (KPIs). The Farmers Exchanges are 
owned by their policyholders. Farmers Group, Inc., a wholly owned subsidiary of the Zurich Insurance Group, provides certain non-claims 
services and ancillary services to the Farmers Exchanges as attorney-in-fact and receives fees for its services.
1	 Turnover figures only consider regular and inpatriate employees.
2	 Technical functions include Claims, Underwriting and Risk Engineering.
3	 Group-wide feedback channels include organization health surveys, employee net promoter scores (eNPS) and any other Group-wide 
feedback channels. This KPI refers to the average participation rate in the two occurrences of the employee net promoter score survey 
in 2019, while in 2020 it refers to the single survey that was carried out due to the pandemic.
4	 eNPS is calculated as the average of the two surveys carried out during the year in 2019, and based on the single survey for 2020, 
measuring employee loyalty through the likelihood to recommend the company as a place to work. eNPS is based on the methodology 
of measuring and improving customer satisfaction and loyalty (transaction NPS and relationship NPS) which Zurich uses as a 
successful method to retain customers.
Community investment key performance indicators
2020
2019
Change
Fundraising and donations (USD millions)1
2.5
2.3
10%
Total time volunteered by workforce (business hours)2
38,830
129,702
(70.0%)
of which skills-based hours2
19,485
31,463
(38.0%)
Workforce actively volunteering (% of total headcount)2
9.3%
20.9% (11.6 pts)
Total full year charitable cash contributions by Zurich 
business units (USD millions)3
31.9
11.9
168.0%
Total full year charitable cash contributions by Zurich  
to Z Zurich Foundation (USD millions)4
42.7
40.3
6.0%
Notes: Zurich Insurance Group and its employees are contributing through fundraising, volunteering and cash contributions apart from the 
community investment activities carried out by the Z Zurich Foundation. All figures exclude Farmers Exchanges. Zurich Insurance Group 
has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, provides certain non-
claims services and ancillary services to the Farmers Exchanges as attorney-in-fact and receives fees for its services. 
1	 Mostly includes Zurich employees’ fundraising and donations. As the share of the Zurich business units’ matching becomes negligible, 
the split of these two sub-categories is no longer reflected.
2	 2019 figures have been restated to exclude volunteering by Farmers Exchanges employees.
3	 The increase in cash contributions in 2020 is mainly driven by a one-off donation to the COVID-19 Support Fund in the UK.
4	 Starting from 2019, contributions cover the total charitable donations made by various legal entities of the Zurich Insurance Group to the 
Z Zurich Foundation on a cash-out basis. The donation amounted to CHF 40 million in 2019 and 2020.
Responsible investment key performance indicators
2020
2019
Change
2018
2017
2016
External asset 
managers who are 
signatories to PRI (%)1
81.8%
81.3%
0.6 pts
74.2%
71.0%
74.1%
Group assets managed  
by PRI signatories (%)2
97.5%
97.5%
0.1 pts
97.2%
97.2%
97.7%
Total amount of  
impact investments  
(USD millions)3
5,770
4,555
26.7%
3,790
2,830
1,704
Investment portfolio  
(USD millions)4
226,389
204,803
11.0%
195,472
207,261
195,852
1	 The United-Nations supported Principles for Responsible Investment (PRI).
2	 Including assets managed by Zurich.
3	 Impact investments in 2020 consisted of: green bonds (USD 3,773 million), social and sustainability bonds (USD 904 million), 
investments committed to private equity funds (USD 189 million, thereof 64 percent drawn down) and impact infrastructure private debt 
(USD 904 million).
4	 Investment portfolio is calculated on a market basis, and is different from the total Group investments reported in the Consolidated 
Financial Statements, which is calculated on an accounting basis and doesn’t include cash and cash equivalents.
66
Zurich Insurance Group
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 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Independent Assurance Report on Zurich’s Sustainability reporting 2020
To the Executive Committee of Zurich 
Insurance Group AG, Zurich
We have been engaged to perform assurance 
procedures to provide limited assurance on the 
sustainability reporting of Zurich Insurance Group AG 
and its consolidated subsidiaries (ZIG) for the year 
ended December 31, 2020.
Scope and subject matter
Our limited assurance engagement focused on 
selected sustainability indicators published in the 
Sustainability 2020 Report of ZIG:
a)	 The 2019 CO2 emissions per employee key 
performance indicators on page 29, the 2020 
People key performance indicators on page 47, 
the 2020 Community investment key performance 
indicators on page 53, the 2020 ESG integration 
key performance indicators on page 56, the 2020 
Impact investments key performance indicators 
on page 57, the 2020 Advancing together key 
performance indicators on page 59, the 2020 
Responsible investment key performance 
indicators on pages 61, the 2019 Impact of real 
estate investment key performance indicators on 
page 62 (the ‘sustainability indicators’); and
b)	 The management and reporting processes with 
respect to the selected sustainability indicators as 
well as the control environment in relation to the 
data aggregation of these sustainability indicators.
Criteria
The reporting criteria used by ZIG are described in 
the internal reporting guidelines and define those 
procedures, by which the sustainability indicators are 
internally gathered, collated and aggregated. 
Inherent limitations
The accuracy and completeness of sustainability 
indicators are subject to inherent limitations given 
their nature and methods for determining, calculating 
and estimating such data. Our assurance report 
should therefore be read in connection with ZIG’s 
internal guidelines, definitions and procedures on 
sustainability reporting. Further, the greenhouse 
gas quantification is subject to inherent uncertainty 
because of incomplete scientific knowledge used to 
determine emissions factors and the values needed 
to combine emissions of different gases.
ZIG’s responsibility
The Executive Committee of ZIG is responsible 
for both the subject matter and the criteria as well 
as for the selection, preparation and presentation 
of the information in accordance with the 
criteria. This responsibility includes the design, 
implementation and maintenance of related internal 
control relevant to this reporting process that is free 
from material misstatement, whether due to fraud 
or error. 
Our responsibility
Our responsibility is to express a limited assurance 
conclusion on the sustainability indicators based on 
the procedures we have performed and the evidence 
we have obtained. We conducted our limited 
assurance engagement in accordance with the 
International Standard on Assurance Engagements 
3000 (revised), ‘Assurance Engagements other than 
Audits or Reviews of Historical Financial Information,’ 
and, in respect of greenhouse gas emissions, with the 
International Standard on Assurance Engagements 
3410, ‘Assurance Engagements on Greenhouse Gas 
Statements,’ issued by the International Auditing 
and Assurance Standards Board. These standards 
require that we plan and perform this engagement 
to obtain limited assurance about whether the 
identified sustainability indicators are free from 
material misstatement.
A limited assurance engagement undertaken in 
accordance with ISAE 3000 (revised) and ISAE 
3410 involves assessing the suitability in the 
circumstances of ZIG’s use of applicable criteria as 
the basis for the preparation of the sustainability 
indicators, assessing the risks of material 
misstatement of the sustainability indicators whether 
due to fraud or error, responding to the assessed risks 
as necessary in the circumstances, and evaluating 
the overall presentation of sustainability indicators. 
A limited assurance engagement is substantially less 
in scope than a reasonable assurance engagement 
in relation to both the risk assessment procedures, 
including an understanding of internal control, 
and the procedures performed in response to the 
assessed risks. The procedures selected depend  
on the assurance practitioner’s judgment.
Our independence and quality controls
We are independent of ZIG in accordance with 
the International Code of Ethics for Professional 
Accountants (including International Independence 
Standards) issued by the International Ethics 
Standards Board for Accountants (IESBA Code) that 
are relevant to our audit of the financial statements 
and other assurance engagements in Switzerland. 
We have fulfilled our other ethical responsibilities  
in accordance with the IESBA Code.
Our firm applies International Standard on Quality 
Control 1 and accordingly maintains a comprehensive 
system of quality control including documented 
policies and procedures regarding compliance with 
ethical requirements, professional standards and 
applicable legal and regulatory requirements.
Summary of the work performed
Our limited assurance procedures included, but were 
not limited to the following work:
	
– Reviewing the application of ZIG’s internal 
guidelines using a sample of affiliates in 
Switzerland, UK, USA, Germany, Austria and Spain
	
– Interviewing ZIG representatives at Group level 
responsible for the data collection and reporting
	
– Performing tests on a sample basis of evidence 
supporting the sustainability indicators as 
outlined in the scope and subject matter section 
concerning completeness, accuracy, adequacy 
and consistency 
	
– Inspecting the relevant documentation on a 
sample basis
	
– Reviewing and assessing the management 
reporting processes for sustainability reporting and 
consolidation and their related controls.
We have not carried out any work on data other than 
outlined in the scope and subject matter section as 
defined above. We believe that the evidence we have 
obtained is sufficient and appropriate to provide a 
basis for our assurance conclusions.
Limited assurance conclusion
Based on the procedures we performed, nothing has 
come to our attention that causes us to believe that:
a)	 The sustainability indicators of ZIG as described 
in the scope and subject matter section are not 
prepared and disclosed in all material respects 
in accordance with ZIG’s internal guidelines and 
procedures; and
b)	 The management and reporting processes to 
collect and aggregate the sustainability indicators 
as well as the control environment in relation to the 
data aggregation are not functioning as designed.
PricewaterhouseCoopers AG
Peter Eberli	
Raphael Rutishauser
Zurich, March 3, 2021
67
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

GRI Index
GRI is an international independent organization that helps businesses, governments and other organizations understand and communicate the impact of business on critical sustainability issues 
such as climate change, human rights, corruption and many others. We have used references to the Global Reporting Initiative (GRI) as an index below to help our stakeholders find the information 
relevant to them without adhering to the standards listed in the index in its entirety. This index lists the organization’s reports and web pages and their reference to the following GRI Standards.
Key:
AR	
Annual Report 2020	
SR	Sustainability Report 2020*
CDP	 CDP submission 2020	
	 Link to Zurich Insurance Group website
* The Sustainability Report 2020 includes the United Nations Global Compact communication on progress and our 
progress in implementing the UN Environment Programme Finance Initiative Principles for Sustainable Insurance. 
For more information see www.zurich.com/en/sustainability
Number
Disclosure name
Reference and page number
General  
Disclosures
102-1
Name of the organization
AR inside front cover (ifc)
102-2
Activities, brands,  
products, and services
AR ifc, 8 to 9 and  
18 to 19; SR 26 to 28
102-3
Location of headquarters
AR ifc
102-4
Location of operations
AR 10 to 11 and 299 to 302
102-5
Ownership and legal form
AR 206 and 315
102-6
Markets served
102-7
Scale of the organization
AR ifc and 10 and 11
102-8
Information on employees  
and other workers
AR 32 to 33, 84 to 85 and 174;  
SR 47
102-9
Supply chain
SR 14 and 31; CDP
102-10
Significant changes to the 
organization and its supply chain
AR 14 to 17, 20 to 29, 193 and  
221 to 223
102-11
Precautionary principle  
or approach
AR inside back cover
102-12
External initiatives
AR 36 to 37 and 165 to 166;  
SR 10 to 11, 16, 23 and 64 to 65
102-13
Membership  
of associations
CDP
102-14
Statement from senior  
decision-maker
AR 12 to 17, 42 to 43, 92 to 93, 128 
to 129, 162 to 163, 182 to 183 and 
194 to 195; SR 2
102-15
Key impacts, risks,  
and opportunities
AR 18 to 22, 128 to 129 and 165 to 
173; SR 7 to 9, 20, 22 to 24 and 26 
to 28; CDP
102-16
Values, principles, standards,  
and norms of behavior
AR 23 to 29; SR 17 to 18
Number
Disclosure name
Reference and page number
General  
Disclosures 
continued
102-17
Mechanisms for advice  
and concerns about ethics
AR 80
102-18
Governance structure
AR 47 to 48, 52, 68  
and 76; SR 16; CDP
102-19
Delegating authority
SR 16; CDP
102-20
Executive-level responsibility  
for economic, environmental,  
and social topics
AR 62; SR 16
102-21
Consulting stakeholders on 
economic, environmental,  
and social topics
SR 8 to 9
102-22
Composition of the highest 
governance body and its 
committees
AR 50 to 64
102-23
Chair of the highest  
governance body
AR 12 to 13, 42 to 43  
and 52; SR 16
102-24
Nominating and selecting  
the highest governance body
AR 52
102-25
Conflicts of interest
AR 58
102-26
Role of highest governance body in 
setting purpose, values, and strategy
AR 60
102-27
Collective knowledge of highest 
governance body
AR 60
102-28
Evaluating the highest  
governance body’s performance
AR 61
102-29
Identifying and managing economic, 
environmental, and social impacts
AR 61 to 62 ; SR 8 to 9
102-30
Effectiveness of risk  
management processes
AR 154
102-31
Review of economic, environmental, 
and social topics
AR 30 to 39 and 162 to 175
Number
Disclosure name
Reference and page number
General  
Disclosures 
continued
102-32
Highest governance body’s  
role in sustainability reporting
AR 62; CDP
102-33
Communicating critical  
concerns
AR 71; CDP
102-35
Remuneration policies
AR 95 to 98
102-36
Process for determining 
remuneration
AR 99 to 105
102-37
Stakeholders’ involvement  
in remuneration
AR 103 and 105 to 106
102-40
List of stakeholder groups
AR 30 to 37 and 81 to 87;  
SR 13 to 15; CDP
102-41
Collective bargaining agreements
102-42
Identifying and selecting 
stakeholders
SR 8
102-43
Approach to stakeholder 
engagement
AR 30 to 37; SR 8 and 13 to 15
102-44
Key topics and concerns raised
SR 8 to 9
102-45
Entities included in the consolidated 
financial statements
AR 299 to 302
102-46
Defining report content  
and topic boundaries
AR 164, 206 to 207 and 315
68
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

GRI Index (continued)
Key:
AR	
Annual Report 2020	
SR	Sustainability Report 2020*
CDP	 CDP submission 2020	
	 Link to Zurich Insurance Group website
* The Sustainability Report 2020 includes the United Nations Global Compact communication on progress and our 
progress in implementing the UN Environment Programme Finance Initiative Principles for Sustainable Insurance. 
For more information see www.zurich.com/en/sustainability
Number
Disclosure name
Reference and page number
General  
Disclosures 
continued
102-47
List of material topics
SR 8 to 9
102-49
Changes in reporting
AR 208 to 209
102-50
Reporting period
AR 206 to 207 and 315
102-51
Date of most recent report
SR front cover; CDP
102-52
Reporting cycle
AR 197; SR 4; CDP
102-53
Contact point for questions 
regarding the report
AR inside back cover
102-55
GRI content index
AR 176 to 177; SR 68 to 69
102-56
External assurance
AR 77 to 78, 124, 178 to 179,  
306 to 311 and 322 to 325; SR 67
Management 
Approach
103-1 
Explanation of the material topic 
and its boundary
SR 7 to 9
103-3
Evaluation of the management 
approach
AR 61 to 64;  
SR 7 to 9
Economic 
Performance
201-1
Direct economic value generated 
and distributed
AR 197 to 205
201-2
Financial implications and other 
risks and opportunities due to 
climate change
AR 165 to 173; CDP
201-3
Defined benefit plan obligations 
and other retirement plans
AR 258 to 265
201-4
Financial assistance received 
from government
AR 250
Indirect 
Economic 
Impacts
203-1
Infrastructure investments and 
services supported
SR 49 to 50 and 57 to 58; CDP
203-2
Significant indirect economic 
impacts
SR 48 to 53; CDP
Number
Disclosure name
Reference and page number
Tax
207-1 
Approach to tax
AR 193; SR 19
207-2 
Tax governance, control, and risk 
management 
207-3
Stakeholder engagement and 
management of concerns related 
to tax
207-4
Country-by-country reporting
AR 175
Materials
301-2
Recycled input  
materials used
Energy
302-1
Energy consumption within the 
organization
SR 29; CDP
302-3
Energy intensity
CDP
302-4
Reduction of energy consumption
SR 29 to 31; CDP
Emissions
305-1
Direct (Scope 1)  
GHG emissions
AR 9, 163 and 175; SR 29; CDP
305-2
Energy indirect (Scope 2)  
GHG emissions
CDP
305-3
Other indirect (Scope 3)  
GHG emissions
CDP
305-4
GHG emissions intensity
CDP
305-5
Reduction of GHG emissions
SR 29; CDP
Supplier 
Environmental 
Assessment
308-1
New suppliers that were screened 
using environmental criteria
CDP
Employment
401-1
New employee hires  
and employee turnover
AR 174; SR 47
Number
Disclosure name
Reference and page number
Occupational 
Health and 
Safety
403-1
Occupational health and safety 
management system
SR 44
403-6
Promotion of worker health
SR 44 to 45
Training and 
Education
404-1
Average hours of training per year 
per employee
Diversity  
and Equal 
Opportunity
405-1
Diversity of governance bodies 
and employees
AR 53 and 174; SR 40
Public Policy
415-1
Political contributions
69
Zurich Insurance Group
Sustainability Report 2020
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 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Disclaimer and cautionary statement
Certain statements in this document are forward-
looking statements, including, but not limited to, 
statements that are predictions of or indicate 
future events, trends, plans or objectives of Zurich 
Insurance Group Ltd or the Zurich Insurance 
Group (the Group). Forward-looking statements 
include statements regarding the Group’s targeted 
profit, return on equity targets, expenses, pricing 
conditions, dividend policy and underwriting and 
claims results, as well as statements regarding 
the Group’s understanding of general economic, 
financial and insurance market conditions and 
expected developments. Undue reliance should 
not be placed on such statements because, by their 
nature, they are subject to known and unknown 
risks and uncertainties and can be affected by other 
factors that could cause actual results and plans 
and objectives of Zurich Insurance Group Ltd or the 
Group to differ materially from those expressed or 
implied in the forward-looking statements (or from 
past results). Factors such as (i) general economic 
conditions and competitive factors, particularly in key 
markets; (ii) the risk of a global economic downturn, 
in the financial services industries in particular; (iii) 
performance of financial markets; (iv) levels of interest 
rates and currency exchange rates; (v) frequency, 
severity and development of insured claims events; 
(vi) mortality and morbidity experience; (vii) policy 
renewal and lapse rates; (viii) increased litigation 
activity and regulatory actions; and (ix) changes in 
laws and regulations and in the policies of regulators 
may have a direct bearing on the results of operations 
of Zurich Insurance Group Ltd and its Group and on 
whether the targets will be achieved. 
Specifically in relation with the COVID-19 related 
statements, such statements were made on the 
basis of circumstances prevailing at a certain time 
and on the basis of specific terms and conditions (in 
particular applicable exclusions) of insurance policies 
as written and interpreted by the Group and may be 
subject to regulatory, legislative, governmental and 
litigation-related developments affecting the extent 
of potential losses covered by a member of the 
Group or potentially exposing the Group to additional 
losses if terms or conditions are retroactively 
amended by way of legislative or regulatory 
action. Zurich Insurance Group Ltd undertakes no 
obligation to publicly update or revise any of these 
forward-looking statements, whether to reflect 
new information, future events or circumstances 
or otherwise. 
All references to ‘Farmers Exchanges’ mean Farmers 
Insurance Exchange, Fire Insurance Exchange, 
Truck Insurance Exchange and their subsidiaries 
and affiliates. The three Exchanges are California 
domiciled interinsurance exchanges owned by their 
policyholders with governance oversight by their 
Boards of Governors. Farmers Group, Inc. and its 
subsidiaries are appointed as the attorneys-in-fact 
for the three Exchanges and in that capacity provide 
certain non-claims services and ancillary services 
to the Farmers Exchanges. Neither Farmers Group, 
Inc., nor its parent companies, Zurich Insurance 
Company Ltd and Zurich Insurance Group Ltd, have 
any ownership interest in the Farmers Exchanges. 
Financial information about the Farmers Exchanges 
is proprietary to the Farmers Exchanges, but is 
provided to support an understanding of the 
performance of Farmers Group, Inc. and Farmers 
Reinsurance Company. 
It should be noted that past performance is not a 
guide to future performance. Please also note that 
interim results are not necessarily indicative of full 
year results. 
Persons requiring advice should consult an 
independent adviser. 
This communication does not constitute an offer or 
an invitation for the sale or purchase of securities in 
any jurisdiction. 
THIS COMMUNICATION DOES NOT CONTAIN 
AN OFFER OF SECURITIES FOR SALE IN THE 
UNITED STATES; SECURITIES MAY NOT BE 
OFFERED OR SOLD IN THE UNITED STATES 
ABSENT REGISTRATION OR EXEMPTION FROM 
REGISTRATION, AND ANY PUBLIC OFFERING OF 
SECURITIES TO BE MADE IN THE UNITED STATES 
WILL BE MADE BY MEANS OF A PROSPECTUS 
THAT MAY BE OBTAINED FROM THE ISSUER AND 
THAT WILL CONTAIN DETAILED INFORMATION 
ABOUT THE COMPANY AND MANAGEMENT,  
AS WELL AS FINANCIAL STATEMENTS.
70
Zurich Insurance Group
Sustainability Report 2020
Our  
approach
 Our commitment  
to the environment
 Our commitment  
to society
Responsible 
investment
About  
this report

Zurich Insurance Group
Mythenquai 2 
8002 Zurich, Switzerland 
Phone: +41 (0) 44 625 25 25
www.zurich.com