- Severe domestic macroeconomic pressures, political uncertainty, social unrest.
- Record depreciation of the Rupee, unprecedented inflation, scarcity of commodities.
- Disruptions to power supply, far-reaching socio-economic implications.
- Reduced disposable income, impacting demand for insurance and premium payment capacity.
- Rising interest rates, impacting customer preference for Life Insurance.
- Increased levels of labour migration.
- Evolving socio-economic conditions impacting product demand, delivery channels, and marketing methods.
- Rising global inflation, tighter monetary policy, rising loss costs, recession threats, climate change, geopolitical upheaval, and competition from InsurTechs.
- Foreign exchange rate fluctuations and scarcity of foreign reserves.
- Low insurance penetration in Sri Lanka.
Union Assurance PLC
Greenhouse gas emissions & sustainability report data
In its 2022 reporting, Union Assurance PLC disclosed greenhouse gas emissions of 986 tCO2e/year. By scope: Scope 1: 67.16 tCO2e/year; Scope 2: 837.45 tCO2e/year; Scope 3: 81.54 tCO2e/year. Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
986 tCO2e/year
2022
Water Usage
15.1K m3/year
2022
Waste
10.8K kg/year
2022
Energy Use
5.3K GJ/year
2022
📊 Emissions by Scope (2022)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 67.16 tCO2e/year |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 837.45 tCO2e/year |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | 81.54 tCO2e/year |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
📈 Emissions by Report Period
| Report period | Headline emissions figure reported |
|---|---|
| 2022 | 986 tCO2e/year |
| 2021 | 767.85 tCO2e |
| 2020 | 1.1K tCO2e |
| 2019 | 1.5K tCO2e |
| 2017 | 1.3K tCO2e/year |
Each row is the headline figure extracted from a different report; scope coverage and methodology can change between years.
✅ Reported Environmental Achievements
- Increased paper recycling by 7%
- Reduced maintenance cost per square feet by 58%
🎯 Climate & Sustainability Targets
🔜 Short-term
- GWP 15%+, ROE 15%+, CAR 190%+, improve expense ratio and investment yield via cost optimisation and effective asset allocation.
📅 Medium-term
- GWP 12%+, ROE 17%+, CAR 200%+, improve expense ratio and investment yield via cost optimisation and effective asset allocation.
🌱 ESG Focus Areas
Diversity, Equity, and Inclusion (DE&I)Climate ChangeCommunity Responsibility