As the demand for resources in the rapidly evolving world is increasing, the efficient use of resources and adoption of circular economy principles is becoming more critical than ever. a.s.r. recognises the importance of sustainable resource management and supports the transition from a linear economy characterised by waste to one where the organisation aims to extend the lifecycle of products and limit resource outflows including waste. This commitment positively interacts with a.s.r.’s ambition to reduce the carbon footprint, halt and reverse nature loss and support sustainable entrepreneurship.
The following table presents a comprehensive overview of the material impacts, risks and opportunities identified, along with the corresponding policies, actions and targets. The purpose of this table is to highlight the linkages and dependencies among these elements.
| Materiality | IRO Description | Product line, staff function and/or other | Policies | Actions | Targets |
|---|---|---|---|---|---|
| Positive impact | 5.1 a.s.r.'s real estate investments that steer towards using secondary materials reduce the inflow of new goods, driven by encouragement of biobased and circular materials, leading to a positive impact on sustainability goals. | 1. Real Estate | 1. ESG Policy of Real Estate | 1. Introduce circular building principles in ESG strategy and policy. | None |
| Negative impact | 5.2 P&C insurance products mandate repair services which is a resource-intensive activity. The healthcare sector's large footprint in raw materials usage, covered under a.s.r.'s health insurance policies, contributes to significant material inflows driven by production and use of single-use medical products. | 1. P&C 2. Health | 1. Policy of Sustainable Insurance 2. Procurement policy of Health | 1. Refer customers to have damage repaired by certified companies. 2. Encourage healthcare providers to reduce the use of raw materials when purchasing aids. | None |
| Financial opportunity | 5.3 Shifting market demand towards circular, recycled, and pre-owned products presents an opportunity for a.s.r. to offer new insurance products and services, driven by increasing consumer interest in sustainability, leading to an expanded customer base and increased revenue. | 1. P&C | 1. Policy of Sustainable Insurance | 1. Promote the use of recycled parts among car repair shops. | None |
| Materiality | IRO Description | Product line, staff function and/or other | Policies | Actions | Targets |
|---|---|---|---|---|---|
| Positive impact | 6.1 a.s.r.'s dedication to material reuse in urban and infrastructure development supports the circular economy leading to a positive impact on resource lifecycle extension. | 1. Real Estate | 1. ESG Policy of Real Estate | 1. Promote the reuse of materials. | None |
| Materiality | IRO Description | Product line, staff function and/or other | Policies | Actions | Targets |
|---|---|---|---|---|---|
| Positive impact | 7.1 a.s.r.’s specialised insurance proposition for recycling companies addresses the challenge of insuring enterprises that may be considered high-risk due to the nature of their operations. By insuring them P&C facilitates these companies' ability to operate and manage waste effectively which has a positive impact on waste reduction and recycling efforts. | 1. P&C | 1. Policy of Sustainable Insurance | 1. Make recycling activities insurable through Corins. | None |
| Negative impact | 7.2 a.s.r.'s offices and distribution and services entities generate waste in their own operations. Furthermore a.s.r.’s various business activities generate significant material, medical, electronic, and operational waste, through for instance the value chain of Health (i.e. medical supply and P&C (i.e. repair services). | 1. Facilities 2. Corins, Robidus, TKP, D&S Holding 3. IT 4. P&C 5. Health | 1. None 2. None 3. None 4. Policy of Sustainable Insurance 5. Procurement policy of Health | 1. Facilitate waste separation and perform a waste scan of the residual waste. 2. None 3. None 4. None 5. Research criteria for sustainable procurement among health insurers to prevent waste. | None |
| Financial opportunity | 7.3 Offering tailored insurance coverage to recycling businesses presents a revenue opportunity for a.s.r., driven by meeting specific market needs for high-risk industries, leading to increased revenue. | 1. P&C | 1. Policy of Sustainable Insurance | 1. Make recycling activities insurable through Corins. | None |
6.2.4.1Managing impacts, risks, and opportunities
Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities
The material resource use and circular economy-related impacts of assets and activities were identified as part of the double materiality assessment; for more information on this process, see section 6.1.4.3. During the early stage of the double materiality assessment, a wide range of stakeholders were consulted. In addition to the double materiality assessment, no other methodologies, assumptions and tools were used in the screening process. Since material resource use is located in the value chain of a.s.r., with limited visibility on details of the materials used, no list and prioritisation of material resources was created.
6.2.4.2Policies and actions
Policies
Policies related to resource use and circular economy
In order to manage impacts, risks and opportunities in relation to resource use and circular economy, the following policy documents are relevant:
The ESG policy (Real Estate);
The Policy on Sustainable Insurance;
The Procurement Policy (Health).
Real Estate 5.16.1
Since the use of primary raw materials in building has a potential negative impact, Real Estate’s ESG policy sets out a framework to promote circular building principles. Circular building principles, such as reuse of materials and reduction of waste, are challenged during the design of new buildings projects acquired by Real Estate and incorporated in the programme of requirements.
Real Estate’s ESG policy's scope is the upstream value chain.
Real Estate is partnering with external institutions such as the Dutch Green Building Council (DGBC) to create a standard application format for sustainable construction projects and renovations. This format includes circular building principles, such as material sourcing, detachability and reuse potential, handling residual material, and handling construction and demolition waste.
This standard format will support the sector-wide implementation of more circular business models. As such, it addresses transitioning away from use of virgin resources, including relative increases in use of secondary (recycled) resources. Additionally, it addresses sustainable sourcing and the use of renewable resources.
Interests of key stakeholders such as project developers, construction companies and future tenants are given consideration indirectly through the development of market standards with the DGBC and directly during the design and engineering phase of construction and renovation projects.
This policy was made available to stakeholders who are potentially affected or who need to help implement it through the Program of Requirements that is in place for acquisitions of new buildings.
P&C 5.27.2
a.s.r.’s Policy on Sustainable Insurance addresses circular economy through underwriting and the execution of products and services.
In the underwriting process, a.s.r. may encounter new initiatives that significantly contribute to the transition to a more circular economy. These initiatives often involve companies that use practices such as recycling of materials and reducing waste. The P&C Sustainability Desk serves as a resource for advisors to inquire about the insurability of these initiatives. The Desk is dedicated to thoroughly evaluating these initiatives and, where possible, making them insurable. By leveraging the Sustainability Desk, a.s.r. can offer tailored solutions that address evolving customer needs.
Before any new or updated insurance solution is launched, it undergoes a thorough evaluation through the PARP. This ensures that all insurance solutions meet specific criteria, including that it does not negatively impact circular economy principles.
a.s.r. encourages customers to have damage repaired by certified companies selected by a.s.r. These selected repair companies are part of P&C’s sustainable repair network, chosen for their cooperation and adherence to sustainability standards. Damage can be repaired in various ways by different types of companies, such as construction companies, car repair shops or cleaning services. a.s.r.’s sustainable repair network includes a diverse range of these companies. Affiliated repairers are certified by Erkend Duurzaam and Groen Gedaan, recognised ESG quality marks in the repair sector. These certifications are mandatory for collaboration with a.s.r. The certification outlines minimum requirements for repairers to meet. These include assessing the environmental impact of their activities and developing effective policies for the use and disposal of chemicals, hazardous substances, waste water and gas emissions. Repairs by the selected companies are conducted in a socially responsible and environmentally conscious manner. Certification includes the use of second-hand materials and waste reduction practices. Periodic audits ensure compliance with these sustainability standards.
The scope of the Policy on Sustainable Insurance is Non-life and Life insurance products and services. The most relevant parts for P&C's upstream and downstream value chain are highlighted below.
P&C commits to respect the requirements of the sustainable repair network ‘Groen Gedaan’ through the implementation of the policy.
As the policy is expected to do no significant harm to affected communities, no consultations were conducted during the development of the Policy on Sustainable Insurance. The policy was not made available to potentially affected stakeholders and stakeholders who need to help implementing it, as there were none.
The Policy on Sustainable Insurance addresses the transition away from the use of virgin resources; through the sourcing and contracting of parties, a.s.r. prioritises repair over replacement whenever possible. Suppliers and repair companies are encouraged and motivated to repair damages where feasible. During the contracting process, a.s.r. specifically seeks out companies with relevant knowledge and experience in sustainable damage repair, such as fixing dents in stone countertops or water damage on wooden floors. This strategy helps a.s.r. reduce reliance on virgin resources by increasing the use of second-hand or recycled materials in repairs.
The policy also addresses sustainable sourcing and use of renewable resources as it promotes the most environmentally friendly manner of repair. Repairers can achieve this by adhering to the standards outlined in the Code of Conduct, thereby contributing positively to the sustainability of society. Sustainable sourcing of materials and reducing carbon emissions are integral parts of this approach.
Health 5.2
The joint policy in the healthcare sector follows from the Green Deal Sustainable Healthcare (GDDZ) 3.0. The agreements resulting from this have been translated into Health’s procurement policy. The healthcare sector jointly aims at:
Reducing the use of primary raw materials;
Providing circular care where possible;
Reducing unsorted residual waste;
Reducing the purchase of incontinence materials.
In addition to the joint policies, a.s.r. has a sustainability module in its pharmacy policy. a.s.r. was the first health insurer to include this sustainability module in its contracts, allowing pharmacies to earn money by delivering sustainably (delivery without using fossil fuels), working paperless using digital applications (Kijksluiter) and being a member of a platform on which they can share unused stock with pharmacies that do have patients for it (Pharmaswap). Health also focuses on stimulating sustainable innovation.
The GDDZ 3.0 is an agreement that covers the entire healthcare sector (including contracted healthcare providers in the Netherlands and innovative new businesses) and is shared across various sectors. The agreement is public and can be found online. The purchasing policy for 2025 was published on 1 April 2024. Discussions are being held with individual providers to implement the policy. Both healthcare providers and suppliers play an important role in the implementation of the policy.
The policy addresses transitioning away from the use of virgin resources by aiming to reduce the amount of unsorted residual waste and decrease the use of diapers and incontinence materials. The policy currently does not address sustainable sourcing or the use of renewable resources.
Facilities and distribution and services entities 7.2
For Facilities and the distribution and services entities, no policies have been adopted yet, since more time is needed to carefully develop suitable policies.
Actions
Actions and resources related to resource use and circular economy
To promote sustainable resource use and circular economy, several actions are undertaken by the product lines.
Facilities 7.2
The most important action is to facilitate good waste separation at the office locations of a.s.r. This is expected to reduce the amount of residual waste and increase the share of reuse and recycling. In addition, a scan of the residual waste will be done at the head office in early 2025.
The actions mainly focus on waste at a.s.r.'s head office, because this has the largest share. Where possible, a.s.r. will also implement similar measures at other office locations to further promote residual waste reduction. The waste originating from IT is included in scope of the actions.
A waste scan of the residual waste will be done at the beginning of 2025, after which a more detailed action plan will follow.
Real Estate 5.16.1
In the coming years, a.s.r. real estate will introduce circular building principles in its ESG strategy and policy, which is expected to lead to less virgin material use and to promote the reuse of materials. Additionally, the programme of requirements will be revised to ensure the targets are accomplished in acquisitions and large renovations.
The scope of these actions is new construction and renovation projects.
Real Estate has the ambition to reduce the impact of using primary materials, by implementing circular building principles in the ESG strategy and policy by 2025 at the latest.
P&C 5.25.37.17.3
a.s.r. aims to make a significant contribution to the sustainability of society by addressing societal challenges related to its core activities. One major societal challenge is the shift away from the single-use economy, where many items are replaced with new ones when damaged.
To help address this issue, a.s.r. aims to contribute to the transition to a circular economy by executing a circular repair pilot with a sustainable repair company for mobile electronics. a.s.r.’s repair partner is affiliated with Stichting Duurzaam and holds the Groen Gedaan! Certification. They are highly inventive in alternative repair methods and specialise in repairing mobile electronics after water damage.
Additionally, to promote the use of recycled parts among car repair shops, a.s.r. has initiated a pilot project on circular claims handling with a group of car repairers. The aim is to explore opportunities and increase the use of second-hand or recycled parts in car repairs, such as installing a second-hand bumper.
The scope of the actions is focused on collaborating with contracted sustainable repair companies.
P&C strives to continuously explore new opportunities to enhance the positive impact of sustainable repair practices. This ongoing process remains a constant focus of attention.
Furthermore, in the co-insurance market, P&C makes recycling activities insurable through Corins by offering customised solutions for industrial risks of manufacturing companies that contribute to the circular economy.
Health 5.27.2
As a health insurer, a.s.r. has no control over or insight into the purchasing practices of individual healthcare institutions. However, Health can stimulate institutions to work on circularity through its procurement policy. Joint actions of health insurers in the Netherlands:
Research is being conducted into the possibility for health insurers or care offices to jointly set criteria for sustainability in purchasing. This includes incorporating sustainability criteria in the contracting of aid suppliers, with the aim of reducing packaging, preventing waste and encouraging reuse.
The healthcare procurement policy is aimed at reducing waste and promoting reuse among healthcare providers, such as with aids, food and medicines. This also contributes to lobbying for possible adjustments in obstructive regulations (article 5.2b, f and j).
The healthcare purchasing policy strives for uniformity, whereby healthcare providers are encouraged to steer towards reducing the use of raw materials when purchasing aids. This is done per sector and in consultation with the industry, focusing on the most important aids.
In the healthcare procurement policy 2024, health insurers have included the expectation that healthcare providers commit to the GDDZ 3.0 and anchor sustainability in their business strategy.
In addition to these joint actions, a.s.r. supports three innovations:
CareCycle: reissuing of unused absorbent incontinence materials that would otherwise be thrown away.
Medsafe: combating waste by reissuing of medicines and thus reducing medical waste.
Pharmaswap: sharing marketplace where pharmacists can share supply and demand of medicines that are approaching their expiration date, thus combating waste (both waste and use of raw materials).
The scope of the actions is Dutch contracted healthcare providers. The procurement policy has been revised in 2024.
Distribution and services entities 7.2
In 2024, no actions have been adopted in relation to waste by the distribution and services entities, as they are developing a policy first. a.s.r. expects the related actions to be set after policy approval.
6.2.4.3Targets and metrics
Targets
Targets related to resource use and circular economy
In the past year, a.s.r. has mapped activities related to circular economy throughout the organisation. However, it has not yet set specific targets for resource use and circular economy practices.
This has to do with several factors. Firstly, as a service-based rather than product-based company, a.s.r.’s resource use is in its value chain and setting meaningful and impactful targets in this area requires a tailored approach that a.s.r. is still developing.
Also, establishing accurate and actionable targets necessitates comprehensive data on a.s.r.’s current resource use and waste generation. Over the past year, the organisation has focused on enhancing data collection and analysis to ensure that future targets are based on reliable information. Moving forward, a.s.r. will continue its efforts towards the setting of targets and will update stakeholders on its progress in this area.
Currently, a.s.r. does not track the effectiveness of its policies and actions in relation to the material sustainability-related impact, risk and opportunity with regards to resource use and circular economy.
Metrics
Resource inflows
Material impact on the topic resource inflows was identified for the product lines Real Estate, P&C and Health in their value chains. The material resource inflows are outlined here.
Real Estate’s most material resource inflows are construction materials, such as wood, concrete, steel and glass, for new construction and renovation projects.
P&C’s car repair companies use packaging materials (e.g. cardboard) and materials for repair (e.g. metals). Property repair and maintenance relies on materials for interiors (e.g. glass, flooring, construction materials, paints and electronics). Both also rely on the use of property and equipment.
Health’s resource inflows are mainly metals and minerals, which are used for pharmaceuticals and other chemical products, medical and electronic products, food and catering, among other things.
No data is available yet for these resource inflows.
Resource outflows and waste
The table below contains the specification of the total amount of waste generated in a.s.r.'s own operations.
| | Unit of measure | Hazardous | Non-hazardous | Total |
|---|---|---|---|---|
| Total amount of waste generated | in tonnes | 7.2 | 981.3 | 988.5 |
| | | - | - | - |
| Preparation for reuse | in tonnes | - | 3.3 | 3.3 |
| Recycling | in tonnes | 0.2 | 765.0 | 765.2 |
| Other recovery operations | in tonnes | - | - | - |
| Total amount diverted from disposal | in tonnes | 0.2 | 768.3 | 768.5 |
| | | - | - | - |
| Incineration | in tonnes | - | 198.1 | 198.1 |
| Landfill | in tonnes | - | 0.3 | 0.3 |
| Other disposal operations | in tonnes | 7.0 | 14.5 | 21.5 |
| Total amount directed to disposal | in tonnes | 7.0 | 213.0 | 220.0 |
| | | - | - | - |
| Total amount of non-recycled waste | in tonnes | - | - | 220.1 |
| Total percentage of non-recycled waste | in % | - | - | 22% |
a.s.r. is digitalising its paper archive, which leads to relatively high paper waste in comparison to other waste types. Moreover, the office location in Rotterdam has been closed at the end of 2024. The closure of this building caused a one-off spike in waste generated. Both these events led to an increase of more than 400,000 kilogrammes of waste. This is all allocated to "Recycling". For disclosure on the methodology, assumptions and limitations of the above mentioned numbers, see section 6.5.3.4 CSRD reporting policies.
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