Our activities ensure that we show leadership and act in a straightforward way for the benefit and understanding of everyone.
We understand that we have an obligation to ensure we operate in a responsible, respectful and sustainable way.
Central to this is maintaining high standards of business supported by appropriate policies, controls and oversight. We maintain constructive relationships with the relevant regulatory bodies and others who provide the Group with supervision.
We also value our partnerships with a number of third-party suppliers and service providers and seek to receive assurance that employers within the services and limited supply chains used by the Group pay a living wage.
Lancashire is committed to understanding and managing the environmental impact of its business.
We continue to measure our carbon footprint for our own operations annually with a view to minimising its negative impact through mitigation strategies and by offsetting at least 100% of our calculated GHG emissions, in order to remain carbon neutral.
For 2024, we procured 25% of our carbon credits via a carbon sequestration project with the remaining 75% in a carbon avoidance programme. In 2021 and 2022 the Group offset 15% of its emissions via a carbon sequestration project, which aims to actively remove carbon from the atmosphere, with the remainder of our carbon credits procured via carbon avoidance projects. In 2023 we increased the allocation to carbon sequestration projects to 20%.
The Group recognises the challenges posed by climate change and considers its environmental impact as part of its wider risk management and strategic planning process.
We welcome the opportunity to be part of the industry’s focus on driving action on climate change risk and look forward to coordinating with firms across the sector as we all rise to the shared challenges we face.