Message from the CEO

We have just emerged from a year that was both different and challenging, but that we succeeded in navigating very well. We live in a time of significant geopolitical turmoil, with a tougher economic landscape for both businesses and households, and where a large number of customers were also affected by extreme weather.  

Something that has impressed me a lot over the past year is the way in which we worked to help our customers through some of the biggest storms we’ve ever faced – literally. The year witnessed numerous severe weather events throughout the summer in both the Nordics and the rest of Europe. These events were followed by the storm Hans and subsequent torrential rain in the autumn.

Last year, we handled around 2 million claims, and we paid out an average of SEK 100 million in claims payments every day. We are well prepared for larger events like this and more turbulent times, and we benefit from diversification and a strong underlying result. We have remained by our customers’ side and gone the extra mile to provide them with the help they need. We have provided stability in an unstable world.  

In December 2023, we received the very good news that our near-term science-based emissions reduction targets have been approved by the Science Based Target initiative (SBTi). As a financial institution, If is required to set targets for the company’s investments, as this is the area that typically accounts for the majority of a financial institution’s greenhouse gas emissions. We however have chosen to take our commitment one step further, and have also set targets for our claims operations, although there is no requirement to do so.

Claims represent a substantial part of If’s total emissions, as If purchases goods and services within the motor and property segments worth more than SEK 11 billion every year. We want our targets to have as much impact as possible. By setting science-based targets, and including voluntary reduction measures for our claims operations, we hope to set an example that other insurance companies will follow.  

I am truly proud of the way in which we supported our customers during the year. It is thanks to our employees’ hard work and efforts that we have succeeded as well as we have. We have a strong position, we are financially stable, we have satisfied customers and we continue to invest in the future. As a company, and in everything we do, we will continue to work towards our ambition of actively contributing to a more sustainable society. I look forward to further strengthening our sustainability efforts, in close cooperation with our customers, employees and partners. 

Morten Thorsrud  
CEO, If