P&V: Pioneer in Climate-Aligned Insurance Benelux 2026
In April 2026, P&V became the first insurer active in Belgium to have its decarbonisation plan validated by the Science Based Targets initiative, the body setting science-based climate-target standards. The plan covers 68 percent of its 2024 baseline emissions and establishes 2030 and 2035 milestones across all 3 Greenhouse Gas Protocol scopes.
The pathway addresses the principal source of an insurer’s climate footprint, its investment portfolio, while recognising limits to direct control over investee companies and still-developing emissions data. P&V has committed to annual public reporting, shortening the framework’s five-year update cycle and creating accountability.
Cooperative ownership provides a governance context suited to long-term climate planning. No shareholder requirement for quarterly returns allows the business to weigh near-term market movements against its assessment that climate-integrated investee strategies may prove more resilient. This aligns investment stewardship with limiting the protection gap associated with climate-related natural catastrophes.
A net-zero renovation of P&V’s ageing headquarters and the planned conversion of its Belgian corporate fleet to electric vehicles bring operational disciplines into the programme. Procurement is included voluntarily: around 40 percent of suppliers currently have decarbonisation plans, with a target of two-thirds by 2030.
For 2025, P&V Group, the Belgian cooperative insurer operating through the P&V brand, recorded €2.3bn in premiums, €83.8m net profit and a 180 percent solvency ratio. Its business mix comprised 48 percent non-life and 52 percent life and group insurance.
Annual disclosure and practical delivery will determine the plan’s longer-term credibility. The Capital Finance International (CFI.co) Judging Panel congratulates P&V on winning the Pioneer in Climate-Aligned Insurance 2026 Award (Benelux).
