Convex Sustainability Profile
Convex, officially known as Convex Insurance, is a prominent player in the global insurance industry, headquartered in Bermuda (BM). Founded in 2020, the company has quickly established itself as a leader in specialty insurance and reinsurance, focusing on innovative solutions tailored to complex risks. With a strong operational presence across North America, Europe, and Asia, Convex offers a diverse range of products, including property, casualty, and marine insurance. What sets Convex apart is its commitment to leveraging advanced technology and data analytics, enabling more efficient underwriting and risk assessment. The company has achieved significant milestones in a short span, including rapid growth in its client base and recognition for its customer-centric approach. As a result, Convex has positioned itself as a trusted partner in the insurance market, known for its agility and expertise in navigating evolving industry challenges.
DitchCarbon Score
How does Convex's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Insurance Services industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Convex's score of 21 is lower than 77% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Convex's reported carbon emissions
In 2024, Convex, headquartered in BM, reported total carbon emissions of approximately 2,710,000 kg CO2e, with Scope 2 emissions accounting for about 113,000 kg CO2e. This marks a slight decrease from 2023, where total emissions were approximately 2,735,000 kg CO2e, with Scope 2 emissions at about 120,000 kg CO2e. Convex's emissions data for 2022 indicates a more comprehensive breakdown, with Scope 1 emissions at approximately 46,000 kg CO2e, Scope 2 emissions at about 276,000 kg CO2e (location-based), and significant Scope 3 emissions of approximately 4,958,000 kg CO2e, primarily from business travel. Despite these figures, Convex has not set specific reduction targets or initiatives, nor do they participate in the Science Based Targets initiative (SBTi) or other climate pledges. The absence of documented reduction strategies suggests a need for enhanced climate commitments within the organisation. Overall, while Convex has made strides in tracking emissions, the lack of defined reduction goals highlights an opportunity for further engagement in climate action.
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| 2021 | 2022 | |
|---|---|---|
| Scope 1 | 35,000 | 00,000 |
| Scope 2 | 74,000 | 000,000 |
| Scope 3 | 857,000 | 0,000,000 |
How Carbon Intensive is Convex's Industry?
How Carbon Intensive is Convex's Location?
Convex's Scope 3 Categories Breakdown
Convex's Scope 3 emissions, which increased by 479% last year and increased by approximately 479% since 2021, demonstrating supply chain emissions tracking. Nearly all of their carbon footprint comes from suppliers and value chain emissions, representing nearly all emissions under the GHG Protocol, with "Business Travel" being the largest emissions source at 100% of Scope 3 emissions.
Top Scope 3 Categories
Convex's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Convex has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
