The Environmental, Social and Governance (ESG) agenda has become an increasing priority for the financial services sector including insurers. The world has seen an increased focus from the public and political institutions on the ESG agenda. The Paris Agreement in 2016 was a landmark event for climate action with the adoption of a legally binding international treaty on climate change. Subsequently, there has been an increase in social justice considerations such as gender equality, social inclusion and diversity.
With the advent of the COVID-19 pandemic, organizations have started to prioritize their ESG strategy and corporate stewardship. Notably, financial services are accelerating their activities in this space, with the stark realities of Covid have come a wider appreciation of macro level risks in general – climate change included – and how these factors can dramatically turn the business tables. For insurers, this includes integrating ESG within the core business and operations, as part of underwriting, investing and risk management decisions, and developing tailored ESG products and services.
Download this PDF to read:
- How firms can drive profitability while adhering to moral, ethical and legal obligations
- The financial services regulatory timeline
- Why underwriting is advancing with new technology and innovation
- The emerging insurance industry trends
- Key steps to embed ESG into insurance.
For more information about the implications of ESG and about our framework for insurance firms, please contact us.
Partner, Capco UK
Partner, Global ESG Lead, Capco Austria, Germany & Slovakia (AGS)
Partner, Insurance Lead, Capco Austria, Germany & Slovakia (AGS)