The Role of Insurance in Promoting Social Sustainability

Author: Kai-Uwe Schanz

Environmental, social and governance (ESG) considerations have become integral to insurance business models and strategies. Though focus has mainly been on the ‘E’ and ‘G’ dimensions until now, crises such as the Ukraine war and the pandemic have contributed to shifting attention to social sustainability. This report explores how insurers can extend their inherent social utility to better address the ‘S’ dimension of ESG. It provides recommendations for the industry to strengthen its role in promoting social sustainability and resilience and presents an assessment framework for insurance companies to evaluate their social impacts on their employees, customers and local communities.

 

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