Report: More than 90% of Insurers Implement ESG Considerations
According to a new survey by global investment management firm Conning, more than 90% of insurers have included environmental, social, and governance (ESG) issues in their investment strategy, with 80% doing so in the previous two years.
ESG – The Companies Speak: Insights from Conning's ESG Survey of Insurers offered data and analysis from 280 responses to a survey of US insurance executives and top management from a diverse range of companies.
Conning said the companies that responded covered a wide range of sizes, ownership structures, and business focuses. The survey looked into the impact of external pressures and stakeholders on companies and the ESG initiatives they were pursuing.
According to the survey, insurance management teams have indicated a significant increase in ESG engagement.
Terence Martin, director of insurance research at Conning, said:
"This suggests that ESG has become a key area that insurers are working to incorporate into their businesses. However, there are key differences between life-annuity and property-casualty companies, and between public stock and mutual-fraternal companies.”
Scott Hawkins, head of insurance research at Conning, said:
"This survey indicates that, while the US insurance industry is aware of, and focusing on, ESG, at this point, companies are following their paths to ESG integration. This is not surprising given the diversity of the US insurance industry. The one area of exception where there is more consistency across different types of insurers appears to be in investment management.”
Source: Insurance Business