Sustainability in the Industry
Insurance Companies
Impacts, Risks and Opportunities
Sustainability in Insurance Companies
The insurance companies have enormous leverage for sustainability. As important investors, they have the opportunity to direct the capital they manage into ESG investments and to protect companies that operate sustainably. This allows them to use market knowledge and economic power to transform “light green” aspirations into sustainable, positive social or environmental impact.
There is further potential in their core business of product design if, for example, insurers offer higher benefits to those customers who choose repairs instead of replacements in the event of damage, or choose particularly sustainable products when purchasing new ones. Point systems and reduced contribution payments can provide incentives for a sustainable lifestyle in everyday life.
There is further potential in their core business of product design if, for example, insurers offer higher benefits to those customers who choose repairs instead of replacements in the event of damage, or choose particularly sustainable products when purchasing new ones. Point systems and reduced contribution payments can provide incentives for a sustainable lifestyle in everyday life.
Insurance companies are impact companies themselves. Hedging against risks is of almost existential social and social importance for companies, but especially for private customers and families. Insurance companies can have a very negative impact if they do not pay claims or confront their customers with lengthy processes. They achieve a strongly positive effect when they protect people’s social base through targeted risk hedging. Corporate responsibility also includes fair offer conditions, adapting benefits to the changing realities of life of the insured and simple, digital and transparent processes instead of a flood of paper and overly complex contractual conditions.
The industry includes, for example, life, property and accident insurance including brokers, reinsurance, pension funds as well as risk/damage assessment. Covering health risks falls under the separate “health insurance” industry.
The industry includes, for example, life, property and accident insurance including brokers, reinsurance, pension funds as well as risk/damage assessment. Covering health risks falls under the separate “health insurance” industry.
Industry Materiality
Key Fields in the Industry
Climate
Resources
Society
EU NACE Classification
Industry NACE Classes
Unsure if the industry is the right one? A comparison with the EU’s granular NACE classification Rev. 2.1 provides clarity.
Included NACE classes in the industry
L 65.1 Insurance
L 65.11 Life insurance
L 65.2 Reinsurance
L 65.20 Reinsurance
L 65.3 Pension funding
L 65.30 Pension funding
L 66.2 Activities auxiliary to insurance and pension funding
L 66.21 Risk and damage evaluation
L 66.22 Activities of insurance agents and brokers
L 66.29 Activities auxiliary to insurance and pension funding n.e.c.
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