Global: Insurers are rising to the world's social sustainability challenges
Source: Middle East Insurance Review | Dec 2022
Amid growing stakeholder expectations for businesses to have more social impact, a new Geneva Association report, The Role of Insurance in Promoting Social Sustainability, highlighted insurance’s abundant, inherent social benefit in providing financial stability and peace of mind to people and businesses. The association estimated that insurers contribute $5-5.5tn per year to global financial resilience through insurance claims and benefit pay-outs.
To advance social sustainability, the report advised insurers to hone their impact underwriting and investing activities, as well as due diligence on risks linked to their clients, investees and operations, from human rights violations to algorithmic bias.
The report has put forward an innovative framework for insurers to assess their ‘social footprint’, inspired by the Greenhouse Gas Protocol’s approach to carbon emissions disclosure. M