APCIA 2021 roundup
New insurance solution to protect against ESG ‘greenwashing’
Lessons learned: what COVID-19 has taught the re/insurance industry
Nir Kossovsky, CEO, Steel City Re
A gap is emerging in the ESG space between what firms are promising through their marketing arms and what they can actually deliver, warns the CEO of Steel City Re.
Today, environmental, social and corporate governance factors (ESG) are a risk. The pronouncements, promises and pledges that many companies have made have become a risk because of the allegations of “greenwashing” and the fear that many of these aspirational targets are not only out of reach but were knowingly set out of reach, according to Nir Kossovsky, chief executive officer of Steel City Re.
Speaking with the 1.1 Club, Intelligent Insurer’s online, on-demand platform for one-on-one interviews with industry leaders, Kossovsky said that “insurance is in many ways a very easy way to get out of the responsibility of managing risk”.
With the reputational risk of greenwashing comes the need to actively manage risk, with the role of risk management being that much more vital for a firm than perhaps some of the traditional property and casualty exposures, he said.
Steel City Re, ESG, Risk Management, Insurance, Reinsurance, Nir Kossovsky, North America, Global