Why sustainability and ESG are key insurance business issues

Addressing sustainability and ESG is not simply a matter of complying with the rules—it’s essential for insurers’ survival, as panellists in a recent webinar held by global law firm DLA Piper discussed.

In the insurance industry, and in the wider financial and business communities, the concept of sustainability is evolving. Now insurers are looking at it not just from the perspective of how environmental, social and corporate governance (ESG) issues impact insurance and investment portfolios, but also how insurance and investment portfolios impact the environment and society.

This is according to Butch Bacani, programme leader for the UN Environment Programme’s Principles for Sustainable Insurance Initiative, speaking in the webinar launch of a new report from law firm DLA Piper that addresses sustainability and ESG issues in the insurance sector.

The report, titled “Addressing the Sustainability Imperative”, outlines major global initiatives and frameworks, providing decision-makers, in-house counsel, sustainability officers and anyone else dealing with sustainability issues in the insurance sector with an overview of current developments along with support in developing their sustainability strategies.