2022 Focus Series: ESG in the Insurance Industry: Governance Topics and the Path Forward


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Concerns about climate change, social justice, and equality have been increasing for years, but in 2021, these concerns are becoming mainstream in all areas of business, including insurance. This report is the fourth in a series that Conning will release, which will examine how the insurance industry is integrating ESG (Environmental, Social, and Governance) concerns into their operations and reporting.



Table of Contents:


Introduction



  • Why Governance?

  • Environmental

  • Social

  • Governance


Measuring the Governance Portion of ESG



  • Measuring Progress on Environmental Concerns

  • Scoring the Insurance Industry on Environmental Concerns

  • Governance Is the Oldest Among Equals

  • Proxy Advisory Firms

  • Governance: The “G” in ESG Tends to Be Silent

  • Cyber Risk and Data Governance

  • ESG Actions of the Largest U.S. Insurance Companies


Overall ESG Status of the Insurance Industry



  • MSCI Overall Rankings


The Path Forward



  • Lack of Useful Information a Growing Concern

  • Building ESG Pressure from All Directions

  • Significant Influencers

  • What Does the Future Hold?


Introduction

This report is the fourth in a series that Conning released that examines how the insurance industry is integrating ESG (Environmental, Social, and Governance) concerns into their operations and reporting. The first installment, issued in March 2021, provided an overview of ESG, current regulations and disclosures, and a summary of some of the current efforts to standardize ESG regulations and disclosures. The second installment, issued in July 2021, examined social issues, including the important topic of DEI (diversity, equity, and inclusion). The third installment, issued in November 2021, examined environmental concerns, including the growing call for the insurance industry to use its influence as significant investors in the economy to withdraw financial support from industries that contribute to climate change and instead steer it toward greener industries. 


This report examines governance concerns and how companies are responding by adjusting and augmenting their governance controls. This study also provides a summary of the progress the industry has made toward integrating concerns in all three categories of ESG into their operations.