As stakeholder expectations around sustainability grow, a new Geneva Association report, The Role of Insurance in Promoting Social Sustainability, highlights the insurance industry’s “abundant, inherent social benefit in providing financial stability and peace of mind” to people and businesses, estimating that insurers contribute between US$5-5.5trn a year to global financial resilience through insurance claims and benefit payouts.
To further advance social sustainability, the report advises insurers to hone their impact underwriting and investing activities, as well as due diligence on risks linked to their clients, investors and operations, from human rights violations to algorithmic bias.
See the next issue of CIR Magazine for more on this report.
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