Why should insurers care about ESG?

If you’re new to ESG reporting, it can feel a bit overwhelming. Many ESG reports are dauntingly massive — even hundreds of pages — but don’t let that deter you. You can start small — think ESG report card, or an ESG infographic. The important thing is to start having the conversation. (Credit: Blue Planet Studio/Shutterstock.com)

Good corporate citizenship has always been closely tied to the insurance industry, which exists to provide support to people who need assistance during some of the most challenging moments of their lives. But for a number of reasons environmental, social and governance (ESG) reporting is more important than ever for the insurance industry.

Once a reporting framework that was used primarily by publicly traded companies, allowing potential investors to better understand a company’s efforts in key areas before investing, ESG has become equally valuable for private companies. It’s a framework for any company to report out on topics that are increasingly important for customers, employees, vendors, regulators and other stakeholders who want to know the companies they’re working with, and giving their dollars to, are good corporate citizens.