The insurance sector is facing significant changes due to increasing regulatory requirements, growing stakeholder expectations and the urgent need to address ESG risks. The EMA ESG Insurance Benchmarking Survey 2024 examines how insurance companies in the EMA region (Europe, Middle East and Africa) are integrating ESG into their strategies and operations. Our analysis shows both progress and areas for development in operational implementation. What priorities are companies setting and how are they shaping the path to sustainable transformation? The study provides practical insights and identifies key areas of action that are crucial for sustainable growth and ESG excellence.
Insurers play a key role in the sustainability transition by directing financial flows toward sustainable activities and encouraging companies to adopt greener practices. And while our benchmark shows progress, fully embedding ESG in daily operations remains a long journey. The challenge lies in turning ambition into action and shifting from compliance to value creation. Belgian insurers face varying levels of ambition and capacity, leading to different maturity levels. Still, there鈥檚 reason for optimism - ESG awareness is widespread, significant progress has been made, and ESG remains a key focus in Belgium and Europe!
The most important results
- ESG strategy: 79% of insurers have established a global ESG strategy, but only 13% have fully integrated it into their business practices.
- Investments: The majority of insurers focus ESG investments on regulatory compliance; only 19 percent see ESG as a key value driver.
- Leadership and governance: 60 percent of insurers have an ESG committee at board level, but responsibility often remains fragmented.
- Data challenges: 44 percent of companies have not found an adequate solution for ESG data collection in line with the requirements of the Corporate Sustainability Reporting Directive (CSRD).
- Net zero targets: Only 23 percent of insurers have ambitious plans to reduce direct emissions, while Scope 3 emissions are largely ignored.
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