On the current stage of implementation of the environmental principles of the ESG by the largest insurers in Western Europe

Abstract

The subject of the study is the activities carried out by the largest insurance companies in Western Europe in order to implement the environmental principles of the ESG in their own activities. The object of the study is the ESG culture in the insurance companies. The article focuses on the ESG activities of the largest insurers in Western Europe. Due to the special need of introducing relevant experience into the activities of the Russian insurance market, the problems of developed and emerging markets companies' implementation of the ESG principles are currently being studied at the Financial University under the Government of the Russian Federation as part of fundamental research work within the framework of the 2024 state assignment on the topic: "Insurance in ESG" (Stage III). In the course of the study, theoretical (analysis and generalization of the presented materials and knowledge in the field of interest) and private (assessment of information provided in the public domain, consideration and evaluation of expert opinions, as well as observation and description aimed at and development of summarizing conclusions) methods of study were used. The author's contribution to the study of the problems of joining insurance markets to the conceptual principles of ESG are the following conclusions. The ESG activities of large Western European insurers are characterized by the presence of a conceptual component, since most of them have issued corporate doctrinal documents. The introduction of ESG principles into the activities of Western European insurance companies is a fairly common practice and is carried out using methods similar to most, while possessing different informational, managerial or socio-economic authentic features. Financing of measures aimed at preserving the environment is a natural thing for Western European companies and is unlikely to be regarded by them as a burden on their own financial and economic activities. At the same time, compliance with ESG principles can stimulate innovation, investment and new business opportunities, give impetus to the development of advanced products and services and, as a result, serve to expand business opportunities and sustainable economic growth.