target audience: TECH SUPPLIER Publication date: May 2024 - Document type: IDC Survey - Doc Document number: # US50797323
Navigating the Green Wave: Insurers' Journey Toward Sustainable Futures, According to IDC's Financial Insights Survey, 2023
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Abstract
This IDC Survey presentation delves into the shifting landscape of sustainability trends, objectives, priorities, and challenges in the insurance sector. The study encompasses insights from 223 insurance providers spanning regions such as the U.S., Canada, the U.K., Germany, France, Italy, Poland, Sweden, Saudi Arabia, the UAE, South Africa, Singapore, India, and Australia.
Insurers prioritize sustainability through regulatory compliance, expanding data landscapes for climate risk assessment and exploring monetization avenues such as green underwriting. Progress is evident in scope 1 emissions tracking and governance structures, but challenges persist in measuring scope 2 and 3 emissions as well as streamlining environmental, social, and governance (ESG) data processes. Tools and technologies focus on data analytics, regulatory reporting, and governance, risk, and compliance (GRC) solutions. While ESG offices and task forces indicate commitment, integration across business lines remains fragmented. Challenges include clarifying ESG priorities, talent shortage, and execution clarity. Customer initiatives prioritize monetization and derisking, with a focus on post-COP28 financial projects aligning with low-carbon transitions. Insurers excel in eco-friendly practices but lag in carbon footprint management, emphasizing modernization and greener infrastructure.
This is the fifth presentation from the Insurance Industry Outlook: IDC's Financial Insights Survey, 2023, series.
"In the insurance landscape, sustainability isn't just compliance; it's a journey of data, diligence, and daring. Insurers chart regulatory waters while seizing green prospects amid data complexities. Fragmented ESG integration persists alongside priority clarification and talent shortages. Post-COP28, they steer toward sustainability, prioritizing monetization and risk management," said Davide Palanza, research manager, IDC's Financial Insights Europe.