On Tuesday, 22 June our webinar on ESG in Insurance took place.
During this webinar, our KPMG experts provided insights on:
Sustainability and ESG – The bigger picture
- Sustainability is about the responsibility of companies for the impact they have on society and the environment, both in terms of minimizing negative impact and maximizing positive impact
- In recent years, sustainability has migrated from the periphery of business to the heart of corporate decision-making.
- Companies engage sustainability by directing their attention to those ESG topics that matter most to the business and its stakeholders, and adjusting business practices accordingly, i.e. ESG incorporation
- More concretely, companies can capture the benefits from ESG incorporation through risk management, cost reduction, new market entry and intangible value drivers, like reputation and the employee value proposition
The emerging regulatory framework
- The emerging regulatory framework is developing at a fast pace and with ambitious time lines, that will require continuous follow-up.
- Organisations should be aware that sustainability is increasingly becoming a “legal” topic rather than merely a “marketing” topic.
- Regulatory impacts will vary depending on the type of insurance activities (life / non-life / IBIPs / …) that are being developed.
- The insurance sector has a unique position within this new legal framework, as it can contribute to sustainability both through its investments policies and through its underwriting activities.
Practical implementations SFDR &ESG IDD
- Many actors in the financial sector are struggling with the practical implementation of the new EU regulatory framework for sustainable finance.
- When implementing these new rules, a structured firm-wide approach is key for a successful implementation.
- Since SFDR disclosures are different for each firm, it is recommended to define exact disclosure requirements in a methodological way and secure dataflows in accordance with the firm’s specific needs.
- Being obliged to take into account the client’s ESG preferences when providing insurance advice, firms should assess whether their current offering allows them to do so. Next to that, it will also require firms to review the entire insurance advice process, including IDD-questionnaires, investment profile, product database, investment strategies and related documentation.
If you missed the webinar or would like to revisit it, we invite you to watch the recording and download the slides. If you have any further questions or comments, do not hesitate to reach out to the relevant expert listed below.
Relive the webinar
Relive our webinar with speakers Walter Jacob, Michael Wagemans, Michiel Dobbelaere and Dieder Moelans by watching the videos or select your preferred topic by clicking on the corresponding video.
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The challenges of sustainability are constantly changing; KPMG Sustainability responds by continually developing our knowledge and ideas.
KPMG Sustainability is continually developing our knowledge and ideas.