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      Investors are demanding ever more comprehensive disclosures on the impact of climate-related matters. They’re expecting a company’s financial statements, management discussion and analysis (MD&A) and sustainability-related disclosures all to provide a coherent, connected and integrated picture of the risks and opportunities facing the business.​

      ​Our 2023 climate-related disclosure benchmarking analysis covers 47 major insurers. It focuses on 5 key areas: financial reporting, financed and insurance-associated emissions, transition plans, nature-related disclosures and assurance.​

      ​These areas have been selected as they are current or emerging areas of focus in sustainability reporting for insurers. ​

      Benchmarking insurers' climated-related disclosures in the 2023 reporting cycle

      Insurer's climate-related disclosures | Benchmarking insurer's climate-related disclosures in the 2023 reporting cycle

      Insurer's climate-related disclosures | Benchmarking insurer's climate-related disclosures in the 2023 reporting cycle
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      Connected reporting​

      Frederic Poesen
      Frederic Poesen

      Partner | Audit

      KPMG in Belgium

      Financial reporting​

      ​Mentions of climate in insurers' financial statements are primarily limited to the basis of preparation or risk management sections.​ Continuing to improve connectivity through the full reporting suite, including the financial statements, is key.​

      Financed and insurance-associated emissions

      Calculating financed and insurance-associated emissions is far from easy and presents an ongoing challenge for insurers, particularly in jurisdictions with less advanced climate-related disclosure regulations.​

      Transition plans​

      Many insurers have committed to becoming net zero by 2050. Now they need to continue developing and articulating their transition plans with detailed implementation strategies, including clear action plans.​ This would allow users to better assess insurers’ feasibility, progress and effort associated with reaching net zero.​

      Nature-related disclosures​

      There is an increasing focus on nature and its connection with climate-related risks, but there is a lot more to be done in terms of developing strategies and plans. ​Most insurers acknowledge this as an emerging area which they are currently working through. ​

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