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.
Christoph Krallmann
Partner, Financial Services
KPMG AG Wirtschaftsprüfungsgesellschaft
+49 40 32015-5127 Christoph
Krallmann
Phone number
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.
The success of ESG integration hinges on the collaboration and alignment across corporate functions. From HR to risk management, every department should play a pivotal role in embedding sustainability into the core of business operations.
