Following on from the publication of ESG and Insurance: A chance to rethink your ESG strategy (2021), PwC Strategy& has conducted annual surveys of the global community of (re)insurers and brokers to better understand how industry players think about their ESG strategies and their role in helping clients transition towards net zero carbon emissions (Net Zero).
Based on two years of data from a large, representative pool of respondents across all major insurance verticals from more than 25 countries, Strategy& have uncovered the following:
While 96% of insurers believe they have a pivotal role to play in the Net Zero transition across all industries, 38% of insurers do not yet have a Net Zero target in place – moreover, only 11% have a strategy in place to adjust underwriting, products and services for climate change.
When it comes to participating in the Net Zero transition, only 4% of insurers consider their ESG underwriting capabilities to be mature or leading, despite 87% of respondents believing it is likely or very likely for underwriting to be impacted by, and playing a key role in, ESG.
Most players are taking action: 80% of insurers are planning to invest in ESG-related assets or projects, with 52% planning to invest in multiple assets or projects and 28% planning to make targeted investment in standalone ESG-related projects or assets.
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