ESG STANDARDS AND THE NEW CHALLENGES FOR SECURITY AND SUSTAINABILITY IN INSURANCE

Abstract

The global economic environment and its complex interrelationships influence the public expectations from insurance and the prospects for the implementation of insurance activity by insurance companies in the conditions of a regulated insurance market. The specific features in the management of the insurance processes and operations in the insurance aggregates in the conditions of the dynamic and multifaceted manifestation of the insurance risks in the individual insurance products and the sustainability visions, comprehensively determine the ESG standards, as challenges and an influencing factor with increasing relevance and significance for safe and sustainable development of insurance. Insurers emphasize the transparent professional consulting and optimization of the insurance activity, which are in accordance with the changes in the legislation, by declaring the adverse effects of the decisions taken and implemented on the sustainability factors. The challenges of ESG standards are accepted as an opportunity and motivation to undertake specific activities and activities that actually ensure the sustainability of the insurance business and unconditionally require significant efforts and resources. The ESG framework provides a comprehensive overview of the impact of insurance companies on society and the environment.