December 2022

In this podcast, Insurance Post and CRIF examine the extent and influence of environmental, social and governance principles on insurers and their supply chains. Join Scott McGee, David Scott, Aviva and Allianz to explore some of the key challenges for the insurance industry in meeting its responsibilities and ask what more can be done to ensure ESG is better understood, measured, and embedded across tomorrow’s insurance landscape.

Podcast timeline

00:06 - Introduction

00:49 – General overview of ESG and the industry

10:59 – Is the industry looking approaching ESG as a priority?

14:04 – How far has the insurance industry come in establishing its ESG credentials and how much do you feel these credentials need to align with your ESG strategy itself?

19:05 – Do insurers need to be stricter on who they partner with to ensure they are aligned with your ESG strategy?

27:45 – What are the main barriers that we see to the insurance industry’s progress in this area?

30:10 – How do you enforce ESG onto suppliers? Would it be a regulator enforcing it or is there an expectation for insurers to regulate their own supply chain?

31:34 – In terms of regulation, do you see an overarching set of regulations over ESG and suppliers being helpful rather than different insurers having different criteria?

36:31 – Are you seeing a change in mindset around suppliers, and how they could obtain a bad reputation around insurers with concerns about their ESG credentials?

39:25 – Reputational risk was cited as the primary motivation for insurers to improve their ESG credentials, but many appear reluctant to place firmer requirements on third parties and suppliers. Why

46:11 – ESG is not something that will be fixed overnight, so for those wanting to kickstart their journey into ESG, what advice would you give them to help reduce the risk of being left behind?