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InsTech - insurance & innovation with Matthew Grant
Salman Siddiqui, Moody’s Analytics & Adhiraj Maitra, Canopius: State of the Market 2023: Incorporating ESG into P&C underwriting (276)
Nov 26, 2023
Salman Siddiqui from Moody's Analytics and Adhiraj Maitra from Canopius talk with Matthew Grant about incorporating ESG into P&C underwriting. They discuss ESG risks and opportunities, finding the right data, the meaning of sustainability, and the future with carbon credits. They also explore collaboration and learning experiences, carbon reporting in the insurance industry, and recommend conducting an ESG survey.
34:26
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Quick takeaways
- ESG factors are being integrated into insurance processes, providing potential competitive advantages and driving the development of new products and attracting cheaper capital.
- Insurers face challenges in obtaining quality ESG data, particularly from SMEs and private companies, calling for more standardization and consistency in data collection and reporting.
Deep dives
ESG and Sustainability in the Insurance Industry
ESG (environment, social, and governance) factors are being integrated into insurance companies' processes, with insurers doubling down on ESG and seeing it as core business risk management. Companies are recognizing the potential competitive advantage of ESG and looking to develop new products, ensure new sectors, and attract cheaper capital. However, data challenges, particularly for SMEs and private companies, remain a significant problem. Insurers are calling for more standardization and consistency in ESG data collection and reporting. Collaborative projects, such as the one between Moody's and Lloyd's of London, are working towards developing baseline carbon emissions, defining pathways to net zero, and striking a balance between sustainability and profitability.
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