How are insurers navigating the growing complexity of ESG reporting? In this new study, authors Prof. Dr. Christian Biener, Karla Lamesic, and Felix M. Walthes examine sustainability reporting practices across 24 Swiss and European insurers, combining a systematic analysis of sustainability reports (2021–2024) with insights from 12 executive interviews.
Key findings:
▪ ESG reporting is consolidating around a core set of frameworks. GRI, TCFD, GHG Protocol, and the UN Global Compact remain dominant, while newer standards such as TNFD are still gaining traction. After peaking in 2022, the average number of frameworks referenced per report has stabilized — an early sign of alignment around CSRD/ESRS.
▪ Materiality priorities are stabilizing. Climate & Emissions, People & Workforce, and Ethics & Governance consistently rank highest. Biodiversity and supply chain responsibility are gaining ground, while DEI and digitalization have declined in relative emphasis.
▪ Scope 1 and 2 targets are converging toward net zero by 2050. Scope 3 commitments, however, remain fragmented — constrained by data gaps, inconsistent methodologies, and heterogeneous coverage across underwriting and investment portfolios.
▪ Business expectations remain cautious. Only half of surveyed executives view ESG as a meaningful revenue driver, with many describing it primarily as a regulatory prerequisite rather than a commercial differentiator.
▪ ESG risk integration is advancing. All respondents incorporate ESG into enterprise risk management, though the degree of maturity — particularly in climate scenario analysis within ORSA — varies considerably.
The study concludes with six evidence-based recommendations for insurers seeking to strengthen reporting efficiency, strategic integration, and regulatory preparedness.