The Actuarial Association of Europe (AAE) has published a new discussion paper titled “Social Sustainability in Insurance: What, Who and How”. This comprehensive publication delves into the integral role of the insurance sector in social matters, particularly focusing on its impact on the ‚S‘ aspect of ESG considerations (Environment, Social, and Governance).
The paper discusses the historical and current social roles of insurance, the populations it serves, and how it can contribute more positively to social outcomes globally. It underscores the impact of insurance in influencing social outcomes and emphasizes the importance of improving insurance practices to better serve society, while still accounting for commercial objectives and actuarial risk-based considerations.