Best's Review

AM BEST'S MONTHLY INSURANCE MAGAZINE



From the Editor’s Desk
Spotlight on ESG Widens to Social Concerns

The May issue includes a special presentation on ESG that aired on AM Best TV in April. Other coverage includes a look at insurtech innovation, the impact of rising interest rates on life insurers and a ranking of P&I clubs.
  • Patricia Vowinkel
  • May 2022
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Environmental concerns have dominated the insurance industry's ESG discussions for the last several years.

Companies have announced net zero carbon initiatives. Munich Re has said it would not insure the East African Crude Oil Pipeline project in line with its decarbonization commitments. Lloyd's has said climate change resilience is a top goal for the company in the Asia-Pacific region and worldwide.

But the focus now has begun to widen to more fully include the “S” in ESG, an acronym for environmental, social and governance issues.

“On the social aspect in particular there is growing focus across stakeholder groups. Many employees are expecting more from their employer in our current labor market where talent attraction and retention is critical,” said Christie McNeill, associate partner, McKinsey & Co. “There's an expectation that the focus is not just diversity, but true equity and inclusion.”

McNeill was a panelist for the four-part special presentation “Asset Management & ESG Imperative,” a joint effort by AM Best TV and Best's Review. In the presentation, which aired on AM Best TV in April, insurance executives and industry experts discuss ESG and regulation, social change, sustainability and asset management.

The report includes three panel discussions: “ESG Under Insurance Regulatory Spotlight”; “Focus on ESG Expands Beyond Environmental, Energy”; and “For ESG Investors, It's Getting Easier to Be Green.”

A fourth panel wrap-up will run in the June edition of Best's Review. To watch the panel discussions, go to www.bestreview.com.

The May issue of Best's Review includes coverage of the insurtech sector. May is Insurance Technology Awareness Month. Regulators in the United States and the United Kingdom have been working to encourage innovation.

In “Connecticut, UK to Create an 'InsurTech Corridor,'” Best's Review reports on a partnership designed to break down regulatory barriers and accelerate innovation.

Life insurers have long complained about the low interest rate environment. The Federal Reserve in March began to embark on what could be a series of interest rate hikes over the coming year to help control inflation.

In “Interest Rate Increases Posing New Challenges for Life Insurers,” Best's Review examines the increase in interest rates and the impact on life insurers.

The May issue of Best's Review also includes Best's Rankings of the 13 members of the International Group of P&I Clubs, ranked by 2020 gross premiums written. For more about P&I clubs, go to “Marine Mutuals North P&I, Standard Club in Merger Talks.”

Special Note: The May issue of Best's Review has been reduced in size due to a global paper shortage. For additional articles and expanded coverage, visit www.bestreview.com.


Patricia Vowinkel, Executive Editor, patricia.vowinkel@ambest.com



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