Insurance is committed to sustainability in all its scopes: environmental, social and governance (ESG).
The insurance industry contributes to creating a society that is more resilient to the harmful effects of climate change. Insurance promotes prevention, compensates damages and drives reconstruction after natural phenomena. It is also a first-rate institutional investor and, for this reason, can be a significant player in the challenge of financing ecological transition and construction of a decarbonised and more fair economy investing in “green” assets.
In the social sphere, insurance accompanies people throughout the different stages of life, covering such varied situations as healthcare or managing the consequences of a road accident. It also protects people’s assets, whether managing long-term savings or covering properties and businesses. Insurance helps reduce inequalities and generate a more united society. It is also an employment sector of reference, a provider of stable, equal employment of the highest quality. A sector open to talent.
Regarding governance, insurance companies are subject to one of the most demanding legislative frameworks when reporting to the public. The industry is particularly active with the promotion of financial education through initiatives such as Estamos Seguros, a project aimed at bringing the world of insurance closer to the public;El Riesgo y yo, a financial education programme for teenagers and is also deeply involved with client protection. It also takes part in alliances such as FINRESP, the Spanish Centre for Sustainable and Responsible Finance. This is a joint initiative launched by UNESPA together with other associations representing collective investment and credit institutions.
The insurance industry also implements sectorial initiatives, such as the insurance solidarity fund. Through a series of pooled donations under the motto #EstarPreparados, the sector channelled aid to overcome the consequences of COVID-19 through support programmes for vulnerable collectives and the promotion of scientific research.