General Insurance Article - Regulatory oversight needed for adoption of ESG reporting


DBRS Limited (DBRS Morningstar) have released a commentary entitled “P&C Insurance: Regulatory Oversight Essential for Broad Adoption of ESG Reporting Principles,” which discusses the importance of environmental, social, and governance (ESG) risk factors in assessing the financial strength of a property and casualty insurance company, as well as the need for standardization to facilitate comparability across geographic regions and between companies operating in similar sectors.

 The key highlights include
 (1) Apart from large companies operating in the European Union, reporting on ESG is currently voluntary. Making it mandatory in other jurisdictions will have a positive impact on broadening the adoption of ESG reporting.

 (2) Standardized reporting will facilitate comparability across companies; however, there is no clearly defined format for reporting, so it is not easy to compare across companies or geographic regions.

 (3) DBRS Morningstar includes ESG factors in the criteria for assessing an issuer's financial strength rating.
  

 P&C Insurance: Regulatory Oversight Essential for Broad Adoption of ESG Reporting Principles

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