Reflections from IIF 2023 – ESG in Insurance

The IIF 2023 – ESG in Insurance Conference, held with the support of IUC, brought together leading professionals from across the insurance industry to explore the evolving role of sustainability in shaping the sector’s future. Far from being a passing trend, ESG (Environmental, Social, and Governance) represents a structural shift with profound implications for both the financial world and the real economy. Throughout the event, it was repeatedly emphasized that ESG’s transformative impact on Europe might only be compared to the fall of the Iron Curtain in 1989.

As societies face increasingly complex and interconnected ESG challenges, the insurance sector cannot remain on the sidelines. With its deep expertise in risk assessment and mitigation, the industry is uniquely positioned to contribute meaningfully to the sustainability transition.

Moreover, considering that the insurance industry is the largest institutional investor in Europe—with investment portfolios exceeding EUR 11 trillion—embedding ESG criteria into investment strategies is not only necessary but urgent. Several discussions at the conference highlighted how sustainable investment practices are now directly linked to long-term financial resilience.

The event also shed light on the multifaceted nature of ESG, which impacts nearly every area of insurers’ operations—from underwriting and claims to corporate governance and stakeholder engagement. Speakers and panelists delved into the practical implications of integrating ESG goals into business strategies, the evolving regulatory landscape, and the role of emerging technologies in accelerating this shift.

Organized by professionals for professionals, and supported by IUC, IIF 2023 delivered a high-caliber platform for exchanging knowledge and strategic perspectives. The conference succeeded in fostering a forward-looking dialogue on how the insurance industry must adapt, innovate, and lead in the era of sustainability.