Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting Regime
Insurance companies are expected to play a critical part in the transition to a net-zero, resilient, and socially just economy. Not only can they impact changes through sustainable investing and underwriting, but they can also make a contribution with their own sustainable and inclusive operation...
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| Format: | Article |
| Language: | English |
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Editura ASE
2025-08-01
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| Series: | Amfiteatru Economic |
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| Online Access: | https://www.amfiteatrueconomic.ro/temp/Article_3459.pdf |
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| author | Ksenija Denčić-Mihajlov Dejan Spasić |
| author_facet | Ksenija Denčić-Mihajlov Dejan Spasić |
| author_sort | Ksenija Denčić-Mihajlov |
| collection | DOAJ |
| description | Insurance companies are expected to play a critical part in the transition to a net-zero,
resilient, and socially just economy. Not only can they impact changes through sustainable
investing and underwriting, but they can also make a contribution with their own sustainable
and inclusive operations that go beyond traditional corporate social responsibility
approaches. Both market and regulatory drivers in different European jurisdictions lead to
various stages of the sustainability maturity of the insurance companies. Mandatory nonfinancial reporting in the European Union (EU) is codified by Directive 2014/95/EU, which
allows a high level of flexibility, particularly in the choice of reporting standards/guidelines
and disclosure methods. Although the Community Law has been further developed in the
meantime, only with the adoption of Directive (EU) 2022/2464 a uniform reporting
methodology based on the European sustainability reporting standards (ESRS) was
established. The paper explores how European insurers have made progress in the
sustainability agenda ahead of the adoption of Directive 2022/2464, in the flexibility regime
of mandatory non-financial reporting. In a sample of 20 internationally active European
insurance groups, we find that leading European insurers responded to the demands of
stakeholders and society as a whole and provided high-quality information on social and
environmental issues during the period 2016-2021. There is a significantly stronger focus on
environmental issues, with the level of disclosure depending on the sustainability maturity
stage and size of the insurance company |
| format | Article |
| id | doaj-art-60b01786d87346919cf92f40f3115cb2 |
| institution | Kabale University |
| issn | 1582-9146 2247-9104 |
| language | English |
| publishDate | 2025-08-01 |
| publisher | Editura ASE |
| record_format | Article |
| series | Amfiteatru Economic |
| spelling | doaj-art-60b01786d87346919cf92f40f3115cb22025-08-20T03:38:34ZengEditura ASEAmfiteatru Economic1582-91462247-91042025-08-0127701069108910.24818/EA/2025/70/1069 Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting RegimeKsenija Denčić-Mihajlov 0https://orcid.org/0000-0002-2419-0676 Dejan Spasić1https://orcid.org/0000-0002-8540-579XUniversity of Niš, Niš, SerbiaUniversity of Belgrade, Belgrade, SerbiaInsurance companies are expected to play a critical part in the transition to a net-zero, resilient, and socially just economy. Not only can they impact changes through sustainable investing and underwriting, but they can also make a contribution with their own sustainable and inclusive operations that go beyond traditional corporate social responsibility approaches. Both market and regulatory drivers in different European jurisdictions lead to various stages of the sustainability maturity of the insurance companies. Mandatory nonfinancial reporting in the European Union (EU) is codified by Directive 2014/95/EU, which allows a high level of flexibility, particularly in the choice of reporting standards/guidelines and disclosure methods. Although the Community Law has been further developed in the meantime, only with the adoption of Directive (EU) 2022/2464 a uniform reporting methodology based on the European sustainability reporting standards (ESRS) was established. The paper explores how European insurers have made progress in the sustainability agenda ahead of the adoption of Directive 2022/2464, in the flexibility regime of mandatory non-financial reporting. In a sample of 20 internationally active European insurance groups, we find that leading European insurers responded to the demands of stakeholders and society as a whole and provided high-quality information on social and environmental issues during the period 2016-2021. There is a significantly stronger focus on environmental issues, with the level of disclosure depending on the sustainability maturity stage and size of the insurance companyhttps://www.amfiteatrueconomic.ro/temp/Article_3459.pdfsustainability reportinginsurance industrysustainability performance disclosure indexhierarchical cluster analysis |
| spellingShingle | Ksenija Denčić-Mihajlov Dejan Spasić Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting Regime Amfiteatru Economic sustainability reporting insurance industry sustainability performance disclosure index hierarchical cluster analysis |
| title | Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting Regime |
| title_full | Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting Regime |
| title_fullStr | Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting Regime |
| title_full_unstemmed | Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting Regime |
| title_short | Social and Environmental Disclosures in the European Insurance Industry in Conditions of Flexibility in the Mandatory Reporting Regime |
| title_sort | social and environmental disclosures in the european insurance industry in conditions of flexibility in the mandatory reporting regime |
| topic | sustainability reporting insurance industry sustainability performance disclosure index hierarchical cluster analysis |
| url | https://www.amfiteatrueconomic.ro/temp/Article_3459.pdf |
| work_keys_str_mv | AT ksenijadencicmihajlov socialandenvironmentaldisclosuresintheeuropeaninsuranceindustryinconditionsofflexibilityinthemandatoryreportingregime AT dejanspasic socialandenvironmentaldisclosuresintheeuropeaninsuranceindustryinconditionsofflexibilityinthemandatoryreportingregime |