A systematic literature review: ESG criteria implementation in the Insurance industry

Abstract

Purpose: Sustainability and ESG criteria are gaining more and more relevance, and the insurance industry is playing a relevant role in the sustainability transition. Therefore, this study aims to review existing academic literature on ESG criteria in the insurance industry. Specifically, it addresses the determinants in three objectives: First, analysing the focus on sustainability considering the three dimensions of the ESG framework: environment, social and governance; the second one, focusing on the relevant topics in the insurance industry involving the ESG criteria. And finally, identifying the main gaps and point out new research lines. Design/methodology: The research was conducted through a systematic literature review considering published articles of Web of Science and Scopus. Originality/value: Although the insurance industry has a very relevant weight into the economy and the society, and it plays a key role in promoting the transition to a low-carbon economy, we noticed that there are not many scientific articles on this subject. Findings: Findings contribute to the body of literature on sustainable finance, providing a new and complete overview about how ESG criteria implementation has been approached in the insurance industry: mapping research streams, analysing the ESG approach, and identifying research gaps in this domain. Practical implications: This article wants to provide a broader and a more structured knowledge about ESG criteria implementation, and to help managers and insurance companies to move forward with sustainability strategies, and to identify the future lines of research. Social Implications: Business sustainability aims to combine market logic with social welfare logic, but we have found little activity on how insurance companies develop the social dimension within the ESG perspective, as a way to influence the community by promoting equal practices, access to education, etc.