Denčić-Mihajlo , Ksenija; Spasić, Dejan
A icle
Social and en i onmen al disclosu es in he Eu opean
insu ance indus y in condi ions o lexibili y in he
manda o y epo ing egime
Am i ea u Economic
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Denčić-Mihajlo , Ksenija; Spasić, Dejan (2025) : Social and en i onmen al
disclosu es in he Eu opean insu ance indus y in condi ions o lexibili y in he manda o y
epo ing egime, Am i ea u Economic, ISSN 2247-9104, The Bucha es Uni e si y o Economic
S udies, Bucha es , Vol. 27, Iss. 70, pp. 1069-1089,
h ps://doi.o g/10.24818/EA/2025/70/1069
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/328036
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Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 1069
SOCIAL AND ENVIRONMENTAL DISCLOSURES IN THE EUROPEAN
INSURANCE INDUSTRY IN CONDITIONS OF FLEXIBILITY
IN THE MANDATORY REPORTING REGIME
Ksenija Denčić-Mihajlo 1
*
and Dejan Spasić2,1
1) Uni e si y o Niš, Niš, Se bia
2) Uni e si y o Belg ade, Belg ade, Se bia
Please ci e his a icle as:
Denčić-Mihajlo , K. and Spasić, D., 2025. Social and
En i onmen al Disclosu es in he Eu opean Insu ance
Indus y in Condi ions o Flexibili y in he Manda o y
Repo ing Regime. Am i ea u Economic, 27(70),
pp. 1069-1089.
DOI: h ps://doi.o g/10.24818/EA/2025/70/1069
A icle His o y
Recei ed: 26 Ma ch 2025
Re ised: 20 Ap il 2025
Accep ed: 25 June 2025
Abs ac
Insu ance companies a e expec ed o play a c i ical pa in he ansi ion o a ne -ze o,
esilien , and socially jus economy. No only can hey impac changes h ough sus ainable
in es ing and unde w i ing, bu hey can also make a con ibu ion wi h hei own sus ainable
and inclusi e ope a ions ha go beyond adi ional co po a e social esponsibili y
app oaches. Bo h ma ke and egula o y d i e s in di e en Eu opean ju isdic ions lead o
a ious s ages o he sus ainabili y ma u i y o he insu ance companies. Manda o y non-
inancial epo ing in he Eu opean Union (EU) is codi ied by Di ec i e 2014/95/EU, which
allows a high le el o lexibili y, pa icula ly in he choice o epo ing s anda ds/guidelines
and disclosu e me hods. Al hough he Communi y Law has been u he de eloped in he
mean ime, only wi h he adop ion o Di ec i e (EU) 2022/2464 a uni o m epo ing
me hodology based on he Eu opean sus ainabili y epo ing s anda ds (ESRS) was
es ablished. The pape explo es how Eu opean insu e s ha e made p og ess in he
sus ainabili y agenda ahead o he adop ion o Di ec i e 2022/2464, in he lexibili y egime
o manda o y non- inancial epo ing. In a sample o 20 in e na ionally ac i e Eu opean
insu ance g oups, we ind ha leading Eu opean insu e s esponded o he demands o
s akeholde s and socie y as a whole and p o ided high-quali y in o ma ion on social and
en i onmen al issues du ing he pe iod 2016-2021. The e is a signi ican ly s onge ocus on
en i onmen al issues, wi h he le el o disclosu e depending on he sus ainabili y ma u i y
s age and size o he insu ance company.
Keywo ds: Sus ainabili y epo ing; insu ance indus y; sus ainabili y pe o mance
disclosu e index; hie a chical clus e analysis.
*
Co esponding au ho , Ksenija Denčić-Mihajlo – e-mail: ksenija.dencic-m[email p o ec ed]
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion License, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed. © 2025 The Au ho (s).
AE
Social and En i onmen al Disclosu es in he Eu opean Insu ance Indus y
in Condi ions o Flexibili y in he Manda o y Repo ing Regime
1070 Am i ea u Economic
JEL Classi ica ion: M41, M14, Q56, G22.
In oduc ion
One o he mos impo an de elopmen s in he inancial ma ke s o e he pas en yea s is
sus ainabili y, along wi h a i icial in elligence, RegTech, and cybe secu i y. In hei
capaci y as businesses, isk manage s, isk ca ie s, and in es o s, insu e s con ibu e
signi ican ly o he p omo ing o sus ainabili y. Due o a dual ole o insu ance companies,
hei di ec (a he co po a e le el) and indi ec (as ins i u ional in es o s, isk ca ie s, and
manage s) sus ainabili y impac s, insu e s should mee he mul iple sus ainabili y epo ing
equi emen s. The EU sus ainable inance egula ion package includes, among o he s, he
Co po a e Sus ainabili y Repo ing Di ec i e (CSRD, Di ec i e (EU) 2022/2464), he
Sus ainable Finance Disclosu e Regula ion (SFDR, Regula ion 2019/2088), Taxonomy
egula ion (Regula ion (EU) 2020/852), as well as he Insu ance Dis ibu ion Di ec i e (IDD,
Di ec i e (EU) 2016/97).
The p edecesso o he CSRD, Di ec i e 2014/95/EU (Non-Financial Repo ing Di ec i e –
NFRD), equi ed om companies o epo on he en i onmen al and social ma e s by using
key pe o mance indica o s ele an o hei business. I lea es a ai amoun o lexibili y in
he implemen a ion o i s p o isions, no equi ing he use o a non- inancial epo ing
s anda d o amewo k, no imposing de ailed disclosu e equi emen s (such as lis s o
indica o s pe sec o ). In o he wo ds, “p o isions se o h by he NFRD soon p o ed o be
inadequa e in scope and con en o keep up wi h he egula o y de elopmen ” (Baumülle and
G benic, 2021, p. 370). The CSRD was adop ed in 2022 aiming o imp o e he egula o y
amewo k o sus ainabili y epo ing.
Ne e heless, by gi ing companies signi ican lexibili y o disclose ele an in o ma ion in
he way hey conside mos use ul, he NFRD ep esen s he i s signi ican s ep in he
ansi ion om olun a y o manda o y sus ainabili y epo ing. Since he “ olun a y
p inciple o sus ainabili y epo ing only p o ided he hoped- o impe us o co po a e
managemen gea ed owa ds sus ainabili y aspec s o a limi ed ex en ” (S ojano ić-Blab and
Blab, 2024, p. 241) and conside ing he EU's poli ical commi men o shi ing he economy
and socie y owa d sus ainabili y is designed o di ec capi al lows in o sus ainable
businesses h ough imp o ed anspa ency, he implemen a ion o manda o y epo ing has
become essen ial. Ha ing his in mind, ou gene al objec i e is o assess o wha ex en
leading Eu opean insu e s ha e esponded o he NFRD equi emen s ega ding social and
en i onmen al issues unde condi ions o b oad epo ing lexibili y.
E en hough he e is a la ge body o li e a u e on he sus ainabili y epo ing p ac ices,
d i e s, and impac s on he inancial pe o mances, he la ges pa o he esea ch
encompasses he non inancial sec o (see: Ben enu o e al., 2023), and con ibu ions ha e
only ecen ly been ex ended o banks o in es men companies (Ba adwaj e al., 2019; Gangi
e al., 2019). Despi e g owing a en ion by indus y leade s and egula o s, li e a u e on
sus ainabili y p ac ices in insu ance companies is s ill sca ce (B ogi e al., 2022; Ga ze e
al., 2020; Chia amon e e al., 2020; e c.). This is also con i med by Abu o Ba e a and
Wagne (2023) in he ‘sys ema ic li e a u e e iew on he esea ch on en i onmen al, social
and go e nance (ESG) ac o s in he insu ance and pension sec o s’.
Ou esea ch aims o ill his gap by explo ing he p ac ice o sus ainabili y epo ing abou
co po a e ope a ions o 20 In e na ionally Ac i e Insu ance G oups wi h he ju isdic ion o
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1071
G oup-wide supe iso loca ed in Eu ope (IAIS, 2021) du ing he pe iod 2016-2021, o he
pu pose o iden i ying he le el o he sus ainabili y awa eness. Fu he mo e, he aim is o
examine he ela ionship ha exis s be ween he size o he insu ance company (measu ed by
he alue o o al asse and ma ke capi alisa ion) and he p ac ice o sus ainabili y epo ing
(measu ed by he Sus ainabili y disclosu e index).
The Eu opean insu ance ma ke , as a subjec o ou empi ical esea ch, is e y impo an o
se e al easons. As one o he la ges ins i u ional in es o s, insu e s a e impo an
pa icipan s in capi al ma ke s. The o al alue o insu ance companies' asse s wo ldwide was
$357 illion in 2022 (S a is a Inc., 2024). A he Eu opean le el, wi h in es men s o EUR
10,627bn in he economy and a po olio o 61% o GDP in 2023, he insu ance indus y is
he la ges ins i u ional in es o (Insu ance Eu ope, 2025). In 2023, EU insu ance companies
had a global ma ke sha e o 16.67% and hei con ibu ion o Eu opean GDP was 6.2%
(Swiss Re Ins i u e, 2024, p. 41). Acco ding o he Eu opean Insu ance and Occupa ional
Pensions Au ho i y (EIOPA, 2023), wi h a o al balance shee o app oxima ely EUR 8
illion, insu e s wi hin he Eu opean Economic A ea ha e he po en ial o con ibu e
subs an ially o di ec ing Eu opean economies owa ds a mo e sus ainable ajec o y h ough
hei long- e m in es men s.
In alignmen wi h ou objec i es, he con ibu ion o ou esea ch is wo- old. Theo e ically,
we ad ance he unde s anding o sus ainabili y disclosu e p ac ices wi hin he insu ance
indus y du ing he ini ial phase o manda o y epo ing in he EU, when egula ions allowed
o signi ican lexibili y. Beyond compa ing ou indings wi h exis ing li e a u e, we
es ablish a ounda ion o u u e compa a i e analyses o epo ing quali y — con as ing he
cu en pe iod wi h he upcoming one, which will be subjec o s ic e epo ing equi emen s
unde he CSRD. P ac ically, ou esea ch aims o aise awa eness o he need o imp o ed
ESG epo ing, no only among he insu e s analysed in his s udy bu also among o he
o ganisa ions commi ed o sus ainabili y.
The emainde o his pape is s uc u ed as ollows. Fi s , we p o ide a li e a u e e iew on
he heo e ical amewo k and speci ici ies o sus ainabili y epo ing in he insu ance
indus y. Second, we explain he sample, hypo heses, and me hodology. Thi d, we p esen
he esul s wi h a discussion. The las Sec ion concludes wi h he policy implica ions.
1. Li e a u e e iew
1.1 Theo ies unde lying sus ainabili y epo ing
Repo ing on he key elemen s o sus ainabili y is an inhe en unc ion o an accoun ing
in o ma ion sys em ha ga he s, sys ema ises, and discloses a company's pe o mance
indica o s. Dealing wi h sus ainabili y issues, c ucial o he public in e es , “accoun ing
po en ially o e s one impo an a enue o in luencing peoples’ beha iou s owa ds such
c i ical agendas, as well as enabling pe sonal, o ganisa ional, and social lou ishing”
(Ca negie, Pa ke and Tsahu idu, 2021, p. 70). To achie e he public in e es mission, i is
essen ial o ha e a mul idimensional app oach o epo ing ha ine i ably includes
sus ainabili y issues (Ca negie e al., 2024).
In he ea lie s ages o he e olu ion o sus ainabili y epo ing p ac ice, du ing he 1970s and
1980s, wi hin he olun a y disclosu e egime, heo ies ha mos ly suppo he e o s o
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Social and En i onmen al Disclosu es in he Eu opean Insu ance Indus y
in Condi ions o Flexibili y in he Manda o y Repo ing Regime
1072 Am i ea u Economic
companies o be po ayed as " esponsible co po a e ci izens" we e mos commonly
highligh ed. Howe e , he apidly g owing in e es in his issue in academia, accoun ing
p o ession, indus y, and socie y in gene al has led no only o he de elopmen o epo ing
guidelines, bu also o in e p e a ions o he heo ies unde lying he disclosu e o
sus ainabili y in o ma ion (see: Del Gesso and Lodhi, 2024).
Some esea che s also ocused on g ouping o heo ies by applying app op ia e classi ica ion
c i e ia. Zyzna ska-Dwo czak (2018) highligh wo g oups o sus ainabili y accoun ing
s udies - "s udies which ep esen a posi i e app oach (‘wha is?’), o example: legi imacy,
s akeholde , ins i u ional, signaling, and decision use ulness heo y" and s udies wi h
“no ma i e app oach (‘wha ough o be?’), o example: e hical, p agma ic, o condi ional-
no ma i e heo ies” (pp. 160-161). Ba olacci e al. (2022) di e en ia e "main" and "mino ,
i.e. eme ging" heo ies o sus ainabili y disclosu e, and show ha "legi imacy, ins i u ional,
and s akeholde heo ies a e by a he mos used and popula o in o ming empi ical o
concep ual s udies" (p. 106).
Mos o he abo e-men ioned and o he heo ies we e de eloped in he e a o olun a y
sus ainabili y disclosu es (mos ly ega ding en i onmen al and social issues). Wi hou
unde mining he signi icance o o he heo ies, he indings o ou esea ch will be analysed
h ough he lens o s akeholde , legi imacy, ins i u ional, signaling, and agency heo ies,
which will be b ie ly discussed.
Acco ding o s akeholde heo y, ounded by F eeman (1984), he ocus is on he in e es s o
all ele an s akeholde s and sa is ying hei wan s (Dyllick and Hocke s, 2002). The
company should, he e o e, p io i ise he alues p omo ed by a ious in e es g oups o
indi iduals who ha e he capaci y o a ec he achie emen o he company's objec i es o
whom he company can a ec . The epo s should con ain bo h inancial da a, and in
pa icula in o ma ion ela ed o ESG issues (Lozano, Ca pen e and Huisingh, 2015).
Acco dingly, disclosing in o ma ion abou social and en i onmen al pe o mance can be a
way o es ablish a “democ a ic dialogue” wi h s akeholde s (B own and F ase , 2006, p. 109)
and help build us and loyal y.
The basic p emise o he legi imacy heo y is ha companies do no possess an in insic
en i lemen o exis ence unless hei alue sys em aligns wi h he no ms, alues, and belie s
o he socie y. The e is a kind o "social con ac " be ween he company and socie y abou
how he company should conduc i s business ac i i ies in o de o gain legi imacy and hus
a oid egula o y sanc ions i i does no mee socie y's expec a ions. Th ough such an implici
ag eemen , socie y g an s he company a “license o ope a e” (Ga cía-Meca e al., 2024). In
he ci cums ances o he g owing esou ces sca ci y o hei deg ada ion globally, he e is a
need – which is inc easingly becoming an obliga ion – o communica e he esponsible
managemen o an o ganisa ion o i s wide en i onmen (Zyzna ska-Dwo czak, 2018).
The main ocus o companies (and hei owne s) is no on making p o i s, bu a he –
acco ding o ins i u ional heo y – on gaining legi imacy om he wide social communi y
(G i in and Youm, 2018). Achie ing his goal equi es he company o comply no only wi h
ex e nal no ms and egula ions, bu also wi h he gene ally accep ed p ac ices and p ocedu es
in he ins i u ional en i onmen . E e y o ganisa ion is ine i ably exposed o he p essu es o
he en i onmen in which i ope a es. Ins i u ional p essu es may be ex e nally caused “such
as go e nmen , ma ke s and socie y (e.g., cons i uency g oups and indus y associa ions)”...,
[whe eas wi hin he o ganisa ion],... “ins i u ional p essu es also a ise om he cul u e,
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1073
sha ed belie sys ems, and poli ical p ocesses, and sha eholde s” (Da nall, Hen iques and
Sado sky, 2008, p. 366). Disclosu e o sus ainabili y issues demons a es compliance wi h
social no ms, e en i he e is no legal obliga ion. Namely, apa om a i ma i e
achie emen s in ESG ac i i ies, “company applying he ins i u ional app oach could men ion
a nega i e e en and p o ide ideas, in en o measu es o ackling o a oiding i in he u u e”
(Tu zo e al., 2022, p. 8), which is one o he essen ial s eps in achie ing he legi imacy o
he company and he eby ensu ing he condi ions o s able long- e m business and
main aining a company's compe i i eness (Tăchiciu e al., 2020).
Signaling in o ma ion on inancial and ESG pe o mance educes he in o ma ion gap
be ween company managemen and capi al ma ke pa icipan s (Chen e al., 2023; Liu e al.,
2024) and o he in e es ed pa ies (Kandpal e al., 2024; Bolognesi and Bu chi, 2023).
Agency heo y is mos commonly used in he li e a u e o explain he ac o s in luencing he
olun a y disclosu e o ESG indica o s, o example: size, gende , educa ional backg ound
o age s uc u e o boa d, compensa ion policy, quali y o he in e nal con ol, e c. (Yan, Hu
and Hu, 2024).
In addi ion, incen i es o ( olun a y) sus ainabili y disclosu e a e in e p e ed by signalling
and agency heo ies om he pe spec i e o possible abuses (manipula ion) by managemen .
Such ci cums ances may pa icula ly con adic he idea o legi imacy heo y. Melloni,
Caglio and Pe ego (2017) sugges ha ‘companies ha demons a e high ESG pe o mance
a e mo i a ed o signal hei excep ional sus ainabili y pe o mance o he ma ke h ough
ESG disclosu e’. Howe e , he oppo unis ic beha iou o manage s o co e up ailu es and
emphasise (desi able) successes implies " he so-called ob usca ion hypo hesis", which is
based on he suspicion ha manage s a e no neu al in he disclosu e o accoun ing
in o ma ion (B ennan, Guillamon Sao in and Pie ce, 2009). In o he wo ds, in acco dance
wi h agency heo y, manage s o “poo ly pe o ming” i ms a e likely o p o ide in o ma ion
ha p esen s he i m in he mos a ou able ligh (Me kl-Da ies and B ennan, 2007) in o de
‘ o conceal hei ue pe o mance while ying o main ain hei legi imacy’ (Melloni, Caglio
and Pe ego, 2017, p. 231).
1.2. Sus ainabili y disclosu es in he insu ance indus y
As isk manage s, isk ca ie s, and in es o s, insu e s need o inco po a e ESG issues in o
hei isk alue chain o ensu e hei own sus ainabili y, as well as he sus ainabili y o hei
cus ome s and in es ees, and indi ec ly o he s akeholde s. Insu e s should conside a ious
isks associa ed wi h hei clien s' businesses, including sus ainabili y aspec s, he eby
signi ican ly con ibu ing o clima e sus ainabili y and g een in es men s in ecen imes
(Goel, Bassi and Pankaj, 2023). Ho ewe , he in insic cha ac e is ics o insu ance
in e media ion ac i i ies make he social and en i onmen al impac s less no iceable o
comple ely in isible (Ullah, Mu akin and Khan, 2019), which u he ein o ces he need o
sus ainabili y epo ing.
In acco dance wi h he heo e ical amewo k analysed p e iously, insu e s s i e o mee he
expec a ions o bo h cus ome s (policyholde s) and o he s akeholde s. Since he insu ance
indus y’s business model is based on us (Heidinge and Ga ze , 2018), he social and
en i onmen al p ac ices o insu ance p o ide s can signi ican ly enhance a company's
epu a ion and b and alue (Lee e al., 2022). On he o he hand, inadequa e ESG isk
unde w i ing inc eases he likelihood o epu a ional damage o loss, while concu en ly
h ea ening he inancial pe o mance o he insu ance company (Noguei a e al., 2018).
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The e a e also s udies ha he ini ial expendi u e on social and en i onmen al ini ia i es is
compensa ed o by posi i e e ec s in he medium and po en ially long e m (Fa emi e al.,
2015), albei wi h limi ed inancial e ec s (B ooks and Oikonomou, 2018).
Cus ome s' awa eness o he insu ance company's social esponsibili y, especially in he li e
insu ance sec o , in luences hei s onge loyal y and indi ec ly he sa is ac ion e ec (Lee,
2018). The e o e, clea , ai , and non-misleading in o ma ion p o ided by insu ance
dis ibu o s o exis ing and po en ial cus ome s (bene icia ies) is also an indispensable sou ce
o in o ma ion on issues ela ing o he sus ainabili y o he insu ance company and he
insu ance p oduc s o e ed (EIOPA, 2024). F om a beha iou al economics pe spec i e,
Apicella, Ca annan e and D'Ama o (2023) a gue “ ha policyholde s may assign a ema kable
alue o he insu e s’ commi men owa ds social sus ainabili y” (pp. 8-9).
In addi ion o di ec communica ion wi h cus ome s, insu e s should pay special a en ion o
he disclosu e o publicly a ailable, comp ehensi e sus ainabili y epo s. Empi ical e idence
indica es ha Eu opean companies a e commi ed no only o p o iding sus ainable p oduc s,
bu also o p o iding eliable and ele an ESG disclosu es. Ga ze and Reichel (2024),
based on a sample o 1,215 annual sus ainabili y and in es men epo s om 77 insu ance
companies in he US and Eu ope o he pe iod 2013–2018, ind ha he concep and
p inciples o sus ainable in es men s a e disclosed much mo e comp ehensi ely in he
epo s o Eu opean insu e s han in hose o US insu e s.
The need o ou esea ch on he disclosu e o social and en i onmen al issues is jus i ied by
he g owing impo ance o hese wo pilla s o he sus ainabili y o insu ance companies.
This could be suppo ed by esea ch o Chia amon e e al. (2020), who on a sample o 94 US
lis ed insu e s o he pe iod 2006-2018 ind “ ha he o e all ESG sco es we e posi i ely
associa ed wi h insu e s abili y, and ha his ela ionship was signi ican o he
en i onmen al and, especially, he social pilla s” (p. 15).
A much mo e common esea ch opic conce ns he disclosu e o en i onmen al in o ma ion,
pa icula ly wi h ega d o clima e- ela ed isks (K aus, 2024; Ama e al., 2022). Fo
example, using a sample o 15 la ge insu ance companies in he Uni ed Kingdom, Klumpes
e al. (2019) obse e ha he majo i y o sampled insu e s ook in o accoun he impac o
clima e change on hei in es men s a egies, albei wi h a ying equency and na u e o
issues conside ed. Ga ze and Reichel (2022) indica e ha la ge Eu opean insu e s a e mo e
awa e o business isks and oppo uni ies a ising om clima e change compa ed o insu e s
in he US.
In addi ion o examining he scope and con en o sus ainabili y epo s, esea che s also
ocus on iden i ying ac o s ha in luence he awa eness o sus ainabili y o insu ance
companies. The main de e minan s o a high le el o ESG awa eness a e mos o en: he size
o he insu ance company, i s p o i abili y, and sol ency (B ogi e al., 2022; B asch and
Ecke , 2024). As expec ed, he highe he alues o hese de e minan s, implies he highe
he ESG awa eness o he insu e . The de elopmen o he ma ke , i.e., he coun y o o igin,
o eign owne ship, boa d independence, as well as ins i u ional p essu es, also play an
impo an ole in shaping insu e s' ESG awa eness and he need o disclosu e (Ullah e al.,
2019).
Howe e , as al eady men ioned, he disclosu e o non- inancial in o ma ion may be
mo i a ed by ques ionable mo i es o signaling and gaining legi imacy. Some esea ch also
highligh s he endency o conceal in o ma ion ha could damage an o ganisa ion's epu a ion
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 1075
while disclosing posi i e in o ma ion abou sus ainabili y pe o mance (Ha a and Sea cy,
2020; Diou and Boi al, 2017).
In some cases, he e o e, he disclosu e o sus ainabili y in o ma ion may ha e no only an
une hical, bu also an unlaw ul dimension. Inadequa e disclosu es and ela ed ESG
con o e sies can ha e long- e m implica ions o he sus ainabili y o an insu ance
company’s business. "ESG (o CSR) decoupling” deno es he di e gence be ween he ac ual
e ec s o ESG (o CSR) ini ia i es and hei ex e nal disclosu e (Chao, Yi ei and Shuai,
2025), which is pa icula ly appa en in "g eenwashing" p ac ices (Bo hello e al., 2023;
Sneide iene and Legenzo a, 2025). The ewi h, he go e nance (G), as a pilla o ESG
p ac ices, is essen ial in mi iga ing he e ec s o ha con o e sies on he insu e s' insol ency
isk (Gi áldez-Puig e al., 2025).
2. Sample, hypo hesis and me hodology
The empi ical s udy was conduc ed on a sample o 20 In e na ionally Ac i e Insu ance
G oups wi h ju isdic ion o G oup-wide supe iso loca ed in Eu ope. Acco ding o he
In e na ional Associa ion o Insu ance Supe iso s, in o de o be quali ied as In e na ionally
Ac i e Insu ance G oup, he insu ance company ha e o ul ill wo c i e ia: 1) ‘ o be
in e na ionally ac i e (p emiums a e w i en in h ee o mo e ju isdic ions and g oss w i en
p emiums ou side o he home ju isdic ion a e a leas 10% o he g oup’s o al g oss w i en
p emiums)’, 2) o ha e a de ined ‘size based on a h ee-yea olling a e age ( o al asse s a e
a leas USD 50 billion; o o al g oss w i en p emiums a e a leas USD 10 billion)’ (IAIS,
2021). The ocus was on 20 insu e s in i e key Eu opean ma ke s: F ance (3), Ge many (3),
he Ne he lands (3), Swi ze land (4), and he UK (3). To iden i y he le el o he sus ainabili y
awa eness among selec ed insu e s, he empi ical analysis co e ed he six-yea pe iod, 2016–
2021. Taking in o accoun he s uc u e o he sample companies, signi ican p essu e by
s akeholde s, he na u e o he sus ainabili y epo ing equi emen s, and he analysed
heo e ical and no ma i e amewo k, wo hypo heses a e o mula ed:
Hypo hesis 1: In acco dance wi h he p ac ice o social and en i onmen al pe o mance
disclosu e, i is possible o g oup companies acco ding o he le el o sus ainabili y
awa eness and he scope o sus ainabili y epo ing p ac ices.
Hypo hesis 2: The size o he leading Eu opean insu ance companies is ele an o he
sus ainabili y disclosu e p ac ice.
Al hough he e a e di e en amewo ks o sus ainabili y epo ing (Bose, 2020; A olabi,
Ram and Rimmel, 2022; Albu e al., 2013), we conside he GRI s anda ds as a ele an
amewo k o ou modelling, as hey a e one o he mos widely used sus ainabili y epo ing
guidelines wo ldwide (IFAC, 2024). The epo ing p inciples unde lying he GRI
F amewo k, i.e., "accu acy, balance, cla i y, compa abili y, comple eness, sus ainabili y
con ex , imeliness, and e i iabili y" (Abeyseke a, 2022, p. 1389), ensu e he ele ance o
he indica o s we use o c ea e ou disclosu e indices. Addi ionally, Ga cía-Sánchez e al.
(2022) p o e ha he use o GRI educes SCR decoupling.
In o de o assess he scope and he quali y o sus ainabili y epo ing, 3 indices ha e been
designed. Socially pe o mance disclosu e index (SPDI), En i onmen al pe o mance
disclosu e index (EPDI), and composi e, Sus ainabili y pe o mance disclosu e index
(SusPDI). The social dimension o sus ainable de elopmen has been co e ed by 17 social
AE
Social and En i onmen al Disclosu es in he Eu opean Insu ance Indus y
in Condi ions o Flexibili y in he Manda o y Repo ing Regime
1076 Am i ea u Economic
indica o s belonging o he GRI 400 s anda ds (see Table no. 1). The en i onmen al
dimension is assessed by encompassing 14 indica o s om he GRI 300 S anda ds (see Table
no. 2).
Table no. 1. Analysed social indica o s belonging o GRI 400
GRI 401: ‘Employmen ’
401-1 ‘New employee hi es and employee u no e ’
401-2 ‘Bene i s p o ided o ull- ime employees ha a e no p o ided o empo a y/
pa ime employees’
401-3 ‘Re u n o wo k and e en ion a es a e pa en s lea e, by gende ’
GRI 402: ‘Labo
/Managemen Rela ions’
402-1 ‘Minimum no ice pe iods ega ding ope a ional changes’
GRI 403: ‘Occupa ional
Heal h and Sa e y’
403-1 ‘Occupa ional heal h and sa e y managemen sys em’
403-2 ‘Haza d iden i ica ion, isk assessmen , and inciden in es iga ion’
GRI 404: ‘T aining and
Educa ion’
404-1 ‘A e age hou s o aining pe yea pe employee’
404-2 ‘P og ams o upg ading employee skills and ansi ion assis ance p og ams’
404-3 ‘Pe cen age o employees ecei ing egula pe o mance and ca ee
de elopmen e iews’
GRI 405: ‘Di e si y and
Equal Oppo uni y’
405-1 ‘Di e si y o go e nance bodies and employees’
405-2 ‘Ra io o basic sala y and emune a ion o women o men’
GRI 406: ‘Non-
disc imina ion’
406-1 ‘Inciden s o disc imina ion and co ec i e ac ions aken’
GRI 412: ‘Human Righ s
Assessmen ’
412-3 ‘Signi ican in es men ag eemen s and con ac s ha include human igh s
clauses/ unde wen human igh s sc eening’
GRI 413: ‘Local
Communi ies’
413-1 ‘Ope a ions wi h local communi y engagemen , impac assessmen s, and
de elopmen p og ams’
GRI 414: ‘Supplie
Social Assessmen ’
414-1 ‘New supplie s ha we e sc eened using social c i e ia’
GRI 415: ‘Public Policy’
415-1 ‘Poli ical con ibu ions’
GRI 418: ‘Cus ome
P i acy’
418-1 ‘Subs an ia ed complain s conce ning b eaches o cus ome p i acy and losses
o cus ome da a’
Table no. 2. Analysed en i onmen al indica o s associa ed wi h GRI 300
GRI 301: ‘Ma e ials’
301-1 ‘Ma e ials used by weigh o olume’
301-2 ‘Recycled inpu ma e ials used’
GRI 302: ‘Ene gy’
302-1 ‘Ene gy consump ion wi hin he o ganisa ion’
302-3 ‘Ene gy in ensi y’
302-4 ‘Reduc ion o ene gy consump ion’
GRI 303: ‘Wa e and E luen s’
303-5 ‘Wa e consump ion’
GRI 305: ‘Emissions’
305-1 ‘Di ec (Scope 1) GHG emissions’
305-2 ‘Ene gy indi ec (Scope 2) GHG emissions’
305-3 ‘O he indi ec (Scope 3) GHG emissions’
305-4 ‘GHG emissions in ensi y’
305-5 ‘Reduc ion o GHG emissions’
GRI 306: ‘Was e’
306-2 ‘Managemen o signi ican was e- ela ed impac s’
306-3 ‘Was e gene a ed’
306-5 ‘Was e di ec ed o disposal’
The calcula ion o he Disclosu e Index, ‘as one o he app oaches o con en analysis, implies
ha he p esence o absence o ce ain in o ma ion is de e mined p ima ily by a simple bina y
coding me hod and hen he index is calcula ed based on he summa y esul o all selec ed
in o ma ion’ (Ehsan e al., 2018). The posi ions o an Index in his pape a e coded wi h 0 (i
he in o ma ion abou indica o s is no disclosed), 1 (i he in o ma ion in he epo exis s,
desc ip i ely, o quan i a i ely). The index alue is de e mined as a sum o equally weigh ed
Index posi ions, gi ing he possible maximum o SusPDI alue o 31. Fu he mo e,
disclosu e a es ha e been calcula ed as a a io o calcula ed and maximum index alue.
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1083
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