Insurance Undertakings in Poland in the Face of ESG Challenges
Purpose: The main objective of this research paper is to present the ESG-related activities undertaken by selected insurers in Poland and to identify the challenges they face in the process of implementing and carrying out these activities. Design/Methodology/Approach: This article was developed on the basis of a literature review, drawing on the analysis of secondary data as well as primary information obtained directly from insurers. The main data source on the ESG-related activities undertaken by insurers consisted of their published sustainability reports. A key data source with respect to the challenges they face in the process of implementing this concept included interviews with managerial-level staff and data collected during industry meetings and training events. The analysis of the collected material was qualitative in nature. Findings: During the study, all three research hypotheses were positively verified. It was confirmed that insurers in Poland have been intensifying ESG-related activities year on year, inter alia through: modifying existing insurance products and introducing new ones; changing their approach to customer service and claims handling in a more pro-environmental direction; developing training programmes for employees, business partners and customers; creating employee development programmes and supporting their physical and mental health. Practical Implications: The research findings may be a valuable source of information for insurers and other financial institutions in the process of assessing and improving sustainable development strategies and identifying good market practices. Investors and financial analysts may use the information obtained in the process of assessing the credibility and long-term stability of insurance market entities. The research findings may also be useful for individual and institutional customers, supporting them in making decisions when selecting an insurer that applies the principles of responsible and sustainable business conduct. Originality/Value: To date, relatively few academic studies have been published in Poland on ESG issues in relation to the insurance market. However, the frequency of regulatory changes and the intensity of insurers’ activities in this area in recent years require frequent review of earlier research findings.