Future sustainability developments likely similar to general industry trends

The insurance industry will likely follow general industry trends towards embedding sustainability within governance, management and operations structures, according to a study commissioned by The Co-operators.
The report, “The Future of Sustainable Insurance: A Thought Leaders Study,” includes input from 10 experts on trends in sustainable insurance over the coming decade.
Sustainability reporting and carbon-neutral programming will become common features, in addition to a suite of products aimed at rewarding customers for sustainability efforts, including risk reduction, loss prevention and increased insurance affordability, the study reported.
Furthermore, climate change-related products and products that encourage healthy lifestyles such as carbon credit insurance, insurance offset programs and green building incentives are expected to materialize over the coming decade.
“Future customers are expected to be more demanding of corporate sustainability performance, no less for the insurance industry,” the study finds. “Asset management in this period will undergo a revolution as insurers become more sensitized to the degree to which social and environmental developments can affect their portfolio investments.”
A rich stakeholder environment is also predicted, with insurers collaborating with governments, non-governmental organizations, the private sector and communities in mapping out their sustainability programs, the study finds.