This excerpt from Practical Guidance, a comprehensive resource providing insight from leading practitioners, is reproduced with the permission of LexisNexis. Reproduction of this material, in any form, is specifically prohibited without written consent from LexisNexis. Published April 2022.
This practice note explains the concept of ESG and its components, discusses the impact that ESG is having on insurers, summarizes the insurance industry’s initial responses to ESG, and outlines compliance initiatives insurers should consider when addressing emerging ESG statutory and regulatory requirements.
Prior to the pandemic, “ESG” was barely a whisper, let alone the buzzword that it has evolved into today. Yet, many companies still inquire as to whether ESG is a “thing.” ESG is here, and yes, Virginia, it is definitely a “thing.” As an acronym, “ESG” stands for its component parts:
Environmental
Social
Governance
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