BearingPoint Germany has recently published a very interesting study about how consumers perceive the role of insurers in the sustainability global effort. The report focuses on 3 countries (Germany, Switzerland and Austria) where ecological consciousness is high which makes the findings even more compelling.
Growing scepticism
To the question “Should insurance companies promote sustainability?” The answer is predominantly positive and even interviewees who think that this topic is not of insurers concern are decreasing. But … there is a “but”. Probably scalded and disillusioned by previous greenwashing scandals, consumers are now more wary and therefore request more information about how plans are implemented. They expect more transparency and even external certification. It’s worth adding that those aspects of environmental protection and resource conservation significantly outweigh other ESG elements such as social commitment or good corporate governance. When asked about the issues that are most important to them, investment in environmental protection remains at the top of the list.
There is still a doubt about sustainable insurance product ROI
Clearly Germans are the most sceptical and think that sustainable products return are lower than classical ones. Even if expectations are a bit higher in Switzerland and Austria, figures show there is still a great concern about profitability in this area.
The impact of sustainable insurance products
We would naturally expect that sustainable insurance products should in 2022 be super attractive and influence customers' decisions when choosing a company. If indeed a majority of respondents (except in Germany) confirm this power of attraction, the study shows that there are still many people for whom it makes no difference, which is a bit concerning.
