A systematic literature review: ESG criteria implementation in the insurance industry

Purpose: Sustainability and Environmental, Social and Governance (ESG) criteria are gaining more relevance, and the insurance industry is playing a relevant role in the sustainability transition. Therefore, this study aims to review existing academic literature on ESG criteria in the insurance industry. Specifically, it addresses the determinants in three objectives: First, analysing the focus on sustainability considering the three dimensions of the ESG framework: Environment, Social and Governance; the second one, focusing on the relevant topics in the insurance industry involving the ESG criteria. And finally, identifying the main gaps and point out new research lines. Design/methodology/approach: The research was conducted through a systematic literature review considering published articles of Web of Science and Scopus. Findings: Findings contribute to the body of literature on sustainable finance, providing a new and complete overview about how ESG criteria implementation has been approached in the insurance industry: mapping research streams, analysing the ESG approach, and identifying research gaps in this domain, principally in empirical analysis, research in social and governance actions, and in product and customer ESG perspective. Practical implications: This article wants to provide a broader and a more structured knowledge about ESG criteria implementation, and to help managers and insurance companies to move forward with sustainability strategies, and to identify the future lines of research. Social Implications: Business sustainability aims to combine market logic with social welfare logic. This article provide knowledge about how insurance companies develop the social dimension within the ESG perspective, as a way to influence the community by promoting equal practices, access to education, etc. Additionally, it helps society to be more aware of the impacts of climate change and the importance of knowing, assimilating and adopting the SDGs and other material elements about sustainability and ESG criteria. Originality/value: Although the insurance industry has a very relevant weight into the economy and the society, and it plays a key role in promoting the transition to a low-carbon economy, there are not many scientific articles on this subject.