{"id":1054182,"date":"2023-04-21T04:43:00","date_gmt":"2023-04-21T04:43:00","guid":{"rendered":"https:\/\/www.capgemini.com\/in-en\/?p=1054182"},"modified":"2025-03-24T06:31:36","modified_gmt":"2025-03-24T06:31:36","slug":"sustainability-in-insurance-industry-india","status":"publish","type":"post","link":"https:\/\/www.capgemini.com\/in-en\/insights\/expert-perspectives\/sustainability-in-insurance-industry-india\/","title":{"rendered":"Sustainability In Insurance Industry | India"},"content":{"rendered":"\n<header class=\"wp-block-cg-blocks-hero-blogs header-hero-blogs\"><div class=\"container\"><div class=\"hero-blogs\"><div class=\"hero-blogs-content-wrapper\"><div class=\"row\"><div class=\"col-12\"><div class=\"header-title\"><h1>Sustainability In Insurance Industry | India <\/h1><\/div><\/div><\/div><\/div><div class=\"hero-blogs-bottom\"><div class=\"header-author\"><div class=\"author-img\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2022\/11\/Pranab-Ghosh-1.jpg?w=636?w=200&amp;quality=10\" alt=\"\" loading=\"lazy\"\/><\/div><div class=\"author-name-date\"><h5 class=\"author-name\">Pranab Ghosh<\/h5><h5 class=\"blog-date\">21 Apr 2023<\/h5><\/div><\/div><div class=\"brand-image\"> <\/div><\/div><\/div><\/div><\/header>\n\n\n\n<section class=\"wp-block-cg-blocks-group undefined section section--article-content\"><div class=\"article-main-content\"><div class=\"container\"><div class=\"row\"><div class=\"col-12 col-md-1\"><nav class=\"article-social\"><ul class=\"social-nav\"><li class=\"ip-order-fb\"><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/www.capgemini.com\/in-en\/insights\/expert-perspectives\/sustainability-in-insurance-industry-india\/\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-fb\"><\/i><span class=\"sr-only\">Facebook<\/span><\/a><\/li><li class=\"ip-order-tw\"><a href=\"https:\/\/twitter.com\/intent\/tweet?url=https:\/\/www.capgemini.com\/in-en\/insights\/expert-perspectives\/sustainability-in-insurance-industry-india\/&amp;text=Sustainability%20In%20Insurance%20Industry%2C%20India\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-tw\"><\/i><span class=\"sr-only\">Twitter<\/span><\/a><\/li><li class=\"ip-order-li\"><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https:\/\/www.capgemini.com\/in-en\/insights\/expert-perspectives\/sustainability-in-insurance-industry-india\/&amp;text=Sustainability%20In%20Insurance%20Industry%2C%20India\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-li\"><\/i><span class=\"sr-only\">Linkedin<\/span><\/a><\/li><\/ul><\/nav><\/div><div class=\"col-12 col-md-11 col-lg-10\"><div class=\"article-text article-quote-text\">\n<p>India has a total of 55 insurance companies, out of which 31 are general insurance companies while 24 are life insurance companies. In 2020, the Indian insurance market was ranked eleventh globally (in terms of premium volume); and its share in the global insurance market was 1.72% (with a premium volume of $107.9 billion), states the latest annual report by the Insurance Regulatory and Development Authority of India (IRDAI).<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" height=\"779\" width=\"1024\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-02.jpg?w=960\" alt=\"\" class=\"wp-image-1054190\" style=\"width:480px;height:365px\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-02.jpg 2880w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-02.jpg?resize=300,228 300w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-02.jpg?resize=768,584 768w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-02.jpg?resize=1024,779 1024w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-02.jpg?resize=1536,1168 1536w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-02.jpg?resize=2048,1557 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The most important issue in today\u2019s world is climate change characterized by the continuous rise of atmospheric temperature which calls for a firm commitment towards Sustainability. In the Climate Economics Index which examines the overall climate resilience of countries, India was ranked in the 45<sup>th<\/sup> place among 48 countries which together represent 90% of the world economy. India\u2019s agriculture and tourism sectors, which respectively accounted for about 18% and 9% of the country\u2019s total GDP in 2020, are particularly susceptible to the fallouts from climate change<sup>1<\/sup>.<\/p>\n\n\n\n<p>In the most extreme climate scenario, assuming a 3.2\u00b0C rise in temperature, India&#8217;s economic losses are expected to amount to more than 35% of the country\u2019s GDP<sup>2<\/sup>. Therefore, Sustainability goals and commercial interests are strongly aligned and need to be addressed as an urgent priority.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" height=\"824\" width=\"1024\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-03.jpg?w=960\" alt=\"\" class=\"wp-image-1054191\" style=\"width:480px;height:386px\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-03.jpg 2880w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-03.jpg?resize=300,241 300w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-03.jpg?resize=768,618 768w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-03.jpg?resize=1024,824 1024w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-03.jpg?resize=1536,1236 1536w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-03.jpg?resize=2048,1648 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-sustainable-insurance-approach\"><strong>The \u2018Sustainable insurance\u2019 approach<\/strong><\/h3>\n\n\n\n<p>Sustainable insurance is a strategic approach where all activities in the insurance value chain are done in a responsible and forward-looking way by identifying, managing, and monitoring risks and opportunities associated with environmental, social, and governance issues.<\/p>\n\n\n\n<p>Insurance companies which were proactive with respect to climate change in the early 2000s are now the market leaders in terms of transitioning to a low-carbon economy. On the other hand, companies that are now in the nascent stages of sustainable insurance approach are likely to face negative brand consequences and would need to stringently comply with green norms. It would be fair to say that insurers are approaching the <strong>\u201clagging era\u201d<\/strong> in 2022, as compared to the <strong>\u201cleading era\u201d<\/strong> in 2000.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" height=\"709\" width=\"1024\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-04.jpg?w=960\" alt=\"\" class=\"wp-image-1054192\" style=\"width:480px;height:332px\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-04.jpg 2880w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-04.jpg?resize=300,208 300w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-04.jpg?resize=768,531 768w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-04.jpg?resize=1024,709 1024w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-04.jpg?resize=1536,1063 1536w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-04.jpg?resize=2048,1417 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<section class=\"wp-block-cg-blocks-how-we-do-it section section--howwedoit block-howwedoit\"><div class=\"container\"><div><div class=\"content-title\"><h3 data-maxlength=\"72\"><strong>Role of insurers in advancing the Sustainability agenda<\/strong><\/h3><\/div><p>According to the World Meteorological Organization, over the last 50 years a disaster related to weather has occurred every day on an average killing 115 people and causing $202 million in losses. In the South-East Asia region, India has reported around 321 disasters in the last 20 years. In 2021 alone three cyclones, two floods, and an earthquake caused massive losses in the Indian sub-continent.<br><br>Consequently, the insurance industry could play a monumental role in accelerating the shift towards a more sustainable community. This is because insurers are not only protection providers but also act as risk managers and social influencers who play a major role in educating and spreading awareness in society. Mentioned below are a few such initiatives:<\/p><\/div><div class=\"section-content\">\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h4><strong>Green loyalty program<\/strong><\/h4><\/div><div class=\"expander-content\"><p>Insurers could allow customers to participate in their Sustainability mission by offering green loyalty reward points for taking steps towards a sustainable future.<\/p><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h4><strong>Sustainable insurance products<\/strong><\/h4><\/div><div class=\"expander-content\"><p>Insurers need to focus on providing sustainable insurance products which could be helpful in driving Sustainability.<\/p><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h4><strong>Pay as you drive (PAYD)<\/strong><\/h4><\/div><div class=\"expander-content\"><p>Insurers could offer flexible premium rates in auto insurance policies which may vary based on the miles driven. This would encourage customers to drive less as they would need to pay lower premiums for their policies, which in turn would help in reducing carbon emissions.<\/p><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h4><strong>LEED certification<\/strong><\/h4><\/div><div class=\"expander-content\"><p>Leadership in Energy and Environmental Design<strong> <\/strong>(LEED) is a well-recognized green building rating system which focuses on designing and building energy-efficient and water-conserving buildings using green and sustainable material resources.<\/p><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h4><strong>Green behavior discounts<\/strong><\/h4><\/div><div class=\"expander-content\"><p>Insurers could offer premium discounts to customers who use or purchase electric or hybrid vehicles. Additionally, premium discounts could also be offered by insurers for buildings which follow a certain level of efficiency and Sustainability standards.<\/p><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h4><strong>Green building<\/strong><\/h4><\/div><div class=\"expander-content\"><p>Insurers could cover the cost of restoration or rebuilding of property as per the ESG or green certificate building norms, whenever there is a complete damage to property. Green buildings are those which eliminate the negative environmental impact and create a positive impact on the climate and environment.<\/p><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n<\/div><\/div><\/section>\n\n\n\n<p>Insurers could also act on Sustainability by creating advertisments explaining the importance of a sustainable future and the impact on current environment due to various factors, such as climate change. These would have a two-fold effect, raising awareness about both insurance and Sustainability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sustainability initiatives of global insurers in India<\/h3>\n\n\n\n<p>Global insurers operating in India have been at the forefront in adopting Sustainability by taking definitive action.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Munich Re has started to offer performance coverage for battery storage. It has developed new coverage solutions for manufacturers of photovoltaic projects which include compensation against guaranteed trigger.<\/li>\n\n\n\n<li>Swiss Re has announced that by 2023 it would stop providing insurance to the world\u2019s top 10% of the most intensive oil &amp; gas producers and stop investing in them.<\/li>\n\n\n\n<li>Genrali has created a competence center to ideate and share best practices in underwriting the specific risks in the renewable energy sector.<\/li>\n\n\n\n<li>AIG has established an ESG divided fund to promote sustainable and impact investing; and it is also promoting natural catastrophe risk modelling and climate risk anticipation\/pre-emption.<\/li>\n\n\n\n<li>Cigna has adopted a strategic Sustainability performance plan designed to manage global real estate portfolios with focus on emission reduction, energy efficiency, reusability\/recycling, and waste management.<\/li>\n\n\n\n<li>Liberty Mutual has developed a new stochastic wildfire model by adjusting their latest wildfire model to better match their underwriting practices with latest information on weather.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Steps taken by Indian insurers towards Sustainability<\/strong><\/h3>\n\n\n\n<p>Insurers in India are following common environmental, social, and governance (ESG) frameworks in their organizations to achieve Sustainability in their operations. These common steps are as shown in the figure below:<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" height=\"542\" width=\"1024\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-05.jpg?w=960\" alt=\"\" class=\"wp-image-1054193\" style=\"width:480px;height:254px\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-05.jpg 2880w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-05.jpg?resize=300,159 300w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-05.jpg?resize=768,406 768w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-05.jpg?resize=1024,542 1024w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-05.jpg?resize=1536,812 1536w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Insurance-illustration-05.jpg?resize=2048,1083 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>General Insurance Council <\/strong>(GI Council), representing 45 non-life insurance and reinsurance companies in India has recently become an institution supporting the Principles for Sustainable Insurance (PSI) &nbsp;\u2012 a sustainable insurance initiative by the United Nations (UN). The GI Council decided in an Executive Committee meeting to join the PSI initiative to promote awareness about sustainable insurance and ESG norms within the Indian general insurance industry.<\/p>\n\n\n\n<p>Thus the Indian insurance industry is in the early stages in the adoption of Sustainability; and insurers therein are yet to take firm actions in the journey towards Sustainability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Indian CxOs\u2019 views on Sustainability<\/strong><\/h3>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u201c<\/strong>We believe that adopting the United Nations supported Principles for Responsible Investment (UNPRI) will nudge corporations to enhance focus on ESG initiatives to build sustainable businesses.<strong>\u201d<\/strong><\/p>\n<cite>\u2012 Manish Kumar, Chief Investment Officer, ICICI Prudential Life<\/cite><\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u201c<\/strong>HDFC Life is committed to industry leading ESG standards that will help shape a sustainable future for the communities we serve and creating long term value for all our stakeholders.<strong>\u201d<\/strong><\/p>\n<cite>\u2012 Vibha Padalkar, MD &amp; CEO, HDFC Life<\/cite><\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u201c<\/strong>We, at ICICI Lombard, are actively adopting a holistic approach that takes Environmental, Social, and Governance aspects into consideration whilst formulating all our business plans and goals.<strong>\u201d<\/strong><\/p>\n<cite>\u2012 Bhargav Dasgupta, MD &amp; CEO, ICICI Lombard<\/cite><\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u201c<\/strong>In this journey towards making a sustainable change, we are adopting the Environment, Social, and Governance (ESG) approach, which will help us to evaluate and define the extent to which we are working towards our social goals, which go beyond our role to maximize profit to create a wholesome future for all our stakeholders. Though we have just embarked on the journey of capturing our ESG initiatives, it is already clear that ESG is the way forward for businesses to do the right things in the right way.<strong>\u201d<\/strong><\/p>\n<cite>\u2013 Tapan Singhel, MD &amp; CEO, Bajaj Allianz<\/cite><\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u201c<\/strong>The General Insurance Council will endeavor to promote the adoption and implementation of the Principles for Sustainable Insurance throughout our membership. The Council is focused on efforts to work with members and key stakeholders in accelerating the transition to a zero-carbon future while helping people build resilience to climate change.<strong>\u201d<\/strong><\/p>\n<cite>\u2012 MN Sharma, Secretary-General, General Insurance Council<\/cite><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h3>\n\n\n\n<p>India is among the countries which are &nbsp;the most vulnerable to climate change in the world; and it is estimated that the country is incurring losses of about $9-10 billion annually due to extreme weather incidents<sup>3<\/sup>. Insurers carry the financial burden of climate change-induced natural disasters and play an important role in how society recovers from these disasters.<\/p>\n\n\n\n<p>However, Indian insurers fare poorly when it comes to covering climate-linked losses, since nearly 80% of these losses remain uninsured in the country. In comparison with global insurers, Indian insurers have been laggards in adopting sustainable practices &amp; products and in incorporating climate risk assessment in the investment and underwriting decision-making processes. Indian insurers were in the bottom 10% in terms of the quality of their Climate Related Financial Disclosures, according to a report by environmental platform Climate Trends.<\/p>\n\n\n\n<p>Indian insurers need to proactively take steps to integrate Sustainability into their corporate strategy. Preliminary steps could be taken towards creating green buildings, green IT, and sustainable product design, while subsequent steps could be taken in sustainable investments and green underwriting.<\/p>\n\n\n\n<p><strong>Sources<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><sup>1,2<\/sup>:<a href=\"https:\/\/www.swissre.com\/risk-knowledge\/building-societal-resilience\/covid-19\/how-insurance-can-support-a-more-sustainable-india.html\">https:\/\/www.swissre.com\/risk-knowledge\/building-societal-resilience\/covid-19\/how-insurance-can-support-a-more-sustainable-india.html<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/icici-pru-is-first-insurer-to-sign-un-pact-on-esg-issues\/articleshow\/88306528.cms\">https:\/\/timesofindia.indiatimes.com\/business\/india-business\/icici-pru-is-first-insurer-to-sign-un-pact-on-esg-issues\/articleshow\/88306528.cms<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.gicouncil.in\/news-media\/events\/general-insurance-council-joins-un-principles-for-sustainable-insurance-initiative\/\">https:\/\/www.gicouncil.in\/news-media\/events\/general-insurance-council-joins-un-principles-for-sustainable-insurance-initiative\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.icicilombard.com\/docs\/default-source\/esg\/esg-report%202022.pdf?sfvrsn=39fd6b55_8\">https:\/\/www.icicilombard.com\/docs\/default-source\/esg\/esg-report 2022.pdf?sfvrsn=39fd6b55_8<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.capgemini.com\/insights\/research-library\/sustainable-underwriting-how-insurers-can-account-for-esg-risks-and-enable-dynamic-pricing\/\">https:\/\/www.capgemini.com\/insights\/research-library\/sustainable-underwriting-how-insurers-can-account-for-esg-risks-and-enable-dynamic-pricing\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/earthsecuritygroup.com\/wp-content\/uploads\/2016\/06\/ESG.IndiaInsurance.pdf\">https:\/\/earthsecuritygroup.com\/wp-content\/uploads\/2016\/06\/ESG.IndiaInsurance.pdf<\/a><\/li>\n\n\n\n<li><sup>3<\/sup>:<a href=\"https:\/\/www.downtoearth.org.in\/news\/climate-change\/indian-insurers-listed-among-worst-performers-in-climate-sector-globally-82166\">https:\/\/www.downtoearth.org.in\/news\/climate-change\/indian-insurers-listed-among-worst-performers-in-climate-sector-globally-82166<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-cg-blocks-profile-card undefined profile-card section profile-card-slider\"><div class=\"container profileCardContainer\"><div class=\"profile-box\"><div class=\"row\"><div class=\"col-md-6 col-lg-3\"><div class=\"box\"><div class=\"box-author-img\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Pranab-Ghosh.jpg?w=500&amp;quality=70\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Pranab-Ghosh.jpg?w=500&amp;quality=70 1x, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Pranab-Ghosh.jpg?w=1000&amp;quality=70 2x\" class=\"box-img\" alt=\"\" style=\"object-fit:cover;object-position:50% 50%\" loading=\"lazy\"\/><\/div><\/div><\/div><div class=\"col-md-6 col-lg-9 right-side-box\"><div class=\"row right-box\"><div class=\"col-lg-4 profile\"><h3 class=\"profile-title\"><strong>Pranab Ghosh<\/strong><\/h3><p class=\"box-position\">Head of Insurance Consulting, <br>Capgemini Invent India<\/p><ul class=\"social-nav social-nav-icons\"><li><a aria-label=\"LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/pranabg\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i class=\"icon-li\" aria-hidden=\"true\"><\/i><\/a><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-cg-blocks-profile-card undefined profile-card section profile-card-slider\"><div class=\"container profileCardContainer\"><div class=\"profile-box\"><div class=\"row\"><div class=\"col-md-6 col-lg-3\"><div class=\"box\"><div class=\"box-author-img\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Angad-Singh-Makol.jpg?w=500&amp;quality=70\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Angad-Singh-Makol.jpg?w=500&amp;quality=70 1x, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Angad-Singh-Makol.jpg?w=1000&amp;quality=70 2x\" class=\"box-img\" alt=\"\" style=\"object-fit:cover;object-position:50% 50%\" loading=\"lazy\"\/><\/div><\/div><\/div><div class=\"col-md-6 col-lg-9 right-side-box\"><div class=\"row right-box\"><div class=\"col-lg-4 profile\"><h3 class=\"profile-title\">Angad Singh Makol<\/h3><p class=\"box-position\">Senior Consultant,<br>Capgemini Invent India<\/p><ul class=\"social-nav social-nav-icons\"><li><a aria-label=\"LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/angad-singh-makol\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i class=\"icon-li\" aria-hidden=\"true\"><\/i><\/a><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-cg-blocks-profile-card undefined profile-card section profile-card-slider\"><div class=\"container profileCardContainer\"><div class=\"profile-box\"><div class=\"row\"><div class=\"col-md-6 col-lg-3\"><div class=\"box\"><div class=\"box-author-img\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Vivek-Raj-e1681880053451.jpg?w=500&amp;quality=70\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Vivek-Raj-e1681880053451.jpg?w=500&amp;quality=70 1x, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/04\/Vivek-Raj-e1681880053451.jpg?w=1000&amp;quality=70 2x\" class=\"box-img\" alt=\"\" style=\"object-fit:cover;object-position:50% 50%\" loading=\"lazy\"\/><\/div><\/div><\/div><div class=\"col-md-6 col-lg-9 right-side-box\"><div class=\"row right-box\"><div class=\"col-lg-4 profile\"><h3 class=\"profile-title\">Vivek Raj<\/h3><p class=\"box-position\">Associate Consultant, <br>Capgemini Invent India<\/p><ul class=\"social-nav social-nav-icons\"><li><a aria-label=\"LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/raj-vivek-meta\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i class=\"icon-li\" aria-hidden=\"true\"><\/i><\/a><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":87,"featured_media":1054184,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cg_dt_proposed_to":[],"cg_seo_hreflang_relations":"[]","cg_seo_canonical_relation":"","cg_seo_hreflang_x_default_relation":"{\"uuid\":\"3441af12-f4ad-41b0-ab3c-c4caf0c64ef7\",\"blogId\":\"\",\"domain\":\"\",\"sitePath\":\"\",\"postLink\":\"\",\"postId\":null,\"isSaved\":true,\"isCrossLink\":false,\"hasCrossLink\":false}","cg_dt_approved_content":true,"cg_dt_mandatory_content":false,"cg_dt_notes":"","cg_dg_source_changed":false,"cg_dt_link_disabled":false,"_yoast_wpseo_primary_brand":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","featured_focal_points":""},"categories":[1],"tags":[],"brand":[],"service":[],"industry":[],"partners":[],"blog-topic":[159],"content-group":[],"class_list":["post-1054182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","blog-topic-intelligent-industry"],"yoast_head":"<!-- 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