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Sustainable Investments in the Insurance Sector

Author

Listed:
  • Viktoria Deak

    (Magyar Nemzeti Bank)

  • Nikolett Toros-Barczel

    (Magyar Nemzeti Bank)

  • Norbert Holczinger

    (Magyar Nemzeti Bank)

  • Ferenc Szebeledi

    (Magyar Nemzeti Bank)

Abstract

Achieving global environmental and climate agreements requires the efforts of not only supranational organisations and states, but also the financial sector, including the insurance sector. In addition to the core business of insurance companies, i.e. the undertaking of risk, their investments also play a key role. Recent years have seen an increasing number of unit-linked products that seek to contribute to some sustainability goal. However, the sustainability approaches and investor disclosures of collective investment undertakings and unit-linked asset funds have not been uniform, warranting regulation on account of the growing risk of greenwashing. New EU legislation has created the opportunity, inter alia, to distinguish collective investment undertakings and asset funds in terms of sustainability and to ensure greater transparency for investors. While there is no doubt about the need for regulation, at this stage it poses a number of challenges for institutions.

Suggested Citation

  • Viktoria Deak & Nikolett Toros-Barczel & Norbert Holczinger & Ferenc Szebeledi, 2022. "Sustainable Investments in the Insurance Sector," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 21(4), pages 103-128.
    • Handle: RePEc:mnb:finrev:v:21:y:2022:i:4:p:103-128
    as

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    File URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-21-4-st4-deak-toros-barczel-holczinger-szebeledi.pdf
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    References listed on IDEAS

    as
    1. Anett Pandurics & Péter Szalai, 2017. "The Impact of Climate Change on the Insurance Sector," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(1), pages 92-118.
    2. Matolcsy, György, 2022. "The Appearance of Economic, Social, Financial and Environmental Sustainability Aspects in the Practices of the National Bank of Hungary," Public Finance Quarterly, Corvinus University of Budapest, vol. 67(3), pages 315-334.
    Full references (including those not matched with items on IDEAS)

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      More about this item

      Keywords

      unit linked insurance; ESG; transparency; SFDR; climate change;
      All these keywords.

      JEL classification:

      • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
      • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
      • K29 - Law and Economics - - Regulation and Business Law - - - Other
      • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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