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Corporate social responsibility in the international insurance industry

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  • Bert Scholtens

Abstract

This paper investigates the corporate social responsibility (CSR) of insurance companies. Rating institutions provide costly information about firms' CSR and it is not clear how they arrive at their assessment. We use a transparent framework to assess the CSR of insurance companies. We apply this framework to different types of insurers (financial conglomerates, life insurance companies, mixed insurers, general insurers) for more than 150 institutions from 20 countries. We find significant differences between different types of insurers and between countries. The results also suggest that social and ethical aspects of CSR are better integrated in the business activities of insurers than environmental aspects are. Financial conglomerates perform better than other types of insurers. Copyright (C) 2011 John Wiley & Sons, Ltd and ERP Environment.

Suggested Citation

  • Bert Scholtens, 2011. "Corporate social responsibility in the international insurance industry," Sustainable Development, John Wiley & Sons, Ltd., vol. 19(2), pages 143-156, March/Apr.
    • Handle: RePEc:wly:sustdv:v:19:y:2011:i:2:p:143-156
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    File URL: http://hdl.handle.net/10.1002/sd.513
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    Cited by:

    1. Marina Brogi & Antonella Cappiello & Valentina Lagasio & Fabrizio Santoboni, 2022. "Determinants of insurance companies' environmental, social, and governance awareness," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1357-1369, September.
    2. Belen Lopez & Alfonso Torres & Alberto Ruozzi & Jose Antonio Vicente, 2020. "Main Factors for Understanding High Impacts on CSR Dimensions in the Finance Industry," Sustainability, MDPI, vol. 12(6), pages 1-17, March.
    3. Víctor Amor-Esteban & Mª-Purificación Galindo-Villardón & Fátima David, 2018. "Study of the Importance of National Identity in the Development of Corporate Social Responsibility Practices: A Multivariate Vision," Administrative Sciences, MDPI, vol. 8(3), pages 1-33, August.
    4. Víctor Amor‐Esteban & Ma‐Purificación Galindo‐Villardón & Isabel‐María García‐Sánchez & Fátima David, 2019. "An extension of the industrial corporate social responsibility practices index: New information for stakeholder engagement under a multivariate approach," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(1), pages 127-140, January.
    5. Flávio G. Nogueira & André F. P. Lucena & Roberto Nogueira, 2018. "Sustainable Insurance Assessment: Towards an Integrative Model," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(2), pages 275-299, April.
    6. Mika Goto & Toshiyuki Sueyoshi, 2020. "Sustainable development and corporate social responsibility in Japanese manufacturing companies," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(4), pages 844-856, July.
    7. Meenakshi Sharma & Akanksha Choubey, 2022. "Green banking initiatives: a qualitative study on Indian banking sector," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(1), pages 293-319, January.
    8. Iqbal Owadally & Jean-René Mwizere & Neema Kalidas & Kalyanie Murugesu & Muhammad Kashif, 2021. "Long-Term Sustainable Investment for Retirement," Sustainability, MDPI, vol. 13(9), pages 1-22, April.
    9. Iman M Arafa Mohamed & Wafaa Salah, 2016. "Investigating corporate social responsibility disclosure by banks from institutional theory perspective," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 2(6), pages 280-293.
    10. Oleg Deev & Nino Khazalia, 2017. "Corporate Governance, Social Responsibility and Financial Performance of European Insurers," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 65(6), pages 1873-1888.
    11. Laura Chiaramonte & Alberto Dreassi & Andrea Paltrinieri & Stefano Piserà, 2020. "Sustainability Practices and Stability in the Insurance Industry," Sustainability, MDPI, vol. 12(14), pages 1-25, July.
    12. Carlo Pugnetti & Sebastian Barth & Lukas Stricker, 2023. "Customer Expectations for Sustainability in the Swiss Insurance Market," Sustainability, MDPI, vol. 15(11), pages 1-16, June.
    13. Bogumil Czerwinski, 2013. "Koncepcja spolecznej odpowiedzialnosci biznesu w uslugach ubezpieczeniowych. (The conception of the Corporate Social Responsibility in the insurance services.)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 11(42), pages 80-90.
    14. Nicos A. Scordis & Yoshihiko Suzawa & Astrid Zwick & Lucia Ruckner, 2014. "Principles for Sustainable Insurance: Risk Management and Value," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(2), pages 265-276, September.
    15. Kaffash, Sepideh & Azizi, Roza & Huang, Ying & Zhu, Joe, 2020. "A survey of data envelopment analysis applications in the insurance industry 1993–2018," European Journal of Operational Research, Elsevier, vol. 284(3), pages 801-813.
    16. Víctor Amor‐Esteban & María Purificación Galindo‐Villardón & Isabel‐María García‐Sánchez, 2020. "Bias in composite indexes of CSR practice: An analysis of CUR matrix decomposition," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(4), pages 1914-1936, July.
    17. Andrzej Janowski, 2020. "Philanthropy and the Contribution of Andrew Carnegie to Corporate Social Responsibility," Sustainability, MDPI, vol. 13(1), pages 1-26, December.
    18. Chao‐Chung Ho & Chih Huang & Chung‐Ya Ou, 2018. "Analysis of the Factors influencing Sustainable Development in the Insurance Industry," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(4), pages 391-410, July.
    19. Chen, Shi & Huang, Fu-Wei & Lin, Jyh-Horng, 2022. "Life insurance policyholder protection, government green subsidy, and cap-and-trade transactions in a black swan environment," Energy Economics, Elsevier, vol. 115(C).
    20. Elies Seguí-Mas & Fernando Polo-Garrido & Helena María Bollas-Araya, 2018. "Sustainability Assurance in Socially-Sensitive Sectors: A Worldwide Analysis of the Financial Services Industry," Sustainability, MDPI, vol. 10(8), pages 1-21, August.

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