Insurance might not be the first thing that comes to mind when we think about sustainability—but it should be. With trillions in investments and the power to influence which industries thrive (or don’t), insurers play a quiet yet critical role in shaping the future. That’s exactly why the Global Reporting Initiative (GRI) has drafted a new sector-specific sustainability standard just for them.
This new GRI draft standard for the insurance sector aims to help insurance companies better report their impacts—not just financially, but socially and environmentally too. It’s a big move toward more transparent, responsible business in one of the world’s most powerful financial sectors.
So, why do insurers need their own reporting standard?
The insurance industry is different from other financial sectors. It doesn’t just react to risk—it helps define it. What an insurer chooses to cover, invest in, or exclude can have a ripple effect across industries, from fossil fuels and construction to agriculture and healthcare.
But until now, there’s been no global standard that speaks directly to the unique sustainability challenges insurers face. This GRI draft changes that by providing a framework tailored to how insurers operate—and how their decisions affect society and the environment.
What the draft covers (and why it matters)
Here’s a quick look at some of the areas this new draft dives into:
1. Underwriting with impact
Insurers are being asked to explain how their underwriting choices influence social and environmental issues. For example: are they still insuring coal mines? Do they exclude sectors like tobacco or weapons?
Example disclosure:
“Describe how your company screens for environmental or social risks in underwriting, and any industries you exclude from coverage.”
2. Responsible investing
With huge investment portfolios under their belts, insurers are also key players in the financial markets. The draft asks them to show how ESG (environmental, social, governance) factors are integrated into their investment decisions.
Example disclosure:
“What percentage of your investments are aligned with ESG frameworks like the UN PRI? How do you use your shareholder power to push for sustainability?”
3. Making insurance more accessible
Affordability and access are big concerns—especially as climate change creates more frequent and severe disasters. The draft encourages insurers to share how they provide coverage to underserved or vulnerable communities.
Example disclosure:
“Report on how you tailor insurance products for low-income households or climate-affected areas.”
4. Fair claims and customer care
No one wants to feel like a claim is being delayed or denied unfairly. The draft calls for transparency on claims handling, customer satisfaction, and disputes.
Example disclosure:
“Provide stats on average claim settlement times, disputed claims, and overall customer satisfaction.”
It’s not just about checking boxes—it’s about doing better
What’s great about this draft is that it doesn’t just say, “Be transparent.” It offers concrete guidance on what to report and why it matters. It’s also designed to work alongside other major frameworks like:
- TCFD (climate risk reporting)
- ISSB (sustainability standards board)
- The EU’s CSRD (corporate sustainability reporting directive)
This makes life a little easier for insurers who are trying to juggle multiple compliance demands while staying transparent and responsible.
Final thoughts
Insurance companies have always been in the business of managing risk. Now, they have an opportunity—and a responsibility—to help manage the planet’s future. This new GRI draft standard is a powerful tool to make that.
