ESG KAO POKRETAČ TRANSFORMACIJE SEKTORA OSIGURANJA: IZAZOVI I MOGUĆNOSTI ODRŽIVOG UPRAVLJANJA RIZICIMA

Abstract

ESG has become a key driver of profound transformation within the insurance sector, shaping how insurers assess, manage, and transfer risks in today’s regulatory and market environment. Environmental factors, particularly climate change and the increase in climate-related catastrophes, require a redefinition of traditional risk assessment models and the introduction of advanced analytical approaches. Social criteria influence consumer behaviour, user expectations, and the development of products that promote social responsibility, inclusiveness, and ethical standards. Governance, as the third component of the ESG framework, directs insurers toward greater transparency, stronger oversight mechanisms, and long-term sustainable investment strategies. At the same time, the implementation of ESG principles brings a number of challenges, including regulatory uncertainty, the need for methodological standardisation, compliance with European regulatory requirements, and increasing pressures from markets and investors. Nevertheless, the opportunities for development are significant: sustainable insurance products, innovative risk management policies, advanced data use, and enhanced sector-wide resilience to systemic risks. The ESG framework thus becomes not only a regulatory obligation but also a strategic resource that enables insurers to achieve long-term stability, competitiveness, and an active role in the green and socially responsible transition.