INTEGRATION OF ESG PRINCIPLES INTO THE ACTIVITIES OF UKRAINIAN INSURANCE COMPANIES: GLOBAL TRENDS AND LOCAL SPECIFICITIES
Abstract
The article is devoted to the study of global trends in the integration of ESG principles into the activities of insurance companies in Ukraine. It is noted that the modern insurance market is influenced by global trends in sustainable development, which increasingly determine its strategic priorities. In response to growing ESG challenges, insurance companies are adapting their business models, implementing the principles of sustainable development both at the level of corporate governance and in operational activities. It is noted that the local features of ESG in domestic insurance are determined by the impact of the war, insufficient regulation, low customer awareness and the potential for the development of green insurance. The war creates new challenges, in particular, regarding the insurance of military risks and displaced persons, and also requires the adaptation of insurance policies to the conditions of post-war recovery. Currently, Ukraine does not have mandatory requirements for ESG reporting, but there is a gradual approach to European standards. At the same time, low customer awareness of ESG products requires active promotion of green insurance and educational initiatives. At the same time, there is an increase in demand for insurance for renewable energy sources, electric transport and ecological construction, which opens up prospects for sustainable development of the insurance market. State initiatives and international support can contribute to the adaptation of European ESG practices and strengthening the environmental responsibility of business. The conclusion states that the modern insurance market is actively integrating ESG principles, which strengthens its sustainability and competitiveness. In Ukraine, this process is still at an early stage, but awareness of its importance is growing, which opens up prospects for attracting investment and strengthening customer trust. Further development of ESG in insurance will contribute to adaptation to international standards and integration into global markets.
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