Social sustainability - The role of the insurance industry and actuaries in Germany
Abstract
The report covers a wide range of issues relating to the actuarial work involved in the social sustainability of the products and services offered by the German insurance industry. Aspects of the social sustainability of investments, insurance operations and the insurance company itself, as well as social aspects of reporting under CSRD (Corporate Sustainability Reporting Directive), are not considered further in this report, as they are already discussed elsewhere.
In this context, there may be conflicting goals within the ESG sustainability goals (e.g. social goals versus environmental goals) but also between social goals and the stable, economic financing of insurance solutions. Actuaries are able to design appropriate solutions for these conflicting goals based on their training and knowledge. Within the insurance company, it is important to evaluate and weigh up which options exist and how these affect the various target dimensions (the main ones being ecological, social and economic).
The report discusses these potential conflicts of interest and provides initial pointers for approaches to resolving them.
Reports on findings are summaries of the results of work carried out by DAV committees or working groups,
• where their application can be freely decided upon within the framework of the code of conduct,
• that should inform discussion of the current opinion among actuaries or also among the broader public.
As working results of a working group reporting to the DAV Board, they do not, for the time being, represent any recognised position within the DAV and do not comprise any actuarial standards of practice. In this respect they are clearly distinguishable from any standards of practice.
