Sustainability, the undertaking of activities which demonstrate forward-looking social, environmental and ethical responsibility, presents many business opportunities for ICMIF insurers; and plays an important role in generating value for the organisation. ICMIF has recently published a new member-only sustainability report which aims to provide information and advice on how to enhance the value that can be generated from sustainability, through its measurement and reporting. The report considers these two themes specifically from the perspective of mutual and cooperative insurance providers and is intended to guide and inspire those who have little or no experience in sustainability reporting and measuring.
If your organisation invests in sustainability, it should be treated as for any other management activity and should, therefore, be measured and reported upon. The application of clear and appropriate targets, or key performance indicators (KPIs), helps direct an organisation towards its sustainability goals. Reporting the outcomes of sustainability programmes, including KPIs, provides a crucial link between the firm’s efforts and its various stakeholder groups. For a mutual/cooperative insurance provider, in particular, there is a duty to inform members how the resources of their organisation are being utilised.
In recent years, experience in non-financial reporting and measuring has grown considerably across all sectors but can still be a daunting task where there is no previous experience. Among ICMIF members, it is noted in the report that there are many inspiring and commendable examples of sustainability, but relatively little measuring and reporting. This report includes a version of the Global Reporting Initiative (GRI) which we have specifically simplified and adapted for mutual and cooperative insurers. We hope that those ICMIF members who have not yet approached sustainability from a strategic-economic viewpoint will find this guide invaluable in making a start in measuring and reporting. We hope that it will provide help to those who wish to further enhance the value that their sustainability activities deliver to the organization.
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Download the full report (English) (pdf, 467.17 kB)
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