ESG and Insurance

Overview

Crowell & Moring has brought together its ESG advisory team and insurance practitioners to help our insurance industry clients navigate the potential risks of ESG issues and take advantage of opportunities that may arise as in this space. With significant insurance industry and government experience in the United States and internationally, Crowell & Moring provides a unique perspective with first-hand knowledge to support our clients in navigating rapidly-evolving ESG-related policy, regulatory, and legislative developments.

How Crowell & Moring Can Help Insurers and Reinsurers

Advising clients on legal requirements and best practices regarding their own operations: We help clients across the globe evaluate their own policies and practices under relevant legal and regulatory frameworks and, increasingly, focus on ESG measures such as sustainability, diversity and inclusion, fair labor practices, and forward thinking to meet expectations and increasing pressure from stakeholders.

Assessing obligations for ESG-related risks: We can help insurers identify, understand, and manage ESG-related risks and liabilities at all levels, not only from the standpoint of operations, investment, and social responsibility but also in underwriting, loss control, risk exposures, and coverage analysis.

Counseling on policy, regulatory, and legislative developments the affect the industry: We analyze a wide range of ESG issues facing our clients around the world, ranging from environmental compliance and corporate governance to public company disclosures and reputational issues.

Public Affairs: We create platforms to enable insurers to shape the ESG conversation and influence the legal and regulatory landscape.

Risk to Insurers and Reinsurers

Identifying ESG factors in risk quantification, underwriting, loss control and coverage analysis
Challenges to risk-based pricing models as well as emerging issues in AI and insurance
New loss exposures driven by concerns about climate change, environmental justice and equal protection from health hazards
Uncertainty around new product offerings and portfolio risk due to ESG concerns
Establishing best practices and navigating new legal and regulatory requirements
Reputational risk