Integrating ESG criteria in country risk management

ING Insurance/IM contributed to a blueprint on integrating Environmental, Social and Governance (ESG) criteria in country risk management, addressing a business-critical issue: the stability of countries.

The paper was recently presented by the CRO Forum, a group of professional risk managers from the insurance industry that focuses on developing and promoting industry best practices in risk management.

ING’s focus on investments

The paper, entitled ‘Environmental, Social and Governance factors in country risk management – a new horizon’, describes the drivers for integrating ESG criteria in country risk management in underwriting, investments and operational risk. In this fourth blueprint, created by the CRO Forum's Sustainability working group, ING’s specific contribution and focus was on investments.

Other members of the Sustainability working group of the CRO Forum included Munich Re, Swiss Re, Allianz, Aviva, AXA, Generali and Zurich.

Country risk

Environmental, socio-economic and geopolitical developments shaping country risk profiles have become a focal point for the insurance industry in the past few years. This is because they address an important business issue, namely the stability of countries. Stability is a foundation for any business undertaking worldwide. It is especially important for insurers since they are obliged to provide capital strength over the long term.

To read the paper and learn more about ESG criteria in country risk management, please go to: http://www.thecroforum.org/esg-country-risk-management-a-new-horizon/