Abstract: The aim of the study is to present the way in which non-financial information associated with Corporate Social Responsibility (CSR) is reported in the Polish insurance sector. Moreover, the point is to check the engagement of the Polish insurance companies in non-financial reporting and to determine in which areas they are socially responsible. Research carried out in the paper involves the entire set of insurance and reinsurance companies in Poland (as of 15.03.2022) excluding those which do not share the information about their socially responsible activity. Non-financial reporting is facing many problems which derive from the lack of uniform standards and regulations. Consequently, discrepancies generated in CSR managerial practices in Poland have become an issue raised not only by society but also on the legal basis. The research conducted in the paper was both carried out by compiling the existing data on the official websites of insurance companies and by elaborating a case study of Ergo Hestia’ social report. A role model of transparent CSR reporting is the social report of Ergo Hestia Group from 2020, which was prepared in accordance with GRI (Global Reporting Initiative) standards, UN "2030 Agenda for Sustainable Development " goals and the principles of "Good Practice". The study shows that the insurance market is insufficiently involved in sustainable development issues and focuses primarily on building a good reputation. The social commitment of companies overwhelms other areas of CSR, which makes the comparison process difficult to realize. Moreover, the analysis proves that social and environmental involvement of the insurance companies depend on the need of fulfilling the needs of stakeholders.
<a href="https://dx.doi.org/10.15611/fins.2022.2.0.04">DOI: 10.15611/fins.2022.2.0.04</a>
<p>JEL Classification: G0, G3, G22</p>
<p>Keywords: Corporate Social Responsibility, GlobalReporting Initiative, non-financial reporting standards, insurance
companies</p>
<h2>1. Introduction </h2>
<p>Since the beginning of the 21st century in Poland, the ordinary
financial statements which are based on balance sheet law have become
insufficient due to the constantly increasing demand for information and
reporting transparency. The rapid and uncontrolled development of
international companies, as well as impactful economic events, have
pushed the capitalist system to the limits. At first, every company
which undertook activities for sustainable development was considered as
prestigious and prosperous since a sustainable company status itself was
a tool of competitive advantage and a pretext to raise prices of
products and services for which customers were actually eager to pay. In
fact the products did not differ significantly from the others but an
innovative environmental concept made it look very attractive to the
market recipients. On the one hand, more and more frequent socially
responsible practices resulted in a reduction in the monopoly of
companies that cared about the work environment, and on the other hand,
posed the question of how to inform potential customers and stakeholders
about their non-financial achievements or plans in an orderly and
uniform manner.</p>
<p>Nowadays, the implementation of environmental solutions has an
extremely minimal impact on the self-shaping of prices by entrepreneurs,
because it is widely accepted that a company should provide goods
produced in a sustainable way. Events like the war in Ukraine (2022)
show that global companies are no longer fighting for the prize, but for
the lack of sanctions and good reputation. This state of affairs sheds
new light on the word ‘sustainable’ as it refers to something that is
able to endure. This could explain the issue of the importance of
non-financial information reporting. The fact that the concept of
Corporate Social Responsibility has been present in the literature since
the 1960s is often overlooked. The reason for the change in the approach
to the traditional business model can be found not only in the economic
crisis but also in social changes. In the new economic model, whose
creators are referred to as the "Y" generation and the "Z" generation,
the traditional approach, in which the overarching goal of business is
profit maximisation, disappears in favor of the social viability of the
enterprise and delivering long-term non-financial benefits (Krasodomska,
2017, p. 145).</p>
<p>CSR is a very important element of reporting that every company
should take into account. The reason for the research is therefore to
see how the insurance sector is coping with the relatively new challenge
of sustainability-oriented reporting. The aim of the analysis was to
present the methods of social reporting using the example of Polish
insurance companies, and to examine in which areas they are socially
responsible.</p>
<h2>2. The
essence of non-financial reporting of insurance companies</h2>
<p>Insurance companies as business entities conduct activities geared
towards maximising the profits of their owners and in the case of mutual
insurance companies, - the profits of their members. However, they are
distinguished from other entities by a specific organizational,
marketing and financial structure, which results from the essence of
insurance as a socio-economic device (Lament, 2019, p. 173). This
structure has a significant impact on the separateness of the financial
system of the insurance sector. The research conducted by M. Lament on
non-financial reporting in the insurance sector on the Polish market
shows that the pioneers among the entities that take these information
into account are insurance companies which operate:</p>
<ol><li>
<p>in the life insurance branch (in 2004 – 100%, in 2016 – 48.9%
reporting insurance companies),</p>
</li>
<li>
<p>in the form of a joint stock company (in 2004 – 100%, in 2016 – 87.9%
reporting insurance companies),</p>
</li>
<li>
<p>with a dominant share of foreign capital (in 2004 – 100%, in 2016 –
69.7%)</p>
</li>
</ol>
<p>A particularly important issue related to CSR is not only action but
also prevention. Financial instruments of insurance companies, due to
their "quite peculiar nature", are instruments of a personal nature,
hence they do not function on the secondary market, nor have the
characteristics of liquidity (Kowalewski, 2002, p. 48). Therefore, the
activity of the insurance sector is inherently associated with many
types of risks, including CSR risks.</p>
<h2>3. Legal background of CSR
reporting</h2>
<p>Before starting the analysis of non-financial reporting of Polish
insurance companies, its legal basis should be understood. Undoubtedly,
social pressure has become the reason for the introduction of the
obligation to include non-financial accounting in a company's annual
report. The first significant changes to mandatory reporting were
introduced in 2014 by an EU directive (Dyrektywa Parlamentu
Europejskiego z dnia 22 października 2014 r. zmieniająca dyrektywę
2023/34/UE w odniesieniu do ujawniania informacji niefinansowych i
informacji dotyczących różnorodności przez niektóre duże jednostki oraz
grupy), which imposed an obligation on large companies to publish
extended non-financial information. The European Commission drew
attention to the need to increase the transparency of social and
environmental information presented by financial entities from all
sectors to an equally high level in all Member States of the European
Union. This document emphasised the need to identify sustainability
risks and was the culmination of the Commission communication entitled
“A renewed EU strategy 2011-14 for Corporate Social Responsibility “,
adopted on October 2011. The European Parliament rightly highlighted the
need to increase trust among stakeholders and consumers, which proved to
be very important so as to measure the social and environmental impact
of companies' activities. The multidimensional nature of disclosure of
non-financial information by entities and the diversity of corporate
social responsibility strategies allowed the companies to enjoy high
flexibility of undertaken action. On the one hand such a solution was an
innovative form of a creative accounting system allowing a huge amount
of freedom to provide the obligatory information to the public, but on
the other, the lack of uniform reporting standards resulted in disregard
of sustainable development. Thus, investing became a very important
element in the elaboration of new financial policy aimed at reducing
environmental and social risk, which also required a unified pattern of
disclosure.</p>
<p>Undoubtedly, such a problem became the subject of discussion of many
European organizations, whose goal was to develop a common and proper
functioning non-financial reporting system. Consequently, all financial
entities, such as insurance companies providing insurance investment
products in all Member States, including Poland, adopted the SFDR
(Sustainable Finance Disclosure Regulation) on 27 Nov. 2019, which
defined new restrictions concerning transparency in the scope of the
companies’ activities, e.g. by publishing on their websites strategies
for introducing risks for sustainable development into the business. In
addition, financial units were required to indicate the way in which
they introduce risk to sustainable development in the services they
provide and the investment decisions they make. The regulations of the
SFDR were supplemented by a regulation of the European Parliament and of
the Council ("Taxonomy Regulation" (EU) 2020/852 of the European
Parliament and of the Council of 18 June 2020), which facilitates making
sustainable investments and introduces new requirements regarding
transparency of information. Moreover, currently, special European
supervisory authorities (including the European Insurance and
Occupational Pensions Authority (EIOPA) which ensures the transparency
of markets and financial products) elaborated regulatory technical
standards (RTS). This document, which enters into force in 2023,
constitutes an executive act of pre-established principles of the
accuracy of reporting of non-financial information of companies
(including SFDR), and the task of the institution is to ensure this
obligation.</p>
<p>In Poland, the obligation to present non-financial information is
included in the Accounting Act (Ustawa z dnia 29 września 1994 roku o
rachunkowości), which indicates the scope of accounting rules imposed on
the Polish companies. According to the legal act (Ustawa z dnia 29
września 1994 o rachunkowości, art. 49b), all Polish companies whose
average annual full-time employment exceeds 500 employees and the total
assets of their balance sheet at the end of the financial year amounts
to at least PLN 85,000,000 (or PLN 170,000,000 in the case of net
revenues from the sale of goods and products for the financial year),
are obligated to separate in the report a section dedicated to
non-financial information. This section has to include the most
important non-financial performance indicators, a description of the
policy focused on corporate social responsibility (in three levels
distinguished according to the ESG), a list of risks that may have a
negative impact on the environment and society, and finally a
description of the company's business model along with a description of
due diligence procedures (art. 49b, ust. 2). Particularly important for
the method of presenting information on sustainable development by the
Polish insurance companies surveyed in the article is the fact that each
company can avoid preparing a statement on non-financial information if
it publishes it on its website within six months from the date of the
balance sheet (art. 49b, ust. 9). Undoubtedly, this regulation must be
very convenient, since it was applied by all the insurance companies
under study. Although the law allows any form of publication of
non-financial data of the company (art. 49b, ust. 8), which can be
prepared on the basis of various international standards, such as GRI
(Global Reporting Initiative) standards, UN Global Compact principles,
guidelines of the International Council for Integrated Reporting, Social
Accountability 8000, the AA1000 standard and other standards of
corporate social responsibility reporting, there is still a large
inconsistency in disclosure of these data, which translates into the
much lower involvement of companies as well as makes it more problematic
to control activities related to the implementation of sustainable
development assumptions.</p>
<h2>4. GRI
standards as an example of unified principles of non-financial
reporting</h2>
<p>Solutions to many problems related to the lack of a uniform pattern
of sharing CSR data are sought by international organizations, such as
the Global Reporting Initiative (GRI) which was founded in 1997 in the
United States of America. Its aim is to establish a system which could
consolidate all the economic, environmental and social non-financial
issues which require special reporting and which are very vital in
respect of shaping the local and global environment. Undoubtedly, the
GRI standards create a comprehensive set of standards that allow for the
audit of companies' non-financial information in a very structured way.
In 2017, over 70% of all companies worldwide used GRI standards to
prepare their reports (Krasodomska, 2017, p. 28). Their popularity
derives from the fact that they are constantly updated. The most popular
version of GRI standards is G4, understood as the fourth generation of
reporting non-financial information. The materials that are available
free of charge contain a catalogue of ratios which can be used to
compare the social contribution of companies in a standardised way.
Their task is to show the impact of activities related to corporate
social responsibility on shaping the company's results, and their
advantage is that they are consistent with other universal standards of
reporting non-financial information, such as IIIRC, UN Global Impact,
and ISO 26000. The G4 package provides the possibility of reporting the
information both at a basic and more complex level. G4-compliant
reporting is also popular due to the fact that, in order to help
companies to properly adjust data to the area of their operations, the
GRI guidelines have prepared special industry materials. However in
2021, the Global Sustainability Standards Board (GSSB) updated these
standards. This update defines the same formula for publishing
non-financial data which are placed in one folder which can be
downloaded from their website. GRI also takes into account that the
companies themselves, in order to prepare transparent information, must
follow certain rules, which must be obeyed. According to M. Łętek
(Krasodomska, 2017, p. 29) these rules are:</p>
<ol><li>
<p>Principle of balancing – the report should include both positive and
negative aspects in order to assure the lack of bias</p>
</li>
<li>
<p>Principle of comparability – information must be published in a way
that enables it to be compared with other companies</p>
</li>
<li>
<p>Principle of accurateness – data should be presented in a detailed,
transparent and sustainable manner</p>
</li>
<li>
<p>Principle of promptness – reports should be published regularly
without delay</p>
</li>
<li>
<p>Principle of transparency – data should be presented in an
understandable way</p>
</li>
<li>
<p>Principle of credibility – the report should be prepared in the way
which enables its verification according to GRI principles.</p>
</li>
</ol>
<h2>5. Source material and
research methods </h2>
<p>The main source of research were the websites of 53 Polish insurance
companies. The research presented in the article covers all insurance
and reinsurance companies operating in Poland. Some of them, running
separate activities as life insurance companies and non-life insurance
companies, belong to the same capital group, therefore they have a
common website, thus, the number of websites studied does not coincide
with the number of insurance entities. Due to the fact that not all
insurance companies provide information on their contribution to CSR,
only 44 entities included the research sample. The study also omits
those that conduct their activities for sustainable development to a
very limited extent. To conduct the study, it was necessary to analyse
the social report prepared by STUnŻ Ergo Hestia SA and STU Ergo Hestia
SA – a thriving member of the insurance industry. The research conducted
in the paper was carried out both by compiling the existing data on the
official websites of insurance companies and by elaborating the case
study of Ergo Hestia’s social report.</p>
<h2>6. CSR in
the Ergo Hestia Group's sustainable development report</h2>
<p>Although, in Poland the concept of sustainable development in
accounting is relatively new, the number of insurance entities
publishing the social report is constantly growing. This thesis is
supported by the results of the annual competition "nationwide ranking
of socially responsible companies", which lists Polish companies that
stand out with the high quality of activities undertaken for sustainable
development, the number of companies participating in the competition is
constantly growing. In 2016, the only insurance company that appeared on
the list was PZU SA, while in the years 2019 - 2021 Ergo Hestia SA was
also on the podium. According to the information available on the
website, sustainable development reports which are prepared in
accordance with GRI standards have been issued annually since 2015. The
company offers versions in Polish, English and for the visually
impaired. The sustainable development report "Troska" by Ergo Hestia SA
from 2020 consisted of 59 pages and was divided into an introduction and
six chapters:</p>
<p>1. About us</p>
<p>2. Customers and business partners at the center of our efforts</p>
<p>3. Responsible employer</p>
<p>4. Climate and environment</p>
<p>5. Our social commitment</p>
<p>6. About the report</p>
<p>Before the main part, the company included a short message in the
text to the recipients, informing that the pandemic situation has
exerted particular emphasis on business goals in the contemporary world,
while pointing out that the difficult global situation has widened the
number of threads of sustainable development that should be paid
attention to. The company's strategy entitled “The Power of Information
and Community” is to strengthen the sense of community by the end of
2023. Moreover, it assures that it had expanded the scale of its
activities, confirmed by presenting its achievements such as receiving
the "Silver CSR Leaf", awarded by the magazine "Polityka" to the most
socially responsible companies. In addition, according to the
information in the report, this company was not only named the Climate
Leader in 2021 by "Forbes" but also the best socially responsible
company in the TOP 100 ranking in Pomerania. The Ergo Hestia Group is
the only company in Poland to have received the Emas certificate. This
section also includes information on the contribution of the Group to
the realisation of the goals set by the United Nations for 2015-2030
under the "2030 Agenda for Sustainable Development". These plans were
described in detail later by defining the specific values that the
company intends to pursue, which these are values for customers,
employees, partners, social and environmental impact and finally
economic and social impact. At the beginning of each chapter, it is
indicated which specific UN goals were implemented in 2020 by the
company. Additionally, there is a table with social indicators
calculated according to the methodology of the Impact Barometer
classified under 17 goals. Compared to the data of the previous year, in
2020 the indicators had decreased, which presented the company in a less
favourable light.</p>
<p>The first chapter of the report means to present information about
the company in terms of its achievements, structure, market position and
information about the work ethic, stakeholders and risk management.
Apart from dry information about the Board of Directors of both
companies and the internal and external organizational structure of the
group, the "About us" section also includes data on eight special
awards. The group is also proud of the fact that it serves 85% of
companies listed in the WIG20 index. The aforementioned strategy of the
company "The Power of Information and Communication" is developed on the
following pages of the report. It was emphasised that is based on two
elements:</p>
<ul><li>
<p>Power of Information – the area of hard data, indicators, numbers
which reflect the analytical potential of the Company,</p>
</li>
<li>
<p>Power of Community – the area related to human element, with its
strong commitment reflecting the engagement and motivation to work.</p>
</li>
</ul>
<p>This strategy was based on the Universal Declaration of Human Rights.
Undoubtedly, the priority in 2020 was work safety, maintaining
high-quality customer service, conducting sales based on the principles
of ethics and implementing environmental assumptions. Moreover, there
are clearly defined business plans for the future including increasing
risk awareness, healthcare, expanding partnerships, counteracting
climate change, promoting culture, integrating and educating local
communities and conducting regular dialogue with stakeholders. The Group
also indicates that in order to implement its plans it cooperates with
companies promoting sustainable development. According to the initial
information, the Ergo Hestia Group was the first insurance company in
Poland to establish a special engineering company specialising in risk
management (Hestia Loss Control Sp. z. o. o.). The company also
implemented its own risk assessment process called ORSA (Own Risk and
Solvency Assessment), which distinguished three lines of defence,
related respectively to operating activities, risk management and
internal audit. The listed risks also underlines the climate risk added
in 2020, which includes physical risk and transition risk. The company
also places great emphasis on counteracting corruption, which is why it
has also established its own ethics management system monitored by
special internal units. Since 2008, Ergo Hestia has implemented a system
for reporting suspected irregularities (whistleblowing), which enables
employees to anonymously report non-compliances with the Code of Ethics.
In addition to this information, the company also boasts of 100%
training of employees in terms of employee ethics. The next part of the
first chapter provides information about stakeholders engagement
manners, how to implement "Good Practice" by launching Marked Points,
the company's financial results, as well as a description of the impact
it had on the Polish economy in 2020, taking into account the numerical
data in relation to the total and fiscal impact.</p>
<p>The second chapter of the report contains information on business
partners who, being the first point of contact with the customer, create
sales of the company's products. The main goal in 2020, apart from
strengthening the relationship of the individual with partners, was to
increase the pace of introducing new technologies. According to the
information presented in the form of a bar chart, the total number of
cooperating companies and cooperating natural persons performing agency
activities amounted to 73,841, it also includes information about
Standard Points, i.e. a project aimed at improving cooperation with
other companies. According to the report, in 2020 Ergo Hestia focused on
practical support for agents and brokers, by creating an Agent
Ombudsperson, providing special tools such as a chat facility for
partners and ip-points, placing emphasis on increasing responsiveness
and caring for partners, as well as implementing practices related to
the COVID-19 pandemic (i.e. education, remote work and healthcare). An
important aspect is also increasing the knowledge and skills of the
agency network. For this purpose, the unit launched two programmes
(Agency Network Certification Programme and the ARGO Programme: agent
development with ERGO Hestia). Their activities are limited to providing
training courses to help their partners adapt to the current global
situation. Customer relations are also very important for the company,
which took care to provide exceptional support to individual customers
in their difficult situations caused by the pandemic by preparing
special amenities. Statistical data on the variety of communication
channels with the client, complaints (complaint rate at 0.41%) and
customer loyalty assessed using the NPS method (Net Promoter Score at
20.7) were also presented. Finally, a section devoted to robotization
and automation was included, around 95% of training certificates have
been checked by a robot.</p>
<p>In the third chapter, the welfare of Ergo Hestia's employees
(Hestians) adressed. After the initial identification of the sources of
employment policy law, employee values (such as diversity since the
company cares about increasing the number of women in the workplace)
were listed and the channels for fast and transparent communication
between them were identified, including the EHnews web portal, e-mail,
SMS and MS Teams. As part of increasing diversity among employees, the
company runs campaigns such as "Ja also", "Upskill 4 Future", "Equal
opportunities in business", "#JestemzHestii", which raise the topic of
opportunities for disabled employees, the future retraining of employees
to other industries, the wage gap between women and men, building a
lasting working bond and counteracting mobbing and discrimination. In
the following pages of the report, there is an information about
training programs, employee benefits and bootcamps aimed at employee
development and building the employer's brand. The company tries to take
care of education by cooperating with universities and also of employees
health by introducing appropriate procedures related to the
pandemic.</p>
<p>Ergo Hestia set many environmental goals in 2020, among which the key
role is played by reducing CO2 emissions, limiting water, fuel or paper
consumption, introducing pro-ecological innovations (Eko Hestia and the
green restoration clause), increasing environmental awareness and
participating in pro-environmental programmes. In addition, not only
information about the areas in which the company achieved its goals in
2020 was provided, but also the degree of their realization. The forms
of environmental support were described in short texts including issues
related to the insurance of renewable energy installations, the return
of nature to its original state and own projects to support the natural
environment ("Rower na zawsze", "Eko Hestia Spa", "Hestia Park"). In the
tables at the end of the chapter, the Group indicates the data on CO2
emissions and its reduction, the amount of materials and raw materials
used, corporate governance enforcement, strategy, indicators and results
of the company's pro-environmental activities.</p>
<p>Social involvement is implemented through four social programmes:</p>
<ul><li>
<p>Hestia Artistic Journey – an annual artistic competition organized
for 4th and 5th year students of art,</p>
</li>
<li>
<p>Integralia Foundation – the aim of the Foundation's activities is the
professional activation of people with disabilities,</p>
</li>
<li>
<p>Personal Injury Rehabilitation and Support Center – a programme aimed
at restoring health to victims of serious accidents,</p>
</li>
<li>
<p>Hestia Volunteer Center – a programme for volunteers, whose task is
to help others and build life satisfaction among employees.</p>
</li>
</ul>
<p>Ergo Hestia's social report is based on GRI standards, UN goals and
"Good Practice". All the company's activities are transparently
translated into all of the above-mentioned standards. Undoubtedly, the
company's activities lead not only to the increase of social trust, but
also to a rise in perceiving it as more innovative. It proves that the
preventive actions, which are the essence of the operation of the
insurance companies are insufficient and require more transparency.</p>
<p>Compared to the rest of the insurance sector, Ergo Hestia stands out.
This is due to the fact that this company presents non-financial data in
a very detailed way, including in its presentation not only information
about the undertaken pro-social and environmental initiatives, but also
supports them with indicators based on actual statistical data. What
distinguishes Ergo Hestia from other insurance companies is the way of
presenting the data. It is much more formal than the data presented on
websites and thoroughly covers each discussed topic.</p>
<h3>6.1. Types of CSR
activities in insurance companies</h3>
<p>As of 22 March, 2022, only six insurance companies in Poland have
released a sustainable development report (PZU ŻYCIE S.A. & PZU
S.A., AVIVA TUnŻ S.A. & AVIVA TU Ogólnych S.A., STUnŻ ERGO HESTIA
S.A. & STU ERGO HESTIA S.A.). A much more popular way of presenting
the contribution to activities supporting sustainable development in the
insurance market is informing about them directly via the entities'
websites. Although, the involvement of insurance entities in reporting
non-financial information increases every year, it is still at a very
low level. The main problem is the inconsistency in the form of
publishing non-financial information. Based on the research, as much as
90% of the Polish insurance market does not apply any international
non-financial accounting standards. GRI standards are used only in
precisely prepared sustainability reports. This is due to the fact that
these standards require the company to be highly involved in many
different pro-environmental and social activities. Most insurance
companies selectively implement the sectors of supporting the CSR idea,
focusing on a very limited area of activity that the company can
undertake. Most insurance companies only declare the recognition of the
CSR importance by approving SFDR regulations and the ESG concept.
Finding non-financial information is also hampered by the lack of
consistent order on the websites. The search for information seems
difficult, because instead of betting everything on one card, insurance
companies present various non-financial information in multiple links.
Furthermore, the information on sustainable development in most cases
(36% of the listed companies) is available on a dedicated website
(mainly under the name "sustainable development", and "social
responsibility"). In other cases, this information was situated in the
"about the company" tab or in the news.</p>
<p><img src="/articles/2022/obora-2022-2/media/image1.png" /><img src="/articles/2022/obora-2022-2/media/image2.png" /><strong>Table 1.</strong> The
areas of CSR activity of the Polish insurance market</p>
<p>*A – Human rights, B – Customer, C – Employee, D – Business partner,
E – Social commitment, F –Environment.</p>
<p>Source: author’s own work based on the insurance companies’ official
websites.</p>
<p>For the purpose of the research, five areas in which insurance
companies operate to support the CSR were identified. It can be observed
what specific information the insurance sector prefers to share and what
information is still neglected. The Polish insurance sector most
willingly shares information on their social commitment, which results
from reputational reasons as well as from the misinterpretation of the
word ‘social’ in “Corporate Social Responsibility”. Approximately 47% of
the studied entities published their CSR activities through their own
charity campaigns, contests, fundraising or events. In addition to
organizing their own projects, companies eagerly support independent
charities by making donations or by engaging employees in additional
activities. Due to the lack of sufficient data, it is difficult to
measure in numbers the engagement. Relations with employees are another
important area for the insurance sector, exactly 44% of the entities
paid attention to the welfare of their employees. These issues relate
not only to occupational safety, training, professional ethics but also
to healthcare and compliance with sanitary rules related to the COVID-19
pandemic. In most cases, however, the issues of discrimination, mental
support and the wage gap were omitted. Only 38% of insurance companies
attach great importance to building strong relationships with the
client. No customer satisfaction figures are made available on any page.
According to GRI standards (GRI 301-308), particularly important
elements of pro-environmental activity are: materials, energy, water and
effluents, biodiversity, emissions, effluents and waste, waste and
supplier environmental assessment. In the case of Polish insurance
companies, the environment is protected primarily by reducing gas
emissions and generating renewable energy. Only 38% of all the studied
insurance companies added information on support provided to the natural
environment on their website. The unofficial way of presenting data
increases the probability that some of them may be accused of
greenwashing (i.e. eco-declarations of companies that are not followed
by actions). The most neglected areas of CSR are relations with business
partners (approximately 19%) and human rights (only 17%). The former are
very poorly explained by insurance companies, as most of them only
present information about the need to tighten relations with business
partners. Human rights are the most overlooked element of sustainable
development. This topic is limited to the condemnation of weapons of
mass destruction, including nuclear weapons. In other cases, it is only
known that the company tries to uphold human rights, without providing
any international sources. Nevertheless, many entities became involved
in humanitarian aid for refugees from Ukraine. Social involvement
depended on the will of the policyholder and social pressure. Compared
to the international market, the Polish insurance sector is not very
favourable in terms of non-financial reporting. It is worth noting that
some insurance companies operate in Poland as entities belonging to
international capital groups. According to the data available on
official websites, capital groups such as: AEGON Group, Allianz Group,
Credit Agricole Group, Compensa Group, Europa Group, Metlife Group,
Nationale Nederlanden Group, Open Life Group, Saltus Group, Uniqua
Group, Unum Group, Generali Group, Santander Group, AXA Group prepare
annual non-financial reports. These reports are mostly prepared in
accordance with international non-financial reporting standards. They
comprehensively describe social and environmental phenomena, supporting
them with numerical data. However, this fact does not have a direct
impact on the state of non-financial reporting in Poland.</p>
<h2>7. Conclusion</h2>
<p>Due to the provisions of both EU and national law regarding the
obligation to report non-financial information (including CSR), all
insurance companies should act in favor of sustainable development.
Despite the slow increase in the popularity of CSR on the insurance
market, its level is still low. The research revealed that only six
insurance companies prepare a social report in accordance with GRI
regulations, while the others do not prepare it at all. Therefore, there
is a problem of comparing the content published by most entities. Most
insurance companies solely make declarations of recognition for CSR by
mentioning the SFDR and the ESG instead of reporting on the actions
taken against sustainable development. For reputational reasons, the
vast majority of insurance companies only provide information about
undertaken social activities, which also may result from a
misinterpretation of the word ‘social’ in the term “Corporate Social
Responsibility”.</p>
<p>Based on the study, the most neglected sector of CSR is human rights,
while the greatest emphasis is put on relations with clients and
employees. Moreover, most entities focus only on preventive activity,
which is also the duty of every policyholder. Some insurance companies
do not provide any CSR information. The amount of non-financial
information presented depends on the fact that preparing the report is
perceived as very innovative. Typically, social information is shared in
separate tabs on insurance companies' websites. Despite the low
involvement of the insurance sector in CSR reporting, its popularity is
growing every year. It is expected that due to the pressure of the
market and society, this tendency will continue in the future and will
also translate into a rise in the quality of presenting non-financial
data.</p>
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