Environmental, Social and Governance (ESG) issues have stormed onto the boardroom agenda across the insurance industry in the last year. Systemic global issues, from climate change to COVID and Russia’s invasion of Ukraine, mean that ESG is a topic that is here to stay.
The topic is complex for (re)insurers. For consumer goods companies such as Unilever, who integrated ESG into their strategies early on, the benefits are obvious: Reduce your production inputs and risk and you create a lower cost, more resilient business, with a nice brand story to boot. But for (re)insurers the topic is less clear-cut. Insurance is not a heavily polluting industry and its employees do not work in dangerous conditions. Clearly, plenty can be done on issues such as gender, but insurance’s direct contribution to issues such as carbon emissions is negligible.
Does that mean the industry can stand aside? Certainly not.
As Bermuda looks to its future, the Bermuda Business Development Agency and Oxbow Partners have jointly coordinated this study in the belief that greater transparency over ESG activity in the market will allow all members of the Bermudian ecosystem to refine and accelerate their strategies.
Head of ESG at Oxbow Partners
Miqdaad leads Oxbow Partners’ ESG projects. His past experience includes leading projects with a large reinsurer designing their post-bind operating model and assessing the scalability of their pre-bind operating model. Miqdaad started his career as a management consultant at Oliver Wyman, worked in strategy at RBS, led a transformation of a small business and has worked independently before joining Oxbow Partners. Miqdaad has a first class degree in Mathematics from Oxford University.
Oxbow Partners is a specialist management consultancy exclusively serving the insurance industry. Our clients include leadership teams at the world’s leading insurers, reinsurers, brokers and private equity firms.
Our consulting engagements span growth, operations, technology and M&A. We have also built cross-industry expertise in ESG across the insurance sector, with an in-depth understanding of the ESG strategy of (re)insurers across the globe. We are uniquely placed to use this expertise in our engagement with (re)insurers on their approach to ESG.