The global insurance industry experienced a 17% drop in company filings mentions of social responsibility in Q3 2022 compared with the previous quarter, with the highest share accounted for by SBI Life Insurance, according to GlobalData’s analysis of over 83 insurance company filings.
Notably, social responsibility was one of the most frequently referenced themes in Q3 2022, ranking highest in terms of mentions, ahead of ecommerce and internet of things, according to GlobalData’s whitepaper on Social Responsibility in Insurance – Filings Trends in Q3 2022.
Of the 50 leading companies in the insurance industry, SBI Life Insurance had the greatest increase in references for social responsibility in Q3 2022, compared with the previous quarter. GlobalData identified 131 social responsibility-related sentences in the company's filings - 158% of all sentences - and an increase of 100% in Q3 2022 compared with Q2 2022. Bajaj Finserv’s mentions of social responsibility rose by 100% to 95 and Travelers Companies’s by 100% to 21.
GlobalData’s Company Filings Analytics also applies sentiment weight to reference sentences, based on whether the sentences are positive, negative, or neutral. Starting at 100 in 2020, an index over 100 is more positive. The overall index for social responsibility in Q3 2022 was 86.