Keeping the insurance industry’s flag flying high, five insurers have been named as being among the world’s most ethical companies by the Ethisphere Institute, a non-profit organisation focused on promoting ethical corporate behaviour. This year Ethisphere recognised 110 companies in 38 industries as the world’s most ethical.
Winners of the award in the insurance category were: US life insurer AFLAC, Swiss reinsurer Swiss Re, Japanese general insurer Sompo Japan Insurance and US health insurer Wisconsin Physicians Service Insurance. US insurer The Hartford Financial Services received the award under the financial services category.
Ethisphere noted that there is no set number of companies that make the list of the most ethical companies each year.
“The World’s Most Ethical Company designation is awarded to those companies that have leading ethics and compliance programmes, particularly as compared to their industry peers,” noted the organisation.
To be selected as a world ethics leader companies submit applications to Ethisphere. These are assessed using criteria compiled by a committee of attorneys, professors, government officials and organisation leaders. According to Ethisphere, the number of applicants for the 2011 awards numbered in the thousands.
AFLAC’s award was of particular significance, being the fifth it has won in as many years.
Commenting on the award to AFLAC, Ethisphere executive director Alex Brigham said: “AFLAC recognises the important role that principled practices play in brand reputation, which ultimately is the most valuable asset for a corporation.”
For Wisconsin Physicians Service Insurance, a non-profit company, the award was its second in a row.