According to a recent study, Star Health Insurance has been ranked as the highest in sustainability among Indian insurance companies. The study, conducted by the General Insurance Corporation of India (GIC), evaluated the sustainability performance of 14 general insurance companies operating in the country.
The GIC’s Sustainability Index 2020 assessed the companies based on their performance in social, governance, and environmental aspects. The index considered factors such as employment practices, supply chain management, greenhouse gas emissions, and community development initiatives, among others.
Star Health Insurance emerged as the top performer, scoring 86.12 out of 100, followed closely by New India Assurance (82.57) and ICICI Lombard General Insurance (81.43). The study noted that Star Health Insurance has been a leader in corporate social responsibility initiatives, with a strong focus on community development, employee welfare, and environmental sustainability.
The GIC’s Sustainability Index 2020 assessed the companies’ sustainability performance based on a comprehensive framework that included 14 indicators, categorized into three pillars: social, governance, and environmental. The study revealed that most of the insurance companies in India have made significant progress in sustainability, with 11 out of 14 companies scoring above the average.
However, the index also highlighted areas for improvement, such as corporate governance, employment practices, and supply chain management. The study recommended that companies focus on improving their sustainability reporting, transparency, and stakeholder engagement to further enhance their sustainability performance.
The GIC’s Sustainability Index 2020 is a significant benchmarking tool for the insurance industry, providing insights into the sustainability performance of Indian insurance companies. The index serves as a valuable resource for investors, stakeholders, and industry experts, enabling them to assess the sustainability credentials of these companies and make informed decisions.
By ranking highest in sustainability, Star Health Insurance demonstrates its commitment to responsible business practices, social responsibility, and environmental sustainability. The company’s strong performance in the GIC’s Sustainability Index 2020 is a testament to its efforts to create a positive impact on society and the environment.