Purpose This study aims to examine Environmental, Social and Governance (ESG) reporting in the insurance sector, focusing on the quantity, quality and usefulness of reported Key Performance Indicators (KPIs). It assesses whether KPIs are presented quantitatively or narratively, their distribution across ESG dimensions and their strategic relevance in corporate plans. The research evaluates whether ESG reporting serves merely as a compliance tool or integrates effectively into sustainability management. Design/methodology/approach A structured methodology was applied, analyzing sustainability disclosures from leading insurance firms in ESG criteria implementation in Spain. The study mapped Global Reporting Initiative (GRI) indicators to ESG dimensions and aligned them with European Sustainability Reporting Standards (ESRS) for regulatory consistency. The research followed a three-step approach: defining the ESG reporting framework, selecting frontrunner firms and developing a model to assess GRI implementation. Quantitative and narrative indicators were examined to identify reporting patterns. Findings On average, firms disclosed 67 GRI indicators, with substantial variability between entities. Environmental indicators, especially greenhouse gas emissions and energy consumption, were rigorously reported using quantitative metrics. In contrast, social and governance disclosures were predominantly narrative, with governance reporting being particularly weak. A key limitation was the lack of goal-setting and alignment with materiality matrices, hindering meaningful comparisons and strategic decision-making. Findings suggest ESG reporting remains compliance-driven rather than management-focused. Originality/value This study highlights the need for standardized quantitative KPIs and stronger goal-setting in ESG reporting. It underscores external regulatory pressures and calls for improved data quality and harmonized frameworks to enhance accountability and managerial utility.
Marti et al. (2025) studied this question.