ИНСТИТУЦИОНАЛНИ АСПЕКТИ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ У ИНДУСТРИЈИ ОСИГУРАЊА У БОСНИ И ХЕРЦЕГОВИНИ СРЕДИНОМ 2023. ГОДИНЕ
INSTITUTIONAL ASPECTS SUSTAINABILITY REPORTS IN THE INSURANCE INDUSTRY IN BOSNIA AND HERZEGOVINA IN MID-2023

Author(s): Željko Šain
Subject(s): National Economy, Economic development, Environmental interactions, Accounting - Business Administration, Socio-Economic Research
Published by: Savez računovođa i revizora Republike Srpske
Keywords: insurance industry in BiH; sustainability reporting; ESG - Environmental Social Governance; environmental protection; social responsibility; adequate management and supervision;
Summary/Abstract: The insurance industry in Bosnia and Herzegovina needs to be an active participant in modern sustainability reporting processes, which is a global trend and a challenge for the insurance industry, especially in small economies. The mission and vision of insurance is basically the production of material and spiritual security for natural and legal persons in a certain geographical area and in a certain time interval. Insurance, as a risk management institution, is a component of all human activities in their living environment. It has public, individual and social responsibility and should be adequately managed, managed and supervised. That is 'why it is an indispensable part of the general, special and individual sustainability reporting process. The existing scope and structure of insurance activities in Bosnia and Herzegovina needs a significant transformation in many segments of its work and general social presence in order to be in line with contemporary 'world trends. The strategy and operationalization of insurance in BiH should be based on scientific and professional foundations and significantly freed from non-productive and often harmful political influences. Numerous insurable risks are not actively managed, both in life and non-life insurance. There is obviously a lack of knowledge and awareness among responsible institutions and individuals (social responsibility). There is no adequate management and supervision. Politics dominates the profession in this important segment as well! Insurance mechanisms are not sufficiently used in environmental protection. The result of all this is the necessity of reporting on sustainability in the insurance industry in Bosnia and Herzegovina.

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