Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Munich Re Unit to Cut 1,000 Positions as AI Takes Over
  • CFC Owners Said to Tap Banks for Sale, IPO
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Three-Quarters of Firms Globally Are Not Ready for New ESG Rules: KPMG Report

September 26, 2023
Email This Subscribe to Newsletter
  • Article
  • 2 Comments

Three-quarters of companies globally are not ready to have their environmental, social and governance (ESG) data audited externally months before new regulations kick in, according to a new report from KPMG published on Tuesday.

Stricter European Union, U.S. and global rules are being introduced, mostly in time for the 2024 reporting season, to replace a patchwork of voluntary private sector practices for listed companies to make climate-related disclosures.

Regulators say external auditing of sustainability-related data – while not as extensive as financial auditing – is crucial for giving investors information free of misleading environmental claims, known as greenwashing.

The EU rules will require disclosures be audited while countries adopting the International Sustainability Standards Board’s reporting requirements can also demand external checking.

Yet of 750 companies surveyed by KPMG, only 25% feel they are sufficiently prepared.

“Being ESG assurance ready means identifying the relevant regulatory framework and having the right metrics with robust systems, processes, controls and governance for collecting and managing the data,” said Larry Bradley, KPMG’s Global Head of Audit.

KPMG’s ESG Assurance Maturity Index assessed the views of executives and board members across industries, regions and different firm sizes to measure companies preparedness.

Just over half of companies surveyed currently get some level of external auditing of their ESG disclosures, but of those only 14% are obtaining reasonable assurance and 16% limited assurance for all of their ESG disclosures as new rules will require, according to KPMG’s research.

“Now there will be regulatory and assurance requirements to report accurate information, which raises the bar on controls and processes as well as qualitative statements that will need to be made around the data,” Mike Shannon, Global Head of ESG Assurance at KPMG, said.

Larger companies are better prepared for auditing than smaller firms, KPMG found, while among countries France, Japan and the United States came out on top, with Brazil and China ranked worst.

(Reporting by Tommy Reggiori Wilkes)

Copyright 2026 Reuters. Click for restrictions.

Topics Numbers

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Viewpoint: Runoff Specialists Have Evolved Into Key Strategic Partners for Insurers
Florida Regulators Crack the Whip on Auto Warranty Firm, Fake Certificates of Insurance
Experian Launches Insurance Marketplace App on ChatGPT
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears

Interested in Numbers?

Get automatic alerts for this topic.

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance News, National NewsTopics: climate reporting, environmental social and governance (ESG) criteria, greenwashing, KPMG, Research and Trends
  • Have a hot lead? Email us at newsdesk@insurancejournal.com

Featured Comment

  • September 26, 2023 at 12:27 pm
    Tiger88 says:
    Like or Dislike:
    Thumb up 5
    Thumb down 4

    Not ready for ESG or they, like most of us, think it’s a joke?

Latest Comments

  • September 26, 2023 at 1:37 pm
    Reality Check says:
    CommieCore Math will work this wat ESG + DEI = DIE How to ruin industries.
  • September 26, 2023 at 12:27 pm
    Tiger88 says:
    Not ready for ESG or they, like most of us, think it's a joke?

Add a CommentSee All Comments (2)Add a Comment Cancel reply

Your email address will not be published. Required fields are marked *

*

*

More News
Duffy Will Brief Congress Next Week on El Paso Shutdown
Aon Promotes Fraccalvieri as CEO of Global Facultative Re, Succeeding Laing; Arch Insurance Int’l Promotes Hope, Mani to Key Underwriting Roles in D&O and FI
Palantir Decamps to Miami Co-Working Space in Surprise Move
Michigan AG Secures Judgment Against Construction Company
More News Features

Read This Next

  • Three-Quarters of Firms Globally Are Not Ready for New ESG Rules: KPMG Report
  • Fingerprints, Background Checks for Florida Insurance Execs, Directors, Stockholders?
  • Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds
  • Two SE Commissioners Warn Insurers About Claims Denials, Policy Cancellations
  • Preparing for an AI Native Future

Insurance Jobs

  • Commercial Lines Producer - Lynnwood, Washington
  • Lead Graphic Designer – Visual Storyteller - Hartford, CT
  • Attorney-Represented Bodily Injury Claims Adjuster – PST/MST (Remote) - California, CA
  • Business Performance Analytics Consultant - Hartford, CT
  • Sales Executive/Small Commercial – Northern CA Territory - Walnut Creek, CA
MyNewMarkets
  • A Risky World
  • Is It Covered?: Does 'Under Construction' Include 'Renovation'?
  • Viewpoint: Inside the Machinery of Medical Abuse in Liability Claims
  • Insurtech Lemonade Starts Autonomous Car Product With Tesla's Data
  • Adjusters Launch 'CarFax for Insurance Claims' to Vet Carriers' Damage Estimates
Claims Journal
  • Judge Upholds $243M Verdict Against Tesla Over Fatal Autopilot Crash
  • US Supreme Court Strikes Down Trump Tariffs
  • Palantir Gets Partial Win in Fight With Ex-Workers at AI Startup
  • LA Fire Victims Suing City Utility for Billions Win Major Ruling
  • BioNTech Sues Moderna for Patent Infringement Over COVID Shots
Academy of Insurance education
  • February 12 Who's Driving This? Where Are We Going with Autonomous Vehicles?
  • February 19 ISO Business Owners Program Changes: What You Need to Know
  • March 5 Parametric Risk Contracts: Not Your Traditional Insurance Product
  • March 19 Customer Support: The Continuum of Service, Satisfaction, and Success

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2026 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map