Society
A key focus in the sphere of impact society is the promotion of risk literacy. VIG wants to support the people in its markets in making well-informed decisions when it comes to risk and will bolster its efforts in the area of risk education. Furthermore, as part of VIG’s Corporate Volunteering initiative, thousands of employees dedicate one working day a year to causes that benefit society.
Promoting Risk Literacy
People can only protect themselves against a risk if they are aware of it, can accurately estimate its relevance, have knowledge about risk management instruments - such as insurance policies - and ultimately take appropriate action – in short, if they are “risk literate”. However, this knowledge is often lacking, as a recent study in nine CEE countries reveals. The key takeaways show, that seven out of ten respondents are unable to tackle risks in a knowledgeable way. Many people are unaware of certain risks or believe that the risk scenarios will not materialise anyway. It is striking that around 60% of respondents believe that the state or society would intervene in the event of major claims. However, in most cases this does not correspond to reality and is therefore a dangerous fallacy. It is clear from these findings that there is a significant need for increased risk literacy overall.
As part of our VIG 25 sustainability programme, we have defined increasing risk literacy as a key focus of our social sustainability goals. In collaboration with our Group companies, our aim is to contribute to an increase in risk literacy over the coming years.
VIG helps supplement government pension, healthcare and nursing care systems
Demographic change is affecting future provisions in key areas. Due to increased life expectancy, the ageing of society and the increase in chronic illnesses in old age, it is becoming more difficult to fund the pension, healthcare and nursing care systems in European countries. Private insurance companies can help eliminate the risk of gaps in future provisions. VIG companies are therefore further developing their range of retirement provision and health insurance products, thereby supplementing government provision systems. Private life insurance, for example, is the only financial product that guarantees a lifelong pension.
Promoting solidarity and mutual understanding in society
The Company has a very long tradition of social and cultural involvement. This involvement affects a variety of groups in society, so that the social orientation of the Company is visible and tangible for both employees and people outside the Group. This can also act as a source of inspiration for others.
Most of the projects are identified and performed by Group companies – in each case taking regional circumstances into account. VIG Holding only provides support to a few projects, most of which are crossborder projects.
Six spheres of impact of sustainability
The VIG 25 sustainability programme is divided into six spheres of impact in which the Group-wide sustainability efforts have been aggregated
