The promotion of risk literacy is a long-term strategic commitment and a core element of VIG’s contribution to social sustainability. The topic is embedded in the VIG sustainability programme and also remains relevant under the evolve28 strategic programme (see also ESRS 2 MDR‑P “Policies adopted to manage material sustainability matters”). Each insurance company appoints a sustainability manager who is responsible for implementing and aligning activities in accordance with Group-wide requirements. The internal criteria define objectives and principles and ensure the quality, comparability and coherence of all activities within VIG.
VIG risk literacy focuses on pupils, students and the working population in the VIG markets. More than two thirds of VIG insurance companies currently participate, with an average of two activities per company. VIG insurance companies are encouraged to select formats that are relevant to their markets and target groups. Common approaches include digital information and awareness campaigns, for example on social media, blogs and podcasts; educational programmes such as seminars, lectures and teaching materials; and contributions to studies and conferences. These activities promote risk awareness, risk assessment and the willingness and ability to act, and enable individuals to understand, prevent and mitigate everyday risks and to protect themselves against the consequences of these risks.
Performance is monitored by each VIG insurance company on the basis of two main indicators. Activity metrics capture the number and type of initiatives, external publications and target groups, while engagement metrics measure participation, interaction and reach. The internal study on risk literacy provides a starting point for the current level of risk literacy in the population of Central and Eastern Europe and thus supports the assessment and prioritisation of future activities.
More than half of VIG insurance companies have a dedicated individual or team to promote risk literacy. Risk literacy is an integral part of VIG’s core business and is supported by comprehensive actions in the insurance companies. Through the activities described, VIG insurance companies promote a better understanding and sense of responsibility in dealing with risks and thus have a sustainable positive influence on consumers and end-users.