The Evolution of ESG as a Strategic Intangible Asset in Building the Competitiveness of Insurance Companies: A Systematic Literature Review 2016-2026

Chusnul Chotimah; Hapzi Ali

doi:10.55927/modern.v5i3.48

Authors

Chusnul Chotimah Program Doktor Ilmu Ekonomi Universitas Bhayangkara Jaya, Jakarta
Hapzi Ali Program Doktor Ilmu Ekonomi Universitas Bhayangkara Jaya, Jakarta

DOI:

https://doi.org/10.55927/modern.v5i3.48

Keywords:

Environmental, Social, and Governance (ESG); Strategic Intangible Asset; Competitiveness

Abstract

This study aims to analyze the evolution of Environmental, Social, and Governance (ESG) as a strategic intangible asset in shaping the competitiveness of insurance companies during the period 2016-2026. Changes in the financial services industry, increased regulatory pressure, and sustainability demands push insurance companies to integrate ESG into their business strategies. This study uses a systemic literature review approach with the PRISMA method on scholarly articles published in the Scopus, Web of Science, and Emerald databases. The review results show that the focus of ESG research has shifted significantly: from an initial orientation on regulatory compliance and financial performance to understanding ESG as a strategic capability that is valuable, rare, difficult to imitate, and not easily replaceable. ESG has been proven to strengthen reputation as well as boost the long-term stability and competitiveness of insurance companies. In addition, regulations from the Financial Services Authority (OJK), like POJK 51/2017 and the Indonesian Sustainable Finance Taxonomy (TKBI), act as coercive pressure that speeds up ESG adoption in the rational insurance industry. This study identifies a research gap in the relationship between ESG and sustainable competitiveness, especially in the context of a moderated mediation model

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