  In this study, we will discuss recent developments in risk management of the
global financial and insurance business with respect to sustainable
development. So far climate change aspects have been the dominant aspect in
managing sustainability risks and opportunities, accompanied by the development
of several legislative initiatives triggered by supervisory authorities.
However, a sole concentration on these aspects misses out other important
economic and social facets of sustainable development goals formulated by the
UN. Such aspects have very recently come into the focus of the European
Committee concerning the Solvency II project for the European insurance
industry. Clearly the new legislative expectations can be better handled by
larger insurance companies and holdings than by small- and medium-sized mutual
insurance companies which are numerous in central Europe, due to their historic
development starting in the late medieval ages and early modern times. We
therefore also concentrate on strategies within the risk management of such
small- and medium-sized enterprises that can be achieved without much effort,
in particular those that are not directly related to climate change.
