This research, authored by Belén Gómez, Río Uruguay Seguros (Argentina), was a winning submission of the ICMIF Young Scholar Award, presented in celebration of ICMIF’s centenary. It explores the critical evolution of the insurance industry from its historical foundations in mutual risk-sharing and solidarity to its current imperative to adopt corporate social responsibility (CSR) and sustainability practices. The study delves into the industry’s need to balance profit maximisation with ethical practices, addressing the growing consumer demand for transparency and social responsibility. It also highlights the strategic necessity of returning to cooperative principles to ensure the industry’s long-term survival amidst shifting consumer behaviours and global challenges such as inequality and climate change.

The insurance industry, historically rooted in mutual risk-sharing and solidarity, faces a critical need to adapt to contemporary demands for corporate social responsibility (CSR) and sustainability. Traditionally, insurance was about mutual protection against risks, but over time, profit maximisation overshadowed these origins. Modern consumers demand transparency and social responsibility, pushing the industry back towards its cooperative roots. This shift is essential not only for ethical reasons but also for the survival of the industry itself amid changing consumer habits, and global challenges like inequality and climate disruption.