IDEAS home Printed from https://ideas.repec.org/a/bla/geneva/v28y2003i3p394-412.html
   My bibliography  Save this article

Innovation, Insurability and Sustainable Development: Sharing Risk Management between Insurers and the State

Author

Listed:
  • Kristina Dahlstrom
  • Jim Skea
  • Walter R. Stahel

Abstract

Both the public and the private sectors have responsibilities for managing the risks associated with new technologies. This article is about the interplay between three key concepts: the insurability of risk; innovation; and the broader framework of sustainable development. It is based on the recent EU INTEREST project which addressed the role the insurance sector and insurance-based mechanisms might play in relation to innovation which promotes, or challenges, sustainable development. The project cast light on three issues: opportunities for promoting sustainable development through innovation by adjusting or sharing the responsibilities of private sector actors, regulators and policymakers; promoting sustainable development innovation by using risk management mechanisms from insurance in other domains or by the insurance sector using a wider set of tools to manage novel risks; and policy options for the complementary use of insurance-related and other risk management mechanisms. The article begins by considering, at a general level, the interplay between insurability, innovation and sustainability, before moving on to consider five specific contemporary case studies: the development of GM crops; the risks associated with xenotransplantation; nuclear power; the tapping of freshwater submarine springs in the Mediterranean area; and the management of flood risks. The paper then draws out broader conclusions about the use of risk management mechanisms to promote sustainable development innovation. It concludes by considering implications for policymakers and insurers. Copyright 2003 The International Association for the Study of Insurance Economics.

Suggested Citation

  • Kristina Dahlstrom & Jim Skea & Walter R. Stahel, 2003. "Innovation, Insurability and Sustainable Development: Sharing Risk Management between Insurers and the State," The Geneva Papers on Risk and Insurance, The International Association for the Study of Insurance Economics, vol. 28(3), pages 394-412, July.
  • Handle: RePEc:bla:geneva:v:28:y:2003:i:3:p:394-412
    as

    Download full text from publisher

    File URL: http://www.blackwell-synergy.com/servlet/useragent?func=synergy&synergyAction=showTOC&journalCode=gene&volume=28&issue=3&year=2003&part=null
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:geneva:v:28:y:2003:i:3:p:394-412. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum). General contact details of provider: http://edirc.repec.org/data/genevea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.