IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v18y2025i9p516-d1750470.html
   My bibliography  Save this article

The Impact of Climate Change on the Insurance Industry: Perceptions of Industry Experts and Corporate Responses

Author

Listed:
  • Qinshun Yang

    (Business School, University of Nottingham Malaysia, Semenyih 43500, Malaysia)

  • Michał K. Lemański

    (Institute for Human Resource Management, Vienna University of Economics and Business, 1020 Wien, Austria)

  • Casey Watters

    (Faculty of Law, Bond University, Gold Coast, QLD 4226, Australia)

Abstract

The impact of climate change is posing substantial risks for contemporary businesses and individuals. In response, insurance companies are adapting old and adopting new strategies and practices. This study aims to identify operational and structural changes that insurance companies implement in response to risks posed by climate change. The overarching goal of this study is to understand the perceptions of industry experts about how climate change impacts the insurance industry, and identify corporate responses to the pressures stemming from climate change and the rising societal awareness of its impact. Using qualitative research methods, we gathered primary data from eight interviews with senior executives involved in sustainability initiatives within the insurance industry, along with secondary data on Singapore’s three largest insurance companies. Our findings indicate that industry experts view climate change as a significant external force influencing corporate strategies and operational frameworks. Further, insurance companies are investing in environmentally friendly businesses, changing product portfolios, and developing collaboration with administrative and regulatory bodies. Implications of these findings for managers and policymakers are discussed, along with directions for future research.

Suggested Citation

  • Qinshun Yang & Michał K. Lemański & Casey Watters, 2025. "The Impact of Climate Change on the Insurance Industry: Perceptions of Industry Experts and Corporate Responses," JRFM, MDPI, vol. 18(9), pages 1-24, September.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:9:p:516-:d:1750470
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/18/9/516/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/18/9/516/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Collier, Stephen J. & Elliott, Rebecca & Lehtonen, Turo-kimmo, 2021. "Climate change and insurance," LSE Research Online Documents on Economics 110452, London School of Economics and Political Science, LSE Library.
    2. Jassem Alokla & Panagiotis Tzouvanas & Khaldoon Albitar, 2025. "Does Climate Change Risk Impact Insurance Credit Risk? Cross Country Evidence," Business Strategy and the Environment, Wiley Blackwell, vol. 34(5), pages 5401-5418, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Vinzenz Peters, 2025. "How Banks are Impacted by and Mediate the Economic Consequences of Natural Disasters and Climate Shocks: A Review," De Economist, Springer, vol. 173(1), pages 47-85, March.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    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:gam:jjrfmx:v:18:y:2025:i:9:p:516-:d:1750470. See general information about how to correct material in RePEc.

    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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.