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Insurance Business and Sustainable Development

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  • Dietmar Pfeifer
  • Vivien Langen

Abstract

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.

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  • Dietmar Pfeifer & Vivien Langen, 2021. "Insurance Business and Sustainable Development," Papers 2102.02612, arXiv.org.
    • Handle: RePEc:arx:papers:2102.02612
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    File URL: http://arxiv.org/pdf/2102.02612
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    References listed on IDEAS

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    1. Cong Ma & Wim Schoutens & Jan Beirlant & Jan De Spiegeleer & Stephan Höcht & Robert Van Kleeck, 2020. "Are green bonds different from ordinary bonds ? A statistical and quantitative point of view," Working Paper Research 394, National Bank of Belgium.
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    Cited by:

    1. Soumya Sasidharan, 2021. "Insurer's Role in Intensifying Environmental Sustainability And Social Development," GATR Journals jfbr191, Global Academy of Training and Research (GATR) Enterprise.
    2. Eling, Martin, 2022. "Framework für Nachhaltigkeit aus Perspektive der Assekuranz," I.VW HSG Schriftenreihe, University of St.Gallen, Institute of Insurance Economics (I.VW-HSG), volume 70, number 70.

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