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Insurer's Role in Intensifying Environmental Sustainability And Social Development

Author

Listed:
  • Soumya Sasidharan

    (Ph.D. Scholar, School of Business, P O BOX: 345050, MAHE, Dubai, DIAC, UAE Author-2-Name: V.K. Ranjith Author-2-Workplace-Name: Professor, Manipal Institute of Management, MAHE, Manipal, India Author-3-Name: Sunitha Prabhuram Author-3-Workplace-Name: Associate Professor, School of Business, PO BOX: 345050, MAHE, Dubai, DIAC, UAE Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

" Objective - Sustainable insurance is the new concept that emerges in the current state, that every country adopting now. The objective of the study is to identify the insurance industry's role and contribution to promoting environmental sustainability. To outline sustainable insurance and sustainable/green products and services. Methodology – This paper explores the contribution of the insurance industry and its role in promoting environmental sustainability and social development. This is a theoretical paper, focused on the secondary sources of data from research publications, websites, books, journals, and articles. To achieve the objectives, this study will critically review previous literature and assess contemporary views from different perspectives. Findings – Various insurers are frequently focusing on their progress, enhancing their share of the market, and maintaining better risks to achieve marketplace success. Insurers should always be on the lookout for new ways to set themselves apart from the competition. The implication for insurers is that their actions matter a lot when it comes to environmental issues and providing green insurance solutions can open new business opportunities for the industry. The answer may lie in marketing new products related to potential climate change and the corresponding sustainability/green insurance. Novelty – Sustainable insurance is aimed primarily at developing innovative or green products and services, reducing risk, improving company efficiency, and supporting environmental, social, and financial sustainability. There hasn't been a general overview of the role of insurers in enhancing environmental sustainability and social development done yet. Theoretically, our work aids policymakers and other stakeholders in better understanding the role of insurers in enhancing environmental sustainability and social development. Type of Paper - Review"

Suggested Citation

  • Soumya Sasidharan, 2021. "Insurer's Role in Intensifying Environmental Sustainability And Social Development," GATR Journals jfbr191, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:jfbr191
    DOI: https://doi.org/10.35609/jfbr.2021.6.3(2)
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    References listed on IDEAS

    as
    1. Flávio G. Nogueira & André F. P. Lucena & Roberto Nogueira, 2018. "Sustainable Insurance Assessment: Towards an Integrative Model," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(2), pages 275-299, April.
    2. Nicos A. Scordis & Yoshihiko Suzawa & Astrid Zwick & Lucia Ruckner, 2014. "Principles for Sustainable Insurance: Risk Management and Value," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(2), pages 265-276, September.
    3. Dietmar Pfeifer & Vivien Langen, 2021. "Insurance Business and Sustainable Development," Chapters, in: Muddassar Sarfraz & Larisa Ivascu (ed.), Risk Management, IntechOpen.
    4. Robert E T Ward & Celine Herweijer & Nicola Patmore & Robert Muir-Wood, 2008. "The Role of Insurers in Promoting Adaptation to the Impacts of Climate Change," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 33(1), pages 133-139, January.
    5. Dietmar Pfeifer & Vivien Langen, 2021. "Insurance Business and Sustainable Development," Papers 2102.02612, arXiv.org.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. 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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    More about this item

    Keywords

    Insurance; Sustainability; Green insurance; Green products and services; Sustainable Development;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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