Green Insurance: A Roadmap for Executive Management

Lukas Stricker, Carlo Pugnetti, Joël Wagner and Angela Zeier Röschmann
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Lukas Stricker: Institute for Risk & Insurance, ZHAW School of Management and Law, Technoparkstrasse 2, 8401 Winterthur, Switzerland
Carlo Pugnetti: Institute for Risk & Insurance, ZHAW School of Management and Law, Technoparkstrasse 2, 8401 Winterthur, Switzerland
Joël Wagner: Department of Actuarial Science, Faculty of Business and Economics (HEC Lausanne), University of Lausanne, Chamberonne—Extranef, 1015 Lausanne, Switzerland
Angela Zeier Röschmann: Institute for Risk & Insurance, ZHAW School of Management and Law, Technoparkstrasse 2, 8401 Winterthur, Switzerland

JRFM, 2022, vol. 15, issue 5, 1-19

Abstract: Anthropogenic climate change is accelerating, and severe and widespread consequences are expected in many areas. Although the insurance sector is not closely associated with any of the sustainability dimensions, expectations may change rapidly. Against this background, we analyze the role of insurers, especially in the property and casualty areas, in addressing the environmental and climate risk challenges and developing a truly sustainable, environmentally friendly business model—green insurance. Building on the Principles of Sustainable Insurance set by the United Nations, we develop a comprehensive roadmap along the insurance value chain for executive management to design their company’s sustainability efforts, with special focus on property and casualty. The roadmap indicates actions to be taken as well as metrics to be managed in product development, marketing and sales, risk management and underwriting and operations and claims management towards green insurance. The existing products, risk appetite and operational processes must be reviewed to support sustainability goals and include the full portfolio of activities, including claims. The time to act is now, the sustainability journey is complex and the proposed business model transformation should provide benefits for early movers.

Keywords: green insurance; sustainability; insurance management; value chain (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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