Unlocking the Potential of Green Insurance: Lessons for Developing African Countries

Bibi Z. Chummun and Odongo Kodongo ()
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Odongo Kodongo: University of KwaZulu Natal

Africagrowth Agenda, 2024, vol. 21, issue 1, 4-7

Abstract: The article seeks to explore the potential of green insurance which is an important segment of the financial services sector. Classified as the new way to go, much has been said about green insurance having tremendous potential as the world goes green. Through a review of the literature, we advance the hypothesis that green insurance provision is likely to be more successful and sustainable where risks related to climate change are rapidly developing. We argue that there is still a lack of efficient financial strategies to mitigate risks and to achieve insurance business success and sustainability. Finally, we point to possible ways that many insurers focus constantly on their growth in increasing their market share and retaining better risks by developing and offering new green products and services related to sustainability.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:afj:journ2:v:21:y:2024:i:1:p:4-7

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