The impact of climate risk on the insurance industry: Recent developments and emerging risk mitigation approaches

Sonjai Kumar and Purnima Rao
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Sonjai Kumar: Certified Risk Management Professional, IRM
Purnima Rao: Associate Professor, Fortune Institute of International Business (FIIB), India

Journal of Risk Management in Financial Institutions, 2023, vol. 16, issue 2, 116-123

Abstract: The present paper discusses the key emerging risks in the insurance industry due to the worsening of the global climate. First, the paper identifies the adverse impacts that have already taken place in the recent past in the insurance industry. Further, it discusses the various tools the industries utilise to manage their risks, such as underwriting, risk management and public disclosures. Finally, some key measures taken by the industry are discussed that include not providing insurance to polluting industries, tightening risk management governance and mandatory disclosures recommended by different insurance regulators.

Keywords: climate risk; insurance industry; underwriting; risk management; disclosure (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2023:v:16:i:2:p:116-123

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