Insurer's Role in Intensifying Environmental Sustainability And Social Development

Soumya Sasidharan ()
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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:

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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"

Keywords: Insurance; Sustainability; Green insurance; Green products and services; Sustainable Development (search for similar items in EconPapers)
JEL-codes: G20 G22 G23 (search for similar items in EconPapers)
Pages: 8
Date: 2021-12-31
New Economics Papers: this item is included in nep-agr, nep-env and nep-ias
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Journal of Finance and Banking Review, Volume 6, Issue 3

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Persistent link: https://EconPapers.repec.org/RePEc:gtr:gatrjs:jfbr191

DOI: 10.35609/jfbr.2021.6.3(2)

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