Insurer’s Role in Intensifying Environmental Sustainability And Social Development

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 JEL Classification: G20, G22, G23. Keywords: Insurance, Sustainability, Green insurance, Green products and services, Sustainable Development.

The Role of the Insurance Industry to Promote Environmental Sustainability

In today's world concept sustainable development is the most important aspect of any organization. This paper aims to identify the contribution of the insurance industry and its role in promoting sustainability. The definition of "sustainable development means without compromising the need of the future the present need of the society must be fulfilled in a competitive business environment"(World Commission on environment and development,WCED,1987). Sustainable insurance is the new concept that emerges in the current state, that every country adopting now. The insurance industry plays a vital role in development of sustainable business through green products and services. This paper is focused on the secondary sources of data from research publications, websites, books, journals, and articles. 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. Sustainable insurance indicates to maintain a balance between the society and insurance industry without squandering the resources of nature for the growth and enhancement of the whole community. Keywords: Insurance, Sustainability, Green products and services, Sustainable insurance.

HARMONIZATION OF STAKEHOLDER INTERESTS IN THE SYSTEM OF SUSTAINABLE FINANCE

The aim of the article is to outline theoretical and methodological approaches to harmonizing the interests of stakeholders in the system of sustainable finance on a platform approach to the organization of stakeholder interaction as partners in the process of ensuring sustainable management. It is established that the organization of sustainable management concerns the formation of financial relations in the interests of the maximum number of stakeholders, which will contribute to the homeostatic development of the economic system. The place and role of the financial component in harmonizing the interests of stakeholders are determined. Stakeholders in the financial relations of sustainable management are considered as a system set of groups and individuals from the internal and external environment of economic entities that provide homeostasis of the economic system through optimal distribution and use of financial resources in the process of interaction. A matrix of differentiation of stakeholders is constructed according to the importance of participation in the management process and the degree of their interest in decision-making. Passive and active hosts and users have been identified, among whom it is necessary to establish interaction to transfer as many participants as possible to the categories of active hosts and users and apply platform technological innovations for this purpose. It is determined that the stakeholders-hosts should act as agents of the territorial business ecosystem, forming the trend of sustainable management through collaborative interaction with each other. It was found that in the future it is necessary to create a full-fledged system of sustainable finance, in which in addition to the existing components of responsible investment and banking, sustainable insurance and stock markets, it is necessary to develop a sustainable public sector financial system, including sustainable fiscal and budgetary pension system and sovereign financing of sustainable development. The formation of the logistic cycle of sustainable economic reproduction due to the action of regulatory, stabilization, inclusive and other mechanisms of the system of sustainable finance is shown.

Responsible Recruiting in Insurance Sales

Recruiting processes imply a considerable potential for waste of resources, both in general and in the insurance sales area focused here. A comprehensible measure for sustainability in sales was identified and information offers of large German insurers on job offers in the field of sales force were analysed. While the recruitment of lateral entrants has no measurable influence on sustainable sales, clear correlations between the information offered for future salespeople and sustainable results were found. In addition, a clear negative correlation between multi-level marketing and sustainable insurance sales was found.

The Importance of Environmental, Social, and Governance Risks to Surety Underwriters

Launched in 2012, the Principles for Sustainable Insurance serve as a global framework for the insurance industry to address environmental, social, and governance risks and opportunities. This report presents the findings of an exploratory study looking at the influence of environmental, social, and governance (ESG) risks on surety underwriting. Our findings come from a global survey of the insurance industry that sought to understand whether and how insurance and reinsurance companies are integrating ESG risks into the surety underwriting of infrastructure projects.