Sustainable insurance

O’Sullivan, Niamh

Abstract

Sustainable insurance refers to the integration of environmental, social and governance issues into insurance activities. This relates to both property and casualty insurance— otherwise known as ‘non-life’ insurance— as well as life insurance. As with banks and institutional investors, sustainability issues in the insurance sector are primarily considered from a risk management perspective. Furthermore, as the whole business of insurance is based on understanding and managing risk, there is a natural synergy between insurance and sustainable insurance, in that environmental and social issues, such as climate-related property damage or increased cardiovascular and lung diseases due to air pollution, pose financial risks to both the insurer and the insured from a non-life and life insurance perspective. By default, insurance companies have a corporate social responsibility to manage sustainability risks accordingly in the interest of their policy holders, and society at large, as much as for themselves; and in doing so, they can contribute to more sustainable societies and economies.

Citation

O’Sullivan, N. (2024). Sustainable insurance. In L. Matthews, L. Bianchi, & C. Ingram (Eds.), Concise Encyclopedia of Corporate Social Responsibility (202-206). Edward Elgar Publishing. https://doi.org/10.4337/9781800880344.ch38

• Online Publication Date: Jan 28, 2024
• Publication Date: Jan 28, 2024
• Deposit Date: Oct 16, 2024
• Publisher: Edward Elgar Publishing
• Peer Reviewed: Peer Reviewed
• Pages: 202-206
• Book Title: Concise Encyclopedia of Corporate Social Responsibility
• Chapter Number: 38
• ISBN: 9781800880337
• DOI: https://doi.org/10.4337/9781800880344.ch38
• Keywords: Corporate Social Responsibility; Sustainable Insurance; Environmental; Social and Governance Issues; Risk Management; Non-Life and Life Insurance; Sustainability Risks; Impact Underwriting; Accountability
• Public URL: https://nottingham-repository.worktribe.com/output/40582742
• Publisher URL: https://www.elgaronline.com/display/book/9781800880344/ch38.xml