An insurer's perspective on climate change: from risk to opportunity

Abstract

Green insurance involves insurance products created by insurers to support environmental sustainability and minimize the risks linked to environmental damage. It is a vital strategy for promoting sustainable development. As global environmental issues worsen and there's a greater emphasis on sustainable development, green insurance will become increasingly important for businesses, organizations, and governments in facing these challenges. It's important to note that green insurance will remain relevant as public awareness of environmental issues grows and these issues pose genuine threats to businesses and organizations. The main goal of this research is to introduce green insurance products, evaluate their significance in the insurance market, and summarize the key points identified during the development and implementation of these new products. The research extensively used theoretical research approaches such as abstraction, analysis, synthesis, and deduction. A drawback of the study is that insurers in the current insurance market do not widely apply the green insurance mechanism.