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

Author

Listed:
  • Kumar, Sonjai

    (Certified Risk Management Professional, IRM)

  • Rao, Purnima

    (Associate Professor, Fortune Institute of International Business (FIIB), India)

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.

Suggested Citation

  • Kumar, Sonjai & Rao, Purnima, 2023. "The impact of climate risk on the insurance industry: Recent developments and emerging risk mitigation approaches," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 16(2), pages 116-123, August.
    • Handle: RePEc:aza:rmfi00:y:2023:v:16:i:2:p:116-123
    as

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    More about this item

    Keywords

    climate risk; insurance industry; underwriting; risk management; disclosure;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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