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.
10.5937/jaes12-5884 = Review of vehicle telematics usage based insurance: Contribution to sustainable insurance strategy
