Sustainability and Practices of Insurance Companies: Literature Review

Studies in economics and business relations Pub Date : 2024-04-24 DOI:10.48185/sebr.v5i1.1121

M. Alshadadi, P. V. Deshmukh, Mohammed Abdulrahman Kaid Zaid

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Abstract

Abstract: The objective of this paper is to review the literature on the relationship between insurance companies practices and sustainable development, focusing on the Environmental, Social, and Governance (ESG) approach discussed in both developed and developing countries. Insurance companies encounter numerous opportunities and threats related to sustainability, with climate change and environmental pollution standing out as the most significant challenges impacting the insurance industry, particularly the life insurance sector. The paper concludes that insurance companies are prepared to offer sustainable insurance products in the future by committing to environmental and social standards. However, challenges exist regarding adherence to governance principles, particularly due to the predominance of small and medium-sized insurance companies. The current study also underscores the intimate connection between the insurance industry and sustainability factors. They mutually influence each other in an integrative relationship, necessitating the integration of ESG factors into the business strategies of insurance companies.

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保险公司的可持续性与实践：文献综述

摘要：本文旨在回顾保险公司实践与可持续发展之间关系的文献，重点是发达国家和发展中国家讨论的环境、社会和治理（ESG）方法。保险公司面临着与可持续发展相关的众多机遇和威胁，其中气候变化和环境污染是影响保险业（尤其是寿险业）的最重大挑战。本文的结论是，保险公司已做好准备，通过承诺遵守环境和社会标准，在未来提供可持续的保险产品。然而，在遵守治理原则方面存在挑战，特别是由于中小型保险公司占主导地位。本研究还强调了保险业与可持续发展因素之间的密切联系。它们之间存在相互影响的综合关系，因此有必要将环境、社会和治理因素纳入保险公司的业务战略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Studies in economics and business relations

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