SUSTAINABLE INSURANCE AS A KEY FACTOR OF SUSTAINABLE DEVELOPMENT SUPPORT
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2015, Vol 3, Issue 168
Abstract
The role of the insurance sector in the sustainability development support was determined and the possible measures of economic and social loss reduction, based on risk management, risk transfer, and sustainable investment, were proposed. A crucial necessity of the community resilience improvement and cooperation with other stakeholders was indicated. Sustainable insurance sector plays a determinant role in the process of sustainable development as it possess vital leverages to enable and facilitate community resilience, and, therefore, to reduce the possible loss from Economic, Social and Governance issues (ESG issues). First of all, this could be achieved by the means of proper risk management, namely risk assessment and risk reduction. Second, risk transfer will help communities to cope with actual damage made and cover the loss. Finally, sustainable investment activity may be used to make sure that business sector respects the key principles of sustainable development in its day-to-day activity. Cooperation with all the stakeholders of sustainable development, especially governments and communities, will help to develop a better expertize of risk management and create more effective tools for risk reduction. Implementing principles of sustainable investment into the core of their business values, insurance companies are likely to enjoy the improvement of their image and status, higher quality of their investment portfolio, and smaller refund sums payed on claims.
Authors and Affiliations
Liudmila Volokhova, Olga Evseenko
Keywords
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- EP ID EP400994
- DOI 10.17721/1728-2667.2015/168-3/3
- Views 67
- Downloads 0
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