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Submit a ProposalThe Impact of Climate Change and Sustainability Standards on the Insurance Market
 | Edited by Kiran Sood, Simon Grima, Peter Young, Ercan Ozen and Balamurugan Balusamy Copyright: 2023 | Status: Published ISBN: 9781394166510 | Hardcover | 483 pages Price: $225 USD  |
One Line Description
The book explores the role of the insurance industry in contributing
and responding to the harms that climate change has brought.
Audience
The book is specially designed for administrators, lecturers, researchers, students of insurance and sustainability, students in financial services, insurance practitioners, actuaries, loss adjusters, underwriters, regulators, facilities management, utility companies, voluntary organizations, government departments, business leaders, policymakers, decision-makers, investors, risk managers, compliance managers, and audit managers amongst many others.
The book is specially designed for administrators, lecturers, researchers, students of insurance and sustainability, students in financial services, insurance practitioners, actuaries, loss adjusters, underwriters, regulators, facilities management, utility companies, voluntary organizations, government departments, business leaders, policymakers, decision-makers, investors, risk managers, compliance managers, and audit managers amongst many others.
Description
This book delves into the physical and logical impacts, both direct and indirect, on the insurance industry. Subjects discussed include new technology such as big data, artificial intelligence, machine learning, the growth of sustainable economics with foreign direct investments (FDIs), trustworthiness, and ethics. Related use cases of data science for claim processing, fraud detection and prevention, policy administration, pricing, and underwriting are discussed along with cyber security issues, data protection, and big data regulatory reforms. To promote ESG sustainability, the insurance industry plays a critical and significant role. Climate-related risks are being factored into underwriting and investing strategies. Through their own operations and business activities, insurers may promote the ESG agenda and move towards sustainability. Also discussed are promoting diversity and inclusion, lowering greenhouse gas (GHG) emissions, resolving gender inequality, and helping communities through charitable work, which all improve a company’s brand, reputation, and ESG credentials.
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This book delves into the physical and logical impacts, both direct and indirect, on the insurance industry. Subjects discussed include new technology such as big data, artificial intelligence, machine learning, the growth of sustainable economics with foreign direct investments (FDIs), trustworthiness, and ethics. Related use cases of data science for claim processing, fraud detection and prevention, policy administration, pricing, and underwriting are discussed along with cyber security issues, data protection, and big data regulatory reforms. To promote ESG sustainability, the insurance industry plays a critical and significant role. Climate-related risks are being factored into underwriting and investing strategies. Through their own operations and business activities, insurers may promote the ESG agenda and move towards sustainability. Also discussed are promoting diversity and inclusion, lowering greenhouse gas (GHG) emissions, resolving gender inequality, and helping communities through charitable work, which all improve a company’s brand, reputation, and ESG credentials.
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Author / Editor Details
Kiran Sood, PhD, is a professor at Chitkara Business School, Chitkara University, Punjab, India. Before joining Chitkara University, Kiran had served four organizations with a total experience of 19 years. Her research mainly focuses on regulations, marketing and finance in insurance, insurance management, economics, and management of innovation in insurance.
Kiran Sood, PhD, is a professor at Chitkara Business School, Chitkara University, Punjab, India. Before joining Chitkara University, Kiran had served four organizations with a total experience of 19 years. Her research mainly focuses on regulations, marketing and finance in insurance, insurance management, economics, and management of innovation in insurance.
Simon Grima, PhD, is the deputy dean of the Faculty of Economics, Management and Accountancy, and the Head of the Department of Insurance and Risk Management of the University of Malta, Msida, Malta, which he founded in 2015. He is the chairman of the Scientific Education Committee of the Public Risk Management Organization (PRIMO) and the Federation of European Risk Managers (FERMA).
Peter C. Young, PhD, holds the 3M Endowed Chair in International Business at the University of St. Thomas’ Opus College of Business, Minn, USA. He was selected as a Distinguished Alumnus of the Year for the University of Nebraska-Omaha, was honored with the ALARM-UK Lifetime Service award, and was selected as an Honorary Fellow of the Institute of Risk Management in London.
Ercan Özen, PhD, is an associate professor of finance in the Department of Banking and Finance, School of Applied Sciences, University of Uşak, Turkey. He has authored 5 book chapters and more than 40 journal articles, as well as participated in many conference program committees and workshops.
Balamurugan Balusamy, PhD, is an associate dean at Shiv Nadar University, India. He has written about 30 books on various technologies, as well as authored more than 150 journal and conference publications.
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Table of Contents
Foreword
Preface
Part I: The Impact of Digitalisation and Lines of Insurance on Sustainable Development
1. Sustainability Through Digital Insurance
Satinder Singh, Jashandeep Singh and Shilpi Gupta
1.1 Introduction
1.2 Theoretical Background
1.2.1 Origin and Concept of Digital Insurance
1.2.2 The Internet of Things
1.2.3 Digital Ecosystem for Insurers
1.2.4 Digital Disruption in the Insurance Industry
1.3 Sustainability and Digital Insurance
1.3.1 Principles for Sustainable Insurance
1.4 Digital Insurance and Sustainable Goals
1.5 Findings
1.6 Conclusion
1.7 Implications
References
2. Motor Vehicle Insurance Industry in India: A Review
Uma Shankar Yadav, Nikhil Yadav, Ravindra Tripathi and Kiran Sood
2.1 Introduction
2.1.1 Why Do We Need Motor Vehicle Insurance?
2.1.2 Need and Significance of the Study
2.2 The Rationale for the Study of VMI in India
2.2.1 Importance of Insurance in Our Daily Life
2.2.2 VMI Industry and Effect of Pandemic (COVID-19)
2.2.3 Motor Vehicle Insurance in India
2.2.4 New Insurance Policy Rule in India
2.3 Literature Review
2.4 Objective
2.5 Methodology
2.6 Discussion
2.6.1 Motor Insurance Sales in India
2.7 Findings
2.7.1 MVA Act 2019
2.7.2 Benefits of VMI
2.8 Result
2.9 Conclusion
References
3. Demystifying the Prospects for Insurance Companies to Finance the Energy Metamorphosis: A Study on Indian Insurance and Sustainable Development
Mukul Bhatnagar, Letife Özdemir and Nitin Pathak
3.1 Introduction
3.2 Present Status of India in Energy Transition
3.3 The Prospects for Insurance Enterprises to Finance the Energy Metamorphosis
3.4 The Reasons Why India’s Renewable Energy Investments are Anticipated to Expand
3.5 Harnessing Insurance for Sustainable Development
3.6 Conclusion
References
4. Artificial Intelligence in the Health Insurance Sector: Sustainable or Unsustainable from the Lens of Ethical-Legal and Socio-Economic Standards
Yogesh Mishra and Ankita Shaw
4.1 Introduction
4.2 Conceptualizing Sustainable Health Insurance
4.3 Integration of Artificial Intelligence in Health Insurance: A Background
4.4 Integration of AI in Health Insurance: A Bird’s Eye View from Ethical Implications Perspective
4.4.1 Issue of Transparency
4.4.2 Issue of Accountability
4.4.3 Issue of Algorithmic Bias
4.4.4 Issue of Informed Consent
4.4.5 Issue of Safety and the Use of AI in the Insurance Sector
4.4.6 Issue of Trust Deficit Between the Insurance Providers and the Insured
4.4.7 The Issue of Explainability
4.5 Integration of AI in Health Insurance: Evaluation of Socio-Economic Repercussions
4.5.1 Economic Growth vis-à-vis Sustainability: Does Implementation of AI in Health Insurance Pose Unsustainability?
4.5.2 AI in Health Insurance: Issue of Equitability
4.6 Integration of AI in Health Insurance: Requirement of Ideal Model Legal Standards for India
4.7 Recommendations
4.8 Concluding Remarks
References
5. Medical Crowdfunding: From the Lens of Health Insurance
Shivani Inder and Rishu Bhardwaj
5.1 Introduction
5.2 Crowdfunding in Healthcare: Medical Crowdfunding
5.3 Medical Crowdfunding: Compliment to Health Insurance
5.4 Medical Crowdfunding: Concerns and Consequences
5.5 Concluding Remarks
References
6. Digital Transformation of the Insurance Industry – A Case of the Indian Insurance Sector
Pawan Kumar, Sanjay Taneja, Mukul and Ercan Özen
6.1 Introduction
6.2 Literature Review
6.3 Conclusion
References
Part II: The Impact of Climate Change on Insurance Markets
7. Climate Resilient Agriculture: Binding Agriculture Innovations and Insurance
Kirandeep Kaur, Jasmandeep Kaur and Ramanjeet Singh
7.1 Introduction
7.2 Agricultural Innovation and Trends
7.3 Agricultural Innovation for Agricultural Productivity
7.4 Agricultural Insurance and Trends
7.5 Agricultural Insurance and Poverty Eradication
7.6 Innovations within Agricultural Insurance
7.7 Challenges and Difficulties Associated with Agricultural Innovation
7.8 Barriers to Agricultural Insurance Adoption
7.9 Future Projection of Agricultural Innovation and Insurance
7.10 Conclusion
References
8. Climate Change Resilience Support in the Insurance Sector
Reena Malik, Jyoti Verma and Ambuj Sharma
8.1 Introduction
8.2 Catastrophe Insurance and Climate Change
8.3 Carney Defines Climate Risks
8.4 Heading Towards Reducing Carbon Footprints
8.5 Climate Change Adaptation and Mitigation: Paradigm Shift
8.6 Building Resilience
8.7 Critical Infrastructure Decarbonation and Climate Resilience Emphasis
8.8 Combating Challenges
8.9 Role of Stakeholders
8.10 Role of Government
8.11 Recommendations at Company Level
8.12 Recommendations at Industry Level
8.13 Mitigating Losses with Technology
8.13.1 Satellite Imagery
8.13.2 Location-Risk Intelligence
8.13.3 Adjusting Claim with AR/VR
8.13.4 Biometrics
8.14 Conclusion
References
9. Sustainable Climate Change and its Impact on the Insurance Sector
Amrinder Singh and Geetika Madaan
9.1 Introduction
9.2 Science and Politics of Climate Change
9.3 The Implications of Climate Change for the Insurance Sector
9.4 The Insurance Sector’s Present Attitudes Towards Climate Change
9.5 Motivations for Thinking Differently About Climate Change
9.5.1 Lack of Ideal Information
9.5.2 Lack of Long-Term Business Planning
9.5.3 Social Pressure from Peers
9.5.4 Aspects of the Institutional Structure
9.6 Avoiding Risks from Natural Disasters
9.7 The Insurance Industry’s Approach to Environmental Policy
9.8 Variation on a Global Scale
9.9 The Role of Government in Preventing Natural Disasters
9.10 Natural Disaster Cooperation Framework
9.11 Added Prospects for Insurers
9.11.1 Unparalleled Understanding of Potential Dangers
9.11.2 New Insurance Markets
9.11.3 Diversification
9.12 Concluding Remarks
References
10. A Study Regarding the Effectiveness of Environmental Education on Climate Change
Manju Dahiya and Naman Mishra
10.1 Introduction
10.2 Literature Review
10.3 Theoretical Concerns
10.4 Research Objectives
10.4.1 Data Analysis
10.5 Inference
10.6 Conclusion
References
11. Contribution of the Insurance Sector in Sustaining the Climate: An Analytical Study
Arti Gaur and Sweta Bhatti
11.1 Introduction
11.2 Sustainable Insurance
11.3 Principles for Sustainable Insurance
11.4 Role of Insurance Sector in Climate Change
11.5 Sustainability Highlights and Initiatives Taken for Climate by SBI Life
11.6 Energy Conservation Initiatives
11.7 Reduction of Carbon Footprints Plays a Vital Role in Sustaining the Climate
11.8 Enhancing Sustainability Through Insurance
11.9 Conclusion
References
12. Impact of Climate Change on Agriculture
Arti Gaur and Sanju Verma
Abbreviations
12.1 Introduction
12.2 Agricultural Insurance – Risk Management
12.3 Various Agriculture Insurance Programs
12.3.1 Pradhan Mantri Fasal Bima Yojana
12.3.2 Weather-Based Crop Insurance Plan
12.3.3 Coconut Palm Insurance Scheme (CPIS)
12.3.4 Unified Package Insurance Scheme (UPIS)
12.4 Crop Insurance
12.5 Impact of Climate Change on Agriculture
12.6 NICRA Assisted Farmers to Cope with Climate Variation
12.7 Conclusion
References
13. Climate Change: Not Only a Projection for Emerging Risks But a Reality for the Insurance Sector
Jyoti Verma, Reena Malik and Rachit Agarwal
13.1 Introduction
13.2 Impact of Climate Change on Global Insurance Industry
13.3 International Practice of Insurance Mechanism in Combating the Risk of Climate Change
13.4 Conclusion
References
14. A Systematic Review of ESG Investing and Climate Change as a Sustainable Practice in the Insurance Industry
Cheenu Goel, Payal Bassi and Pankaj
14.1 Introduction
14.2 Review of Literature
14.3 Research Methodology
14.4 Data and Network Analysis
14.4.1 Year-Wise Publication Details
14.4.2 Top 10 Journals
14.4.3 Network Association of Co-Authorship with Countries
14.4.4 Network Association of Co-Authorship with Authors
14.4.5 Co-Occurrence of All Keywords
14.4.6 Co-Occurrence of Index Keywords
14.4.7 Citation Analysis – Citation of Source
14.4.8 Author Analysis – Citation with Authors
14.4.9 Bibliographic Coupling of Documents
14.4.10 Bibliographic Coupling of Countries
14.5 Conclusion
References
15. SLR on Aspects of Climatic Change in the Agriculture Industry in the Context of Weather Index Insurance: Visualization Through Network Diagrams
Payal Bassi, Cheenu Goel and Pankaj
15.1 Introduction
15.2 Review of Literature
15.3 Research Methodology
15.4 Data and Network Analysis
15.4.1 Publications by Year
15.4.2 Publications by Document Type
15.4.3 Influential Journals
15.4.3.1 Top 10 Journals Based on Count
15.4.3.2 Alluvial Diagram Showing the Top 10 Journals Along with their Country
of Origin and Impact Factor
15.4.4 Alluvial Visualization of Top 10 Authors Based on Citations
15.4.5 Alluvial Representation of Rank Score of Publications by Top 10 Authors
15.4.6 Network Analysis of Co-Occurrence of All Keywords
15.4.7 Network Analysis of Co-Citation of Cited Sources
15.4.8 Co-Citation with Cited Authors
15.5 Conclusion
References
16. Impact of Climate-Disruptive Industries on the Global Insurance and Risk Management Scenario
Kirandeep Kaur, Kiran Sood and Simon Grima
16.1 Introduction
16.1.1 Genetic and Extractive Sector
16.1.1.1 The Parallel Impact on Insurance Mechanism
16.1.1.2 The Implications in Relevance to Rising Costs and Insurance-Related Risks
16.1.2 Transportation Sector
16.1.2.1 Accountability to Climate Change and Risk Expansion
16.1.2.2 Exhaustive Activities Posing a Threat to the Risk-Bearing Potential of Insurance Sector
16.1.3 Construction Sector
16.1.3.1 A Challenge to the Resilience of the Property/Casualty Industry
16.1.3.2 A Growing Demand for the Sector Pressurizing the Existing Insurance
Model
16.2 Objective of the Study
16.3 Review of Literature
16.4 Research Gap
16.5 Findings
16.6 Discussions and Conclusion
References
17. Examining the Antecedents and Consequences of Corporate Commitment Towards Climate Change
Rajni Bala and Sandeep Singh
17.1 Introduction to Climate Change
17.2 Literature Review
17.3 Antecedents of Climate Change
17.4 Consequences of Climate Change
17.5 Conclusion
References
18. Climate Change and the Insurance Sector: An Analysis of Sustainable Development in India
Balpreet Singh
18.1 Introduction
18.2 Purpose
18.3 Methodology
18.4 Findings and Discussion
18.5 Opportunities for Sustainable Insurance
18.6 Conclusion
References
Part III: The Impact of Behaviour, Culture, Education and Internal Controls
19. The Role of Internal Audit in Risk Management with a Perspective of Sustainability Development
Vinita Choudhary and Sonal Trivedi
19.1 Introduction
19.1.1 Role of Internal Audit in Risk Management
19.1.2 Purpose and Significance of the Study
19.1.3 Problem Statement and Research Gap
19.1.4 Structure of the Study
19.2 Literature Review
19.2.1 Internal Audit
19.2.1.1 Definition and Meaning of Internal Audit
19.2.1.2 The Role of Internal Audit in Any Organization
19.2.1.3 The Duties and Responsibilities of an Internal Auditor
19.2.2 Risk Management
19.2.2.1 Definition of Risk Management
19.2.2.2 Benefits of Risk Management
19.2.2.3 Types of Risk in Insurance Industry
19.2.2.4 Risk Insurance Concept
19.2.3 Relationship Between Internal Audit and Risk Management
19.2.4 The Insurance Industry in the Context of Climate Change
19.3 Case Discussion
19.3.1 Case – Internal Audit and Risk Management of General Insurance Companies in India
19.3.2 Discussion Question in Given Case
19.4 Contribution of Study
19.5 Conclusion
References
Website
20. Environment Education and Insurance Awareness – A Boon to Indian Insurance Sector
Sanjeev Kumar, Kunal Raheja and Ankit Dhiraj
20.1 Introduction
20.1.1 Effect of Climate Change on India
20.1.2 Costs to India’s Economy from Climate Change
20.2 The History of India’s Insurance Sector
20.2.1 Things that Changed in the History of the Indian Insurance Business were Big the Indian Insurance Scene has Slowly Changed in the Following Ways
20.3 Insurance Plays a Vital Role
20.4 School and University Teaching Environment Awareness
20.4.1 Best Practices Adopted by School and University
20.5 Different Benefits of Environment Education in Society
20.5.1 Imagination
20.5.2 Classroom Learning
20.5.3 Creative Thinking Skills
20.5.4 Learning Standards
20.5.5 Healthy Lifestyle
20.5.6 Communities
20.6 Teacher and Students Empowered
20.7 Conclusion
References
21. Cultivating Sustainable Behavior and Critical Consciousness Towards the Environment: Environmental Education for Sustainability
Seema Yadav
21.1 Introduction
21.2 Environmental Education as Concept: Promoting Sustainability
21.3 Environmental Education as an Approach for Addressing Environmental Problems
21.4 Dealing with Complexities: Changing the Scenario with Environmental Education
21.5 Making Students Environmental Conscious with Environmental Education
21.6 Teachers’ Role in Achieving the Goals of Environmental Education
21.7 What is Next? It is: Being Innovative in Environmental Education
21.8 Conclusion
References
22. Adoption of ESG by the Insurance Industry: Conceptual Framework and Future Recommendations
Kumar Shalender, Babita Singla and Sandhir Sharma
22.1 Introduction
22.2 Principles of ESG Integration in Insurance Sector
22.3 ESG Implementation Framework
22.4 Conclusion and Discussion
References
23. Sustainable Solutions for Insurance and Risk Management
Harret Kaur, Kiran Sood, Uma Shankar Yadav and Simon Grima
23.1 Introduction
23.1.1 Objectives
23.2 Literature Review
23.2.1 Research Gap
23.3 Research Methodology
23.4 Discussion
23.4.1 Functions of Insurance in Sustainable Development and Transfer of Risk
23.4.2 The Contribution of the Insurance Sector Towards Sustainable Development
23.5 Result and Conclusion
23.5.1 Recommendations and Future Scope
23.6 Challenges and Limitations
23.6.1 Various Challenges Posed Due to the Adoption of Sustainable Insurance
23.6.2 The Limitations of the Paper
References
24. Target 8.8: Protect Labor Rights and Promote a Safe Working Environment
Nikita Singla, Kiran Sood, Simon Grima and Uma Shankar Yadav
24.1 Introduction
24.2 Review of Literature
24.3 Research Methodology
24.4 Target 8.8
24.5 Conclusion
References
25. A Study on Challenges to Sustainable Development
Baljinder Kaur and Harreet Kaur
25.1 Introduction
25.2 Aim of the Research
25.3 Methodology
25.4 Discussion
25.5 Factors Influencing Sustainable Development
25.6 Challenges in Achieving SDGs
25.7 Conclusion
25.8 Suggestions
References
26. E-waste Management: A Transition Towards a Circular Economy
Baljinder Kaur, Kirandeep Kaur and Harreet Kaur
26.1 Introduction
26.2 Worldwide E-waste Structure
26.3 Strategic Approaches
26.4 DEMATEL Method
26.5 Assessment of Life Cycle
26.6 Challenges Related to E-waste Recycling
26.7 Conclusion
References
27. Environmental, Social, and Governance (ESG) Measures and Their Impact on Insurance Industry: A Global Perspective
Amrik Singh and Gaurav Bathla
27.1 Introduction
27.2 Literature Review
27.3 Trends Shaping ESG in the Insurance Sector
27.3.1 Strong Governance and Employee Engagement
27.3.2 Advances in Technology
27.3.3 More Accountability and Transparency
27.3.4 Macroeconomic
27.4 ESG Challenges in the Insurance Sector
27.4.1 Environmental Challenge
27.4.2 Social Challenge
27.4.3 Governance Challenge
27.5 Conclusion
References
28. Environmental Risk and Sustaining the Insurance Industry
Gurpreet Kaur
28.1 Introduction
28.2 Review of Literature
28.3 Literature Analysis
28.3.1 Findings
28.4 Conclusion
References
29. Global Energy Crisis: Impact on the Global Economy
Peterson K. Ozili and Ercan Ozen
29.1 Introduction
29.2 Review of Related Studies
29.3 Understanding the 2021-2022 Global Energy Crisis
29.3.1 Energy Crisis in Europe
29.3.2 Energy Crisis in Asia
29.3.3 Energy Crisis in Africa
29.3.4 Energy Crisis in the Middle East
29.3.5 The Contribution of Russian-Ukraine Conflict to the Energy Crisis
29.4 Methodology
29.5 Empirical Results
29.5.1 Gasoline Price: Some Data from Around the World
29.5.1.1 Gasoline Price in Africa
29.5.1.2 Gasoline Price in Europe
29.5.1.3 Gasoline Price in Asia
29.5.1.4 Gasoline Price in Middle East Countries
29.5.1.5 Gasoline Price in the Region of the Americas
29.5.2 Regional Correlation
29.5.3 Granger Causality Test
29.6 Conclusion
References
Index
Back to Top
Foreword
Preface
Part I: The Impact of Digitalisation and Lines of Insurance on Sustainable Development
1. Sustainability Through Digital Insurance
Satinder Singh, Jashandeep Singh and Shilpi Gupta
1.1 Introduction
1.2 Theoretical Background
1.2.1 Origin and Concept of Digital Insurance
1.2.2 The Internet of Things
1.2.3 Digital Ecosystem for Insurers
1.2.4 Digital Disruption in the Insurance Industry
1.3 Sustainability and Digital Insurance
1.3.1 Principles for Sustainable Insurance
1.4 Digital Insurance and Sustainable Goals
1.5 Findings
1.6 Conclusion
1.7 Implications
References
2. Motor Vehicle Insurance Industry in India: A Review
Uma Shankar Yadav, Nikhil Yadav, Ravindra Tripathi and Kiran Sood
2.1 Introduction
2.1.1 Why Do We Need Motor Vehicle Insurance?
2.1.2 Need and Significance of the Study
2.2 The Rationale for the Study of VMI in India
2.2.1 Importance of Insurance in Our Daily Life
2.2.2 VMI Industry and Effect of Pandemic (COVID-19)
2.2.3 Motor Vehicle Insurance in India
2.2.4 New Insurance Policy Rule in India
2.3 Literature Review
2.4 Objective
2.5 Methodology
2.6 Discussion
2.6.1 Motor Insurance Sales in India
2.7 Findings
2.7.1 MVA Act 2019
2.7.2 Benefits of VMI
2.8 Result
2.9 Conclusion
References
3. Demystifying the Prospects for Insurance Companies to Finance the Energy Metamorphosis: A Study on Indian Insurance and Sustainable Development
Mukul Bhatnagar, Letife Özdemir and Nitin Pathak
3.1 Introduction
3.2 Present Status of India in Energy Transition
3.3 The Prospects for Insurance Enterprises to Finance the Energy Metamorphosis
3.4 The Reasons Why India’s Renewable Energy Investments are Anticipated to Expand
3.5 Harnessing Insurance for Sustainable Development
3.6 Conclusion
References
4. Artificial Intelligence in the Health Insurance Sector: Sustainable or Unsustainable from the Lens of Ethical-Legal and Socio-Economic Standards
Yogesh Mishra and Ankita Shaw
4.1 Introduction
4.2 Conceptualizing Sustainable Health Insurance
4.3 Integration of Artificial Intelligence in Health Insurance: A Background
4.4 Integration of AI in Health Insurance: A Bird’s Eye View from Ethical Implications Perspective
4.4.1 Issue of Transparency
4.4.2 Issue of Accountability
4.4.3 Issue of Algorithmic Bias
4.4.4 Issue of Informed Consent
4.4.5 Issue of Safety and the Use of AI in the Insurance Sector
4.4.6 Issue of Trust Deficit Between the Insurance Providers and the Insured
4.4.7 The Issue of Explainability
4.5 Integration of AI in Health Insurance: Evaluation of Socio-Economic Repercussions
4.5.1 Economic Growth vis-à-vis Sustainability: Does Implementation of AI in Health Insurance Pose Unsustainability?
4.5.2 AI in Health Insurance: Issue of Equitability
4.6 Integration of AI in Health Insurance: Requirement of Ideal Model Legal Standards for India
4.7 Recommendations
4.8 Concluding Remarks
References
5. Medical Crowdfunding: From the Lens of Health Insurance
Shivani Inder and Rishu Bhardwaj
5.1 Introduction
5.2 Crowdfunding in Healthcare: Medical Crowdfunding
5.3 Medical Crowdfunding: Compliment to Health Insurance
5.4 Medical Crowdfunding: Concerns and Consequences
5.5 Concluding Remarks
References
6. Digital Transformation of the Insurance Industry – A Case of the Indian Insurance Sector
Pawan Kumar, Sanjay Taneja, Mukul and Ercan Özen
6.1 Introduction
6.2 Literature Review
6.3 Conclusion
References
Part II: The Impact of Climate Change on Insurance Markets
7. Climate Resilient Agriculture: Binding Agriculture Innovations and Insurance
Kirandeep Kaur, Jasmandeep Kaur and Ramanjeet Singh
7.1 Introduction
7.2 Agricultural Innovation and Trends
7.3 Agricultural Innovation for Agricultural Productivity
7.4 Agricultural Insurance and Trends
7.5 Agricultural Insurance and Poverty Eradication
7.6 Innovations within Agricultural Insurance
7.7 Challenges and Difficulties Associated with Agricultural Innovation
7.8 Barriers to Agricultural Insurance Adoption
7.9 Future Projection of Agricultural Innovation and Insurance
7.10 Conclusion
References
8. Climate Change Resilience Support in the Insurance Sector
Reena Malik, Jyoti Verma and Ambuj Sharma
8.1 Introduction
8.2 Catastrophe Insurance and Climate Change
8.3 Carney Defines Climate Risks
8.4 Heading Towards Reducing Carbon Footprints
8.5 Climate Change Adaptation and Mitigation: Paradigm Shift
8.6 Building Resilience
8.7 Critical Infrastructure Decarbonation and Climate Resilience Emphasis
8.8 Combating Challenges
8.9 Role of Stakeholders
8.10 Role of Government
8.11 Recommendations at Company Level
8.12 Recommendations at Industry Level
8.13 Mitigating Losses with Technology
8.13.1 Satellite Imagery
8.13.2 Location-Risk Intelligence
8.13.3 Adjusting Claim with AR/VR
8.13.4 Biometrics
8.14 Conclusion
References
9. Sustainable Climate Change and its Impact on the Insurance Sector
Amrinder Singh and Geetika Madaan
9.1 Introduction
9.2 Science and Politics of Climate Change
9.3 The Implications of Climate Change for the Insurance Sector
9.4 The Insurance Sector’s Present Attitudes Towards Climate Change
9.5 Motivations for Thinking Differently About Climate Change
9.5.1 Lack of Ideal Information
9.5.2 Lack of Long-Term Business Planning
9.5.3 Social Pressure from Peers
9.5.4 Aspects of the Institutional Structure
9.6 Avoiding Risks from Natural Disasters
9.7 The Insurance Industry’s Approach to Environmental Policy
9.8 Variation on a Global Scale
9.9 The Role of Government in Preventing Natural Disasters
9.10 Natural Disaster Cooperation Framework
9.11 Added Prospects for Insurers
9.11.1 Unparalleled Understanding of Potential Dangers
9.11.2 New Insurance Markets
9.11.3 Diversification
9.12 Concluding Remarks
References
10. A Study Regarding the Effectiveness of Environmental Education on Climate Change
Manju Dahiya and Naman Mishra
10.1 Introduction
10.2 Literature Review
10.3 Theoretical Concerns
10.4 Research Objectives
10.4.1 Data Analysis
10.5 Inference
10.6 Conclusion
References
11. Contribution of the Insurance Sector in Sustaining the Climate: An Analytical Study
Arti Gaur and Sweta Bhatti
11.1 Introduction
11.2 Sustainable Insurance
11.3 Principles for Sustainable Insurance
11.4 Role of Insurance Sector in Climate Change
11.5 Sustainability Highlights and Initiatives Taken for Climate by SBI Life
11.6 Energy Conservation Initiatives
11.7 Reduction of Carbon Footprints Plays a Vital Role in Sustaining the Climate
11.8 Enhancing Sustainability Through Insurance
11.9 Conclusion
References
12. Impact of Climate Change on Agriculture
Arti Gaur and Sanju Verma
Abbreviations
12.1 Introduction
12.2 Agricultural Insurance – Risk Management
12.3 Various Agriculture Insurance Programs
12.3.1 Pradhan Mantri Fasal Bima Yojana
12.3.2 Weather-Based Crop Insurance Plan
12.3.3 Coconut Palm Insurance Scheme (CPIS)
12.3.4 Unified Package Insurance Scheme (UPIS)
12.4 Crop Insurance
12.5 Impact of Climate Change on Agriculture
12.6 NICRA Assisted Farmers to Cope with Climate Variation
12.7 Conclusion
References
13. Climate Change: Not Only a Projection for Emerging Risks But a Reality for the Insurance Sector
Jyoti Verma, Reena Malik and Rachit Agarwal
13.1 Introduction
13.2 Impact of Climate Change on Global Insurance Industry
13.3 International Practice of Insurance Mechanism in Combating the Risk of Climate Change
13.4 Conclusion
References
14. A Systematic Review of ESG Investing and Climate Change as a Sustainable Practice in the Insurance Industry
Cheenu Goel, Payal Bassi and Pankaj
14.1 Introduction
14.2 Review of Literature
14.3 Research Methodology
14.4 Data and Network Analysis
14.4.1 Year-Wise Publication Details
14.4.2 Top 10 Journals
14.4.3 Network Association of Co-Authorship with Countries
14.4.4 Network Association of Co-Authorship with Authors
14.4.5 Co-Occurrence of All Keywords
14.4.6 Co-Occurrence of Index Keywords
14.4.7 Citation Analysis – Citation of Source
14.4.8 Author Analysis – Citation with Authors
14.4.9 Bibliographic Coupling of Documents
14.4.10 Bibliographic Coupling of Countries
14.5 Conclusion
References
15. SLR on Aspects of Climatic Change in the Agriculture Industry in the Context of Weather Index Insurance: Visualization Through Network Diagrams
Payal Bassi, Cheenu Goel and Pankaj
15.1 Introduction
15.2 Review of Literature
15.3 Research Methodology
15.4 Data and Network Analysis
15.4.1 Publications by Year
15.4.2 Publications by Document Type
15.4.3 Influential Journals
15.4.3.1 Top 10 Journals Based on Count
15.4.3.2 Alluvial Diagram Showing the Top 10 Journals Along with their Country
of Origin and Impact Factor
15.4.4 Alluvial Visualization of Top 10 Authors Based on Citations
15.4.5 Alluvial Representation of Rank Score of Publications by Top 10 Authors
15.4.6 Network Analysis of Co-Occurrence of All Keywords
15.4.7 Network Analysis of Co-Citation of Cited Sources
15.4.8 Co-Citation with Cited Authors
15.5 Conclusion
References
16. Impact of Climate-Disruptive Industries on the Global Insurance and Risk Management Scenario
Kirandeep Kaur, Kiran Sood and Simon Grima
16.1 Introduction
16.1.1 Genetic and Extractive Sector
16.1.1.1 The Parallel Impact on Insurance Mechanism
16.1.1.2 The Implications in Relevance to Rising Costs and Insurance-Related Risks
16.1.2 Transportation Sector
16.1.2.1 Accountability to Climate Change and Risk Expansion
16.1.2.2 Exhaustive Activities Posing a Threat to the Risk-Bearing Potential of Insurance Sector
16.1.3 Construction Sector
16.1.3.1 A Challenge to the Resilience of the Property/Casualty Industry
16.1.3.2 A Growing Demand for the Sector Pressurizing the Existing Insurance
Model
16.2 Objective of the Study
16.3 Review of Literature
16.4 Research Gap
16.5 Findings
16.6 Discussions and Conclusion
References
17. Examining the Antecedents and Consequences of Corporate Commitment Towards Climate Change
Rajni Bala and Sandeep Singh
17.1 Introduction to Climate Change
17.2 Literature Review
17.3 Antecedents of Climate Change
17.4 Consequences of Climate Change
17.5 Conclusion
References
18. Climate Change and the Insurance Sector: An Analysis of Sustainable Development in India
Balpreet Singh
18.1 Introduction
18.2 Purpose
18.3 Methodology
18.4 Findings and Discussion
18.5 Opportunities for Sustainable Insurance
18.6 Conclusion
References
Part III: The Impact of Behaviour, Culture, Education and Internal Controls
19. The Role of Internal Audit in Risk Management with a Perspective of Sustainability Development
Vinita Choudhary and Sonal Trivedi
19.1 Introduction
19.1.1 Role of Internal Audit in Risk Management
19.1.2 Purpose and Significance of the Study
19.1.3 Problem Statement and Research Gap
19.1.4 Structure of the Study
19.2 Literature Review
19.2.1 Internal Audit
19.2.1.1 Definition and Meaning of Internal Audit
19.2.1.2 The Role of Internal Audit in Any Organization
19.2.1.3 The Duties and Responsibilities of an Internal Auditor
19.2.2 Risk Management
19.2.2.1 Definition of Risk Management
19.2.2.2 Benefits of Risk Management
19.2.2.3 Types of Risk in Insurance Industry
19.2.2.4 Risk Insurance Concept
19.2.3 Relationship Between Internal Audit and Risk Management
19.2.4 The Insurance Industry in the Context of Climate Change
19.3 Case Discussion
19.3.1 Case – Internal Audit and Risk Management of General Insurance Companies in India
19.3.2 Discussion Question in Given Case
19.4 Contribution of Study
19.5 Conclusion
References
Website
20. Environment Education and Insurance Awareness – A Boon to Indian Insurance Sector
Sanjeev Kumar, Kunal Raheja and Ankit Dhiraj
20.1 Introduction
20.1.1 Effect of Climate Change on India
20.1.2 Costs to India’s Economy from Climate Change
20.2 The History of India’s Insurance Sector
20.2.1 Things that Changed in the History of the Indian Insurance Business were Big the Indian Insurance Scene has Slowly Changed in the Following Ways
20.3 Insurance Plays a Vital Role
20.4 School and University Teaching Environment Awareness
20.4.1 Best Practices Adopted by School and University
20.5 Different Benefits of Environment Education in Society
20.5.1 Imagination
20.5.2 Classroom Learning
20.5.3 Creative Thinking Skills
20.5.4 Learning Standards
20.5.5 Healthy Lifestyle
20.5.6 Communities
20.6 Teacher and Students Empowered
20.7 Conclusion
References
21. Cultivating Sustainable Behavior and Critical Consciousness Towards the Environment: Environmental Education for Sustainability
Seema Yadav
21.1 Introduction
21.2 Environmental Education as Concept: Promoting Sustainability
21.3 Environmental Education as an Approach for Addressing Environmental Problems
21.4 Dealing with Complexities: Changing the Scenario with Environmental Education
21.5 Making Students Environmental Conscious with Environmental Education
21.6 Teachers’ Role in Achieving the Goals of Environmental Education
21.7 What is Next? It is: Being Innovative in Environmental Education
21.8 Conclusion
References
22. Adoption of ESG by the Insurance Industry: Conceptual Framework and Future Recommendations
Kumar Shalender, Babita Singla and Sandhir Sharma
22.1 Introduction
22.2 Principles of ESG Integration in Insurance Sector
22.3 ESG Implementation Framework
22.4 Conclusion and Discussion
References
23. Sustainable Solutions for Insurance and Risk Management
Harret Kaur, Kiran Sood, Uma Shankar Yadav and Simon Grima
23.1 Introduction
23.1.1 Objectives
23.2 Literature Review
23.2.1 Research Gap
23.3 Research Methodology
23.4 Discussion
23.4.1 Functions of Insurance in Sustainable Development and Transfer of Risk
23.4.2 The Contribution of the Insurance Sector Towards Sustainable Development
23.5 Result and Conclusion
23.5.1 Recommendations and Future Scope
23.6 Challenges and Limitations
23.6.1 Various Challenges Posed Due to the Adoption of Sustainable Insurance
23.6.2 The Limitations of the Paper
References
24. Target 8.8: Protect Labor Rights and Promote a Safe Working Environment
Nikita Singla, Kiran Sood, Simon Grima and Uma Shankar Yadav
24.1 Introduction
24.2 Review of Literature
24.3 Research Methodology
24.4 Target 8.8
24.5 Conclusion
References
25. A Study on Challenges to Sustainable Development
Baljinder Kaur and Harreet Kaur
25.1 Introduction
25.2 Aim of the Research
25.3 Methodology
25.4 Discussion
25.5 Factors Influencing Sustainable Development
25.6 Challenges in Achieving SDGs
25.7 Conclusion
25.8 Suggestions
References
26. E-waste Management: A Transition Towards a Circular Economy
Baljinder Kaur, Kirandeep Kaur and Harreet Kaur
26.1 Introduction
26.2 Worldwide E-waste Structure
26.3 Strategic Approaches
26.4 DEMATEL Method
26.5 Assessment of Life Cycle
26.6 Challenges Related to E-waste Recycling
26.7 Conclusion
References
27. Environmental, Social, and Governance (ESG) Measures and Their Impact on Insurance Industry: A Global Perspective
Amrik Singh and Gaurav Bathla
27.1 Introduction
27.2 Literature Review
27.3 Trends Shaping ESG in the Insurance Sector
27.3.1 Strong Governance and Employee Engagement
27.3.2 Advances in Technology
27.3.3 More Accountability and Transparency
27.3.4 Macroeconomic
27.4 ESG Challenges in the Insurance Sector
27.4.1 Environmental Challenge
27.4.2 Social Challenge
27.4.3 Governance Challenge
27.5 Conclusion
References
28. Environmental Risk and Sustaining the Insurance Industry
Gurpreet Kaur
28.1 Introduction
28.2 Review of Literature
28.3 Literature Analysis
28.3.1 Findings
28.4 Conclusion
References
29. Global Energy Crisis: Impact on the Global Economy
Peterson K. Ozili and Ercan Ozen
29.1 Introduction
29.2 Review of Related Studies
29.3 Understanding the 2021-2022 Global Energy Crisis
29.3.1 Energy Crisis in Europe
29.3.2 Energy Crisis in Asia
29.3.3 Energy Crisis in Africa
29.3.4 Energy Crisis in the Middle East
29.3.5 The Contribution of Russian-Ukraine Conflict to the Energy Crisis
29.4 Methodology
29.5 Empirical Results
29.5.1 Gasoline Price: Some Data from Around the World
29.5.1.1 Gasoline Price in Africa
29.5.1.2 Gasoline Price in Europe
29.5.1.3 Gasoline Price in Asia
29.5.1.4 Gasoline Price in Middle East Countries
29.5.1.5 Gasoline Price in the Region of the Americas
29.5.2 Regional Correlation
29.5.3 Granger Causality Test
29.6 Conclusion
References
Index
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