Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review

Wing Yan Lee; Derrick W. H. Fung

doi:10.29333/ejosdr/13634

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Wing Yan Lee ¹ ^* , Derrick W. H. Fung ¹

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¹ Department of Mathematics, Statistics and Insurance, The Hang Seng University of Hong Kong, Hang Shin Link, Siu Lek Yuen, HONG KONG^* Corresponding Author

Abstract

Despite the fact that green insurance makes up a significant portion of green finance, there is a lack of systematic understanding and analysis on the international green insurance market in the literature. In this paper, we study how the market for green insurance has evolved and discuss the current challenges. The important elements promoting sustainable growth in the market include universal consensus on the definition of green insurance, an optimal regulatory framework, technological advancement, and talent nurturing, and rising social acceptance. We apply the institutional framework to explore the future direction of market reform for a sustainable market. Reinforcing the three institutional pillars will help to address the current deficiencies in the market. The pollution liability market in China is examined as a case study. This paper gives insight to both academic and industry fields on drivers and challenges in the increasingly complex and fast-growing green insurance market.

Keywords

Green insurance
sustainability
climate change
pollution liability insurance
institutional pillars

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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Article Type: Review Article

EUR J SUSTAIN DEV RES, Volume 7, Issue 4, 2023, Article No: em0235

https://doi.org/10.29333/ejosdr/13634

Publication date: 03 Sep 2023

Article Views: 796

Article Downloads: 968

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How to cite this article

APA

Lee, W. Y., & Fung, D. W. H. (2023). Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review. European Journal of Sustainable Development Research, 7(4), em0235. https://doi.org/10.29333/ejosdr/13634

Vancouver

Lee WY, Fung DWH. Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review. EUR J SUSTAIN DEV RES. 2023;7(4):em0235. https://doi.org/10.29333/ejosdr/13634

AMA

Lee WY, Fung DWH. Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review. EUR J SUSTAIN DEV RES. 2023;7(4), em0235. https://doi.org/10.29333/ejosdr/13634

Chicago

Lee, Wing Yan, and Derrick W. H. Fung. "Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review". European Journal of Sustainable Development Research 2023 7 no. 4 (2023): em0235. https://doi.org/10.29333/ejosdr/13634

Harvard

Lee, W. Y., and Fung, D. W. H. (2023). Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review. European Journal of Sustainable Development Research, 7(4), em0235. https://doi.org/10.29333/ejosdr/13634

MLA

Lee, Wing Yan et al. "Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review". European Journal of Sustainable Development Research, vol. 7, no. 4, 2023, em0235. https://doi.org/10.29333/ejosdr/13634