The Impact of CLIMATE CHANGE and SUSTAINABILITY STANDARDS on the INSURANCE MARKET The book explores the role of the insurance industry in contributing and responding to the harms that climate change has brought. 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. 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.

Climate change brings about a new set of major economic risks arising from changing weather patterns, extreme weather events and rising sea levels. Most at risk are developing countries who, despite considerable post-disaster donor aid, have been bearing the major brunt of disaster-related losses. One adaptation solution that is rapidly gaining the support of countries and international donors is a risk transfer to the global reinsurance and capital markets. This volume, a special issue of the journal Climate Policy, explores the role that insurance-based mechanisms can play in helping developing countries prepare for climate change. It offers a unique and comprehensive perspective on the potential role of insurance solutions in global adaptation to climate change and attempts to engender debate on the role of insurance in reducing global emissions and encouraging climate-friendly corporate behaviour.

Contributed articles on climate change.

India’s insurance sector is transforming at a rapid pace and gaining centrality in the macroeconomic dynamics of the country. What shape and form it will acquire by 2030 is linked to the nature of timely and vital intervention by both the policy makers and participants in the financial industry. India is the 2nd largest InsurTech market in the APAC region. The IRDAI is pursuing various regulatory reforms toward achieving the objective of “Insurance for All.” The Insurance industry has witnessed major growth in the past few decades. With the introduction of new products and plans, it has not only helped consumers by providing financial protection but also contributed to the nation’s economy. The Industry is poised for radical evolution in times to come due to changes in the overall economic environment.

How do policymakers, businesses and civil society in India approach the challenge of climate change? What do they believe global climate negotiations will achieve and how? And how are Indian political and policy debates internalizing climate change? Relatively little is known globally about internal climate debate in emerging industrializing countries, but what happens in rapidly growing economies like India’s will increasingly shape global climate change outcomes. This Handbook brings together prominent voices from India, including policymakers, politicians, business leaders, civil society activists and academics, to build a composite picture of contemporary Indian climate politics and policy. One section lays out the range of positions and substantive issues that shape Indian views on global climate negotiations. Another delves into national politics around climate change. A third looks at how climate change is beginning to be internalized in sectoral policy discussions over energy, urbanization, water, and forests. The volume is introduced by an essay that lays out the critical issues shaping climate politics in India, and its implications for global politics. The papers show that, within India, climate change is approached primarily as a developmental challenge and is marked by efforts to explore how multiple objectives of development, equity and climate mitigation can simultaneously be met. In addition, Indian perspectives on climate negotiations are in a state of flux. Considerations of equity across countries and a focus on the primary responsibility for action of wealthy countries continue to be central, but there are growing voices of concern on the impacts of climate change on India. How domestic debates over climate governance are resolved in the coming years, and the evolution of India’s global negotiation stance are likely to be important inputs toward creating shared understandings across countries in the years ahead, and identify ways forward. This volume on the Indian experience with climate change and development is a valuable contribution to both purposes.

Some issues addressed in this Working Group III volume are mitigation of greenhouse gas emissions, managing biological carbon reservoirs, geo-engineering, costing methods, and decision-making frameworks.

The book provides a comprehensive discussion of the latest knowledge in the field of tourism and climate change. It is aimed at tourism practitioners and those with an academic interest in the fields of tourism management and climate change mitigation, adaptation and policy.

Catastrophe insurance is different from other types of insurance from a business standpoint. It is difficult to estimate the total potential exposure to, and cost of, an insured loss, especially since a catastrophic event often results in an extremely large number of claims being filed at the same time. These catastrophes have had a severe impact on the entire economy and social lives. No country in the world is an exception to the rule of nature. So is India. India is a country that is highly vulnerable to major catastrophes. Rapid industrial development and urbanization coupled with effects of climate change has aggravated the disasters. No specific natural disaster policy is sold in India. It is part of regular fire insurance that covers damage to the property. India is witnessing a shift in climate patterns in various parts of the country. From this perspective, catastrophe risks such as natural disasters or acts of God pose a severe risk to insurance companies.