The Role Of Insurance In Promoting Sustainable Development: Challenges And Opportunities

Abstract

This research paper examines the role of insurance in promoting sustainable development, highlighting the
challenges and opportunities involved in leveraging insurance for sustainable development. A comprehensive
literature review is conducted, encompassing the historical evolution of insurance and sustainable development,
theoretical frameworks and empirical studies on the relationship between insurance and sustainable
development. The paper also discusses the challenges faced in using insurance to promote sustainable
development, including limited coverage for sustainable development risks, high premiums and costs of
insurance, and regulatory and legal barriers. Additionally, the paper identifies opportunities for using insurance
to promote sustainable development, such as innovative insurance products, public-private partnerships,
microinsurance, and the role of insurance in achieving the Sustainable Development Goals. The paper
concludes with case studies of the role of insurance in promoting renewable energy, insurance solutions for
climate change adaptation, and microinsurance for sustainable agriculture.