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The P&C Insurance Industry's Role In Sustainable Development and Commerce

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Title: The P&C Insurance Industry's Role In Sustainable Development and Commerce
Author: Arruda, Philip
Department: Department of Economics and Finance
Abstract: This report examines the P&C insurance industry’s methods and motivations that are in place to support sustainable development and commerce. Environmental, social, and governance issues are discussed in terms of how it jeopardizes the sustainability for financing the connected risks insurance firms are responsible for insuring. It is argued that since the industry is embedded in economic development and commerce, insurers are obligated to embed sustainability into all aspects of their operations, including risk management, while involving all stakeholders. As risk managers and risk investors, the insurance industry will be shown to have a significant role in fostering sustainable economic and social development. Also, This paper delves into how the P&C insurance industry, both internationally and in Canada, is a key player in sustainable development and commerce. A brief case is built for sustainability in the Canadian P&C insurance market, as there are particular environmental, social, and governance issues facing insurers in Canada. This paper will demonstrate how the P&C insurance industry is being forced to adjust to a variety of environmental, social, and governance risk factors reflected in managing its business, which can have substantial influence on the industry’s sustainability. Finally, significant industry challenges to sustainable development and commerce, such as climate risks, emerging risks, industry commitment, education, and public trust are discussed. Research reflected in this report was gathered through both primary and secondary sources. To attain primary research data, interviews were conducted with company and organizational representatives in the insurance industry.
Description: A Major Research Project presented to the University of Guelph by Philip Arruda in partial fulfilment of the requirement for the degree of MBA in Sustainable Commerce
Date: 2018
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