TY - CHAP
T1 - Global Governance of the Environment and Implications for the Insurance Industry
AU - Turner, Stephen J.
AU - Bright, Claire
PY - 2024
Y1 - 2024
N2 - The insurance industry has historically had to respond to risks that corresponded to societal developments, changes in industrial practices and international conflict. Existing challenges for business and industry relating to the risks concerning the environment and society represent a new frontier that requires innovation and strategic assessment. However, there is another dimension to the challenges faced by the insurance industry which is often overshadowed by the immediate nature of impacts upon the environment and society. This is that global environmental governance itself is changing, as are the responsibilities that businesses have in relation to human rights. The expectations of the international community relating to human rights and the environment, through corporate law, WTO law and international investment law are all changing in ways that will have major implications for the insurance sector. Therefore, it is arguable that the insurance industry should not only be anticipating physical and commercial risks but engaging more proactively with the processes of change in global governance. The reason for this is due to the pivotal leadership role that the insurance industry can potentially play in the design and development of global governance systems that meet the needs of the international community. This chapter maps out the changes taking place in global governance systems and the important role that the insurance industy can potentially play in those processes.
AB - The insurance industry has historically had to respond to risks that corresponded to societal developments, changes in industrial practices and international conflict. Existing challenges for business and industry relating to the risks concerning the environment and society represent a new frontier that requires innovation and strategic assessment. However, there is another dimension to the challenges faced by the insurance industry which is often overshadowed by the immediate nature of impacts upon the environment and society. This is that global environmental governance itself is changing, as are the responsibilities that businesses have in relation to human rights. The expectations of the international community relating to human rights and the environment, through corporate law, WTO law and international investment law are all changing in ways that will have major implications for the insurance sector. Therefore, it is arguable that the insurance industry should not only be anticipating physical and commercial risks but engaging more proactively with the processes of change in global governance. The reason for this is due to the pivotal leadership role that the insurance industry can potentially play in the design and development of global governance systems that meet the needs of the international community. This chapter maps out the changes taking place in global governance systems and the important role that the insurance industy can potentially play in those processes.
KW - Corporate responsibility
KW - Global Environmental Governance
KW - Human Rights and the environment
KW - Human Rights due dilligence
KW - Insurance
UR - http://www.scopus.com/inward/record.url?scp=85191300498&partnerID=8YFLogxK
U2 - 10.1007/978-3-031-47602-0_2
DO - 10.1007/978-3-031-47602-0_2
M3 - Chapter
AN - SCOPUS:85191300498
SN - 978-3-031-47601-3
T3 - AIDA Europe Research Series on Insurance Law and Regulation
SP - 17
EP - 39
BT - AIDA Europe Research Series on Insurance Law and Regulation
A2 - Malinowska, Katarzyna
A2 - Maśniak, Dorota
PB - Springer
CY - Cham
ER -