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Better Understanding Insurance Mechanism in Dealing with Climate Change Risk, with Special Reference to China

Year: 2021

Type: article

Abstract: Climate change risk has become an important challenge for global sustainable development. The insurance industry can play an important role in coping with the increasingly severe climate change risk. This paper first describes the increasing climate change risk and the difficulties of the insurance mechanism in dealing with it. Then this paper summarizes the international practice of using the insurance mechanism to deal with climate change risk from ten different aspects. Based on the summary of the role of the insurance mechanism in dealing with this risk in developing countries, this paper puts forward the main application areas for climate change risk insurance and discusses the policy implications of developing climate change risk insurance in China.

Source: International Journal of Environmental Research and Public Health

DOI: 10.3390/ijerph18062996

Authors: Feng Kong, Shao Sun

Institutions: China Agricultural University, Tsinghua University, China Meteorological Administration

Language: English

Topic: Insurance and Financial Risk Management

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Climate action

Open Access status: gold

Estimated APC paid: $2,484