Report

Developing Insurance Markets : The Insurance Sector’s Contribution to the Sustainable Development Goals

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collection.link.78
https://openknowledge.worldbank.org/handle/10986/2186
collection.name.78
Other Financial Accountability Study
dc.contributor.author
Holliday, Susan
dc.contributor.author
Remizova, Inna
dc.contributor.author
Stewart, Fiona
dc.date.accessioned
2021-10-13T14:47:08Z
dc.date.available
2021-10-13T14:47:08Z
dc.date.issued
2021-06
dc.date.lastModified
2021-10-14T05:10:45Z
dc.description.abstract
Insurance can play a significant role in helping countries achieve the UN SDGs in terms of economic growth, social inclusion, and environmental protection. This can be achieved through the risk transfer mechanisms of households, businesses, and the public sector. The paper has a twofold purpose. First, to help regulators and insurance policymakers in emerging markets make the case for supporting insurance market development through drawing more attention to contribution the sector can make to achieving national SDGs. Secondly, to help investors, donors, international organizations focus their insurance market development efforts in countries where the sector has the maximum potential to contribute to the achievement of SDGs. This paper considers the role of insurance companies as underwriters facilitating risk transfer, as investors and asset managers and as corporate citizens and employers. The underwriting dimension is currently the most significant but all three have a role to play in supporting the SDGs. The paper also discusses how insurance can contribute more to these goals, including through targeted interventions in countries where conditions for right for insurance market development and SGD targets will need greater support to be met. Countries were screened for performance vs. the selected SDGs, by the potential for insurance sector development, as well as for minimum necessary enabling conditions for market growth. The paper concludes that the role of insurance has been somewhat overlooked in the context of the SDGs and that this is largely because the current indicators largely do not capture metrics relating to insurance. To be able to better assess the role of insurance and motivate the industry to contribute more to the SDGs, more consistent and disaggregated data collection on the following is recommended: lines of business; invested assets; gender disaggregated data. The UN, governments and the insurance industry are also encouraged to put greater emphasis on developing the sector as a means to achieving the SDGs.
en
dc.identifier
http://documents.worldbank.org/curated/undefined/560821632197166715/The-Insurance-Sector-s-Contribution-to-the-Sustainable-Development-Goals-SDGs
dc.identifier.uri
http://hdl.handle.net/10986/36353
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
DISASTER RISK FINANCE
dc.subject
INSURANCE
dc.subject
CLIMATE CHANGE IMPACT
dc.subject
SUSTAINABLE DEVELOPMENT GOALS
dc.subject
SDG 3
dc.subject
SDG 10
dc.subject
SDG 11
dc.subject
SDG 13
dc.subject
SDG 1
dc.subject
SDG 2
dc.subject
SDG 8
dc.title
Developing Insurance Markets
en
dc.title.subtitle
The Insurance Sector’s Contribution to the Sustainable Development Goals
en
dc.type
Report
en
okr.date.disclosure
2021-09-21
okr.date.lastmodified
2021-09-21T00:00:00Z
en
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Other Financial Accountability Study
okr.docurl
http://documents.worldbank.org/curated/undefined/560821632197166715/The-Insurance-Sector-s-Contribution-to-the-Sustainable-Development-Goals-SDGs
okr.googlescholar.linkpresent
yes
okr.guid
560821632197166715
okr.identifier.externaldocumentum
090224b0889bec70_1_0
okr.identifier.internaldocumentum
33429496
okr.identifier.report
164209
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/560821632197166715/pdf/The-Insurance-Sector-s-Contribution-to-the-Sustainable-Development-Goals-SDGs.pdf
en
okr.topic
Environment :: Climate Change Impacts
okr.topic
Finance and Financial Sector Development :: Insurance & Risk Mitigation
okr.topic
Poverty Reduction :: Achieving Shared Growth
okr.unit
Fin Tech-FIG (CFGFT)

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