Foreword xix Preface xxiii Part I: The Impact of Digitalisation and Lines of Insurance on Sustainable Development 1 1 Sustainability Through Digital Insurance 3 Satinder Singh, Jashandeep Singh and Shilpi Gupta 1.1 Introduction 4 1.2 Theoretical Background 6 1.2.1 Origin and Concept of Digital Insurance 6 1.2.2 The Internet of Things 6 1.2.3 Digital Ecosystem for Insurers 8 1.2.4 Digital Disruption in the Insurance Industry 9 1.3 Sustainability and Digital Insurance 10 1.3.1 Principles for Sustainable Insurance 12 1.4 Digital Insurance and Sustainable Goals 12 1.5 Findings 14 1.6 Conclusion 15 1.7 Implications 15 References 16 2 Motor Vehicle Insurance Industry in India: A Review 23 Uma Shankar Yadav, Nikhil Yadav, Ravindra Tripathi and Kiran Sood 2.1 Introduction 24 2.1.1 Why Do We Need Motor Vehicle Insurance? 24 2.1.2 Need and Significance of the Study 25 2.2 The Rationale for the Study of VMI in India 26 2.2.1 Importance of Insurance in Our Daily Life 27 2.2.2 VMI Industry and Effect of Pandemic (COVID-19) 27 2.2.3 Motor Vehicle Insurance in India 28 2.2.4 New Insurance Policy Rule in India 29 2.3 Literature Review 29 2.4 Objective 30 2.5 Methodology 30 2.6 Discussion 31 2.6.1 Motor Insurance Sales in India 31 2.7 Findings 34 2.7.1 MVA Act 2019 35 2.7.2 Benefits of VMI 36 2.8 Result 36 2.9 Conclusion 37 References 38 3 Demystifying the Prospects for Insurance Companies to Finance the Energy Metamorphosis: A Study on Indian Insurance and Sustainable Development 41 Mukul Bhatnagar, Letife Özdemir and Nitin Pathak 3.1 Introduction 42 3.2 Present Status of India in Energy Transition 43 3.3 The Prospects for Insurance Enterprises to Finance the Energy Metamorphosis 44 3.4 The Reasons Why India’s Renewable Energy Investments are Anticipated to Expand 46 3.5 Harnessing Insurance for Sustainable Development 48 3.6 Conclusion 49 References 50 4 Artificial Intelligence in the Health Insurance Sector: Sustainable or Unsustainable from the Lens of Ethical-Legal and Socio-Economic Standards 57 Yogesh Mishra and Ankita Shaw 4.1 Introduction 58 4.2 Conceptualizing Sustainable Health Insurance 60 4.3 Integration of Artificial Intelligence in Health Insurance: A Background 60 4.4 Integration of AI in Health Insurance: A Bird’s Eye View from Ethical Implications Perspective 62 4.4.1 Issue of Transparency 62 4.4.2 Issue of Accountability 63 4.4.3 Issue of Algorithmic Bias 63 4.4.4 Issue of Informed Consent 63 4.4.5 Issue of Safety and the Use of AI in the Insurance Sector 64 4.4.6 Issue of Trust Deficit Between the Insurance Providers and the Insured 64 4.4.7 The Issue of Explainability 65 4.5 Integration of AI in Health Insurance: Evaluation of Socio-Economic Repercussions 65 4.5.1 Economic Growth vis-à-vis Sustainability: Does Implementation of AI in Health Insurance Pose Unsustainability? 66 4.5.2 AI in Health Insurance: Issue of Equitability 67 4.6 Integration of AI in Health Insurance: Requirement of Ideal Model Legal Standards for India 68 4.7 Recommendations 70 4.8 Concluding Remarks 71 References 72 5 Medical Crowdfunding: From the Lens of Health Insurance 75 Shivani Inder and Rishu Bhardwaj 5.1 Introduction 75 5.2 Crowdfunding in Healthcare: Medical Crowdfunding 76 5.3 Medical Crowdfunding: Compliment to Health Insurance 78 5.4 Medical Crowdfunding: Concerns and Consequences 80 5.5 Concluding Remarks 82 References 82 6 Digital Transformation of the Insurance Industry – A Case of the Indian Insurance Sector 85 Pawan Kumar, Sanjay Taneja, Mukul and Ercan Özen 6.1 Introduction 86 6.2 Literature Review 90 6.3 Conclusion 100 References 101 Part II: The Impact of Climate Change on Insurance Markets 107 7 Climate Resilient Agriculture: Binding Agriculture Innovations and Insurance 109 Kirandeep Kaur, Jasmandeep Kaur and Ramanjeet Singh 7.1 Introduction 110 7.2 Agricultural Innovation and Trends 111 7.3 Agricultural Innovation for Agricultural Productivity 114 7.4 Agricultural Insurance and Trends 115 7.5 Agricultural Insurance and Poverty Eradication 116 7.6 Innovations within Agricultural Insurance 118 7.7 Challenges and Difficulties Associated with Agricultural Innovation 120 7.8 Barriers to Agricultural Insurance Adoption 121 7.9 Future Projection of Agricultural Innovation and Insurance 121 7.10 Conclusion 122 References 124 8 Climate Change Resilience Support in the Insurance Sector 127 Reena Malik, Jyoti Verma and Ambuj Sharma 8.1 Introduction 127 8.2 Catastrophe Insurance and Climate Change 128 8.3 Carney Defines Climate Risks 129 8.4 Heading Towards Reducing Carbon Footprints 130 8.5 Climate Change Adaptation and Mitigation: Paradigm Shift 131 8.6 Building Resilience 132 8.7 Critical Infrastructure Decarbonation and Climate Resilience Emphasis 133 8.8 Combating Challenges 135 8.9 Role of Stakeholders 136 8.10 Role of Government 136 8.11 Recommendations at Company Level 138 8.12 Recommendations at Industry Level 138 8.13 Mitigating Losses with Technology 139 8.13.1 Satellite Imagery 139 8.13.2 Location-Risk Intelligence 139 8.13.3 Adjusting Claim with AR/VR 139 8.13.4 Biometrics 140 8.14 Conclusion 140 References 140 9 Sustainable Climate Change and its Impact on the Insurance Sector 143 Amrinder Singh and Geetika Madaan 9.1 Introduction 144 9.2 Science and Politics of Climate Change 144 9.3 The Implications of Climate Change for the Insurance Sector 146 9.4 The Insurance Sector’s Present Attitudes Towards Climate Change 148 9.5 Motivations for Thinking Differently About Climate Change 149 9.5.1 Lack of Ideal Information 150 9.5.2 Lack of Long-Term Business Planning 150 9.5.3 Social Pressure from Peers 151 9.5.4 Aspects of the Institutional Structure 151 9.6 Avoiding Risks from Natural Disasters 152 9.7 The Insurance Industry’s Approach to Environmental Policy 153 9.8 Variation on a Global Scale 154 9.9 The Role of Government in Preventing Natural Disasters 155 9.10 Natural Disaster Cooperation Framework 156 9.11 Added Prospects for Insurers 158 9.11.1 Unparalleled Understanding of Potential Dangers 158 9.11.2 New Insurance Markets 159 9.11.3 Diversification 159 9.12 Concluding Remarks 160 References 161 10 A Study Regarding the Effectiveness of Environmental Education on Climate Change 165 Manju Dahiya and Naman Mishra 10.1 Introduction 166 10.2 Literature Review 167 10.3 Theoretical Concerns 168 10.4 Research Objectives 169 10.4.1 Data Analysis 169 10.5 Inference 175 10.6 Conclusion 176 References 176 11 Contribution of the Insurance Sector in Sustaining the Climate: An Analytical Study 179 Arti Gaur and Sweta Bhatti 11.1 Introduction 180 11.2 Sustainable Insurance 181 11.3 Principles for Sustainable Insurance 182 11.4 Role of Insurance Sector in Climate Change 182 11.5 Sustainability Highlights and Initiatives Taken for Climate by SBI Life 184 11.6 Energy Conservation Initiatives 184 11.7 Reduction of Carbon Footprints Plays a Vital Role in Sustaining the Climate 186 11.8 Enhancing Sustainability Through Insurance 187 11.9 Conclusion 190 References 190 12 Impact of Climate Change on Agriculture 193 Arti Gaur and Sanju Verma Abbreviations 194 12.1 Introduction 194 12.2 Agricultural Insurance – Risk Management 196 12.3 Various Agriculture Insurance Programs 197 12.3.1 Pradhan Mantri Fasal Bima Yojana 197 12.3.2 Weather-Based Crop Insurance Plan 199 12.3.3 Coconut Palm Insurance Scheme (CPIS) 200 12.3.4 Unified Package Insurance Scheme (UPIS) 200 12.4 Crop Insurance 201 12.5 Impact of Climate Change on Agriculture 204 12.6 NICRA Assisted Farmers to Cope with Climate Variation 207 12.7 Conclusion 207 References 209 13 Climate Change: Not Only a Projection for Emerging Risks But a Reality for the Insurance Sector 211 Jyoti Verma, Reena Malik and Rachit Agarwal 13.1 Introduction 212 13.2 Impact of Climate Change on Global Insurance Industry 213 13.3 International Practice of Insurance Mechanism in Combating the Risk of Climate Change 215 13.4 Conclusion 217 References 217 14 A Systematic Review of ESG Investing and Climate Change as a Sustainable Practice in the Insurance Industry 221 Cheenu Goel, Payal Bassi and Pankaj 14.1 Introduction 222 14.2 Review of Literature 223 14.3 Research Methodology 224 14.4 Data and Network Analysis 225 14.4.1 Year-Wise Publication Details 225 14.4.2 Top 10 Journals 225 14.4.3 Network Association of Co-Authorship with Countries 227 14.4.4 Network Association of Co-Authorship with Authors 227 14.4.5 Co-Occurrence of All Keywords 228 14.4.6 Co-Occurrence of Index Keywords 229 14.4.7 Citation Analysis – Citation of Source 230 14.4.8 Author Analysis – Citation with Authors 231 14.4.9 Bibliographic Coupling of Documents 231 14.4.10 Bibliographic Coupling of Countries 232 14.5 Conclusion 233 References 234 15 SLR on Aspects of Climatic Change in the Agriculture Industry in the Context of Weather Index Insurance: Visualization Through Network Diagrams 237 Payal Bassi, Cheenu Goel and Pankaj 15.1 Introduction 238 15.2 Review of Literature 238 15.3 Research Methodology 240 15.4 Data and Network Analysis 241 15.4.1 Publications by Year 241 15.4.2 Publications by Document Type 241 15.4.3 Influential Journals 242 15.4.3.1 Top 10 Journals Based on Count 242 15.4.3.2 Alluvial Diagram Showing the Top 10 Journals Along with their Country of Origin and Impact Factor 243 15.4.4 Alluvial Visualization of Top 10 Authors Based on Citations 244 15.4.5 Alluvial Representation of Rank Score of Publications by Top 10 Authors 245 15.4.6 Network Analysis of Co-Occurrence of All Keywords 246 15.4.7 Network Analysis of Co-Citation of Cited Sources 246 15.4.8 Co-Citation with Cited Authors 247 15.5 Conclusion 248 References 249 16 Impact of Climate-Disruptive Industries on the Global Insurance and Risk Management Scenario 253 Kirandeep Kaur, Kiran Sood and Simon Grima 16.1 Introduction 254 16.1.1 Genetic and Extractive Sector 255 16.1.1.1 The Parallel Impact on Insurance Mechanism 255 16.1.1.2 The Implications in Relevance to Rising Costs and Insurance-Related Risks 256 16.1.2 Transportation Sector 256 16.1.2.1 Accountability to Climate Change and Risk Expansion 256 16.1.2.2 Exhaustive Activities Posing a Threat to the Risk-Bearing Potential of Insurance Sector 258 16.1.3 Construction Sector 258 16.1.3.1 A Challenge to the Resilience of the Property/Casualty Industry 258 16.1.3.2 A Growing Demand for the Sector Pressurizing the Existing Insurance Model 260 16.2 Objective of the Study 260 16.3 Review of Literature 260 16.4 Research Gap 262 16.5 Findings 263 16.6 Discussions and Conclusion 264 References 265 17 Examining the Antecedents and Consequences of Corporate Commitment Towards Climate Change 269 Rajni Bala and Sandeep Singh 17.1 Introduction to Climate Change 270 17.2 Literature Review 271 17.3 Antecedents of Climate Change 273 17.4 Consequences of Climate Change 273 17.5 Conclusion 274 References 275 18 Climate Change and the Insurance Sector: An Analysis of Sustainable Development in India 279 Balpreet Singh 18.1 Introduction 279 18.2 Purpose 282 18.3 Methodology 282 18.4 Findings and Discussion 283 18.5 Opportunities for Sustainable Insurance 284 18.6 Conclusion 285 References 286 Part III: The Impact of Behaviour, Culture, Education and Internal Controls 287 19 The Role of Internal Audit in Risk Management with a Perspective of Sustainability Development 289 Vinita Choudhary and Sonal Trivedi 19.1 Introduction 290 19.1.1 Role of Internal Audit in Risk Management 290 19.1.2 Purpose and Significance of the Study 291 19.1.3 Problem Statement and Research Gap 291 19.1.4 Structure of the Study 292 19.2 Literature Review 292 19.2.1 Internal Audit 292 19.2.1.1 Definition and Meaning of Internal Audit 293 19.2.1.2 The Role of Internal Audit in Any Organization 294 19.2.1.3 The Duties and Responsibilities of an Internal Auditor 295 19.2.2 Risk Management 296 19.2.2.1 Definition of Risk Management 296 19.2.2.2 Benefits of Risk Management 296 19.2.2.3 Types of Risk in Insurance Industry 297 19.2.2.4 Risk Insurance Concept 299 19.2.3 Relationship Between Internal Audit and Risk Management 299 19.2.4 The Insurance Industry in the Context of Climate Change 304 19.3 Case Discussion 307 19.3.1 Case – Internal Audit and Risk Management of General Insurance Companies in India 307 19.3.2 Discussion Question in Given Case 309 19.4 Contribution of Study 309 19.5 Conclusion 309 References 310 Website 315 20 Environment Education and Insurance Awareness – A Boon to Indian Insurance Sector 317 Sanjeev Kumar, Kunal Raheja and Ankit Dhiraj 20.1 Introduction 318 20.1.1 Effect of Climate Change on India 318 20.1.2 Costs to India’s Economy from Climate Change 321 20.2 The History of India’s Insurance Sector 323 20.2.1 Things that Changed in the History of the Indian Insurance Business were Big the Indian Insurance Scene has Slowly Changed in the Following Ways 324 20.3 Insurance Plays a Vital Role 325 20.4 School and University Teaching Environment Awareness 328 20.4.1 Best Practices Adopted by School and University 328 20.5 Different Benefits of Environment Education in Society 328 20.5.1 Imagination 328 20.5.2 Classroom Learning 329 20.5.3 Creative Thinking Skills 329 20.5.4 Learning Standards 329 20.5.5 Healthy Lifestyle 329 20.5.6 Communities 329 20.6 Teacher and Students Empowered 329 20.7 Conclusion 330 References 330 21 Cultivating Sustainable Behavior and Critical Consciousness Towards the Environment: Environmental Education for Sustainability 333 Seema Yadav 21.1 Introduction 334 21.2 Environmental Education as Concept: Promoting Sustainability 334 21.3 Environmental Education as an Approach for Addressing Environmental Problems 337 21.4 Dealing with Complexities: Changing the Scenario with Environmental Education 338 21.5 Making Students Environmental Conscious with Environmental Education 340 21.6 Teachers’ Role in Achieving the Goals of Environmental Education 341 21.7 What is Next? It is: Being Innovative in Environmental Education 342 21.8 Conclusion 345 References 346 22 Adoption of ESG by the Insurance Industry: Conceptual Framework and Future Recommendations 349 Kumar Shalender, Babita Singla and Sandhir Sharma 22.1 Introduction 349 22.2 Principles of ESG Integration in Insurance Sector 351 22.3 ESG Implementation Framework 355 22.4 Conclusion and Discussion 356 References 357 23 Sustainable Solutions for Insurance and Risk Management 359 Harret Kaur, Kiran Sood, Uma Shankar Yadav and Simon Grima 23.1 Introduction 360 23.1.1 Objectives 361 23.2 Literature Review 361 23.2.1 Research Gap 363 23.3 Research Methodology 363 23.4 Discussion 364 23.4.1 Functions of Insurance in Sustainable Development and Transfer of Risk 364 23.4.2 The Contribution of the Insurance Sector Towards Sustainable Development 365 23.5 Result and Conclusion 366 23.5.1 Recommendations and Future Scope 366 23.6 Challenges and Limitations 368 23.6.1 Various Challenges Posed Due to the Adoption of Sustainable Insurance 368 23.6.2 The Limitations of the Paper 368 References 369 24 Target 8.8: Protect Labor Rights and Promote a Safe Working Environment 373 Nikita Singla, Kiran Sood, Simon Grima and Uma Shankar Yadav 24.1 Introduction 374 24.2 Review of Literature 378 24.3 Research Methodology 384 24.4 Target 8.8 385 24.5 Conclusion 390 References 390 25 A Study on Challenges to Sustainable Development 393 Baljinder Kaur and Harreet Kaur 25.1 Introduction 393 25.2 Aim of the Research 394 25.3 Methodology 394 25.4 Discussion 395 25.5 Factors Influencing Sustainable Development 397 25.6 Challenges in Achieving SDGs 397 25.7 Conclusion 398 25.8 Suggestions 399 References 400 26 E-waste Management: A Transition Towards a Circular Economy 403 Baljinder Kaur, Kirandeep Kaur and Harreet Kaur 26.1 Introduction 403 26.2 Worldwide E-waste Structure 406 26.3 Strategic Approaches 411 26.4 DEMATEL Method 412 26.5 Assessment of Life Cycle 412 26.6 Challenges Related to E-waste Recycling 413 26.7 Conclusion 413 References 414 27 Environmental, Social, and Governance (ESG) Measures and Their Impact on Insurance Industry: A Global Perspective 417 Amrik Singh and Gaurav Bathla 27.1 Introduction 417 27.2 Literature Review 419 27.3 Trends Shaping ESG in the Insurance Sector 421 27.3.1 Strong Governance and Employee Engagement 421 27.3.2 Advances in Technology 422 27.3.3 More Accountability and Transparency 422 27.3.4 Macroeconomic 423 27.4 ESG Challenges in the Insurance Sector 423 27.4.1 Environmental Challenge 424 27.4.2 Social Challenge 424 27.4.3 Governance Challenge 425 27.5 Conclusion 425 References 426 28 Environmental Risk and Sustaining the Insurance Industry 429 Gurpreet Kaur 28.1 Introduction 430 28.2 Review of Literature 431 28.3 Literature Analysis 432 28.3.1 Findings 432 28.4 Conclusion 435 References 436 29 Global Energy Crisis: Impact on the Global Economy 439 Peterson K. Ozili and Ercan Ozen 29.1 Introduction 439 29.2 Review of Related Studies 442 29.3 Understanding the 2021-2022 Global Energy Crisis 442 29.3.1 Energy Crisis in Europe 443 29.3.2 Energy Crisis in Asia 444 29.3.3 Energy Crisis in Africa 444 29.3.4 Energy Crisis in the Middle East 444 29.3.5 The Contribution of Russian-Ukraine Conflict to the Energy Crisis 445 29.4 Methodology 445 29.5 Empirical Results 445 29.5.1 Gasoline Price: Some Data from Around the World 445 29.5.1.1 Gasoline Price in Africa 445 29.5.1.2 Gasoline Price in Europe 446 29.5.1.3 Gasoline Price in Asia 446 29.5.1.4 Gasoline Price in Middle East Countries 448 29.5.1.5 Gasoline Price in the Region of the Americas 449 29.5.2 Regional Correlation 449 29.5.3 Granger Causality Test 452 29.6 Conclusion 452 References 453 Index 455

The book explores the role of the insurance industry in contributing and responding to the harms that climate change has brought. This book delves into the physical and logical impacts, both direct and indirect, on the insurance industry. Subjects discussed include new technology such as big data, artificial intelligence, machine learning, the growth of sustainable economics with foreign direct investments (FDIs), trustworthiness, and ethics. Related use cases of data science for claim processing, fraud detection and prevention, policy administration, pricing, and underwriting are discussed along with cyber security issues, data protection, and big data regulatory reforms. To promote ESG sustainability, the insurance industry plays a critical and significant role. Climate-related risks are being factored into underwriting and investing strategies. Through their own operations and business activities, insurers may promote the ESG agenda and move towards sustainability. Also discussed are promoting diversity and inclusion, lowering greenhouse gas (GHG) emissions, resolving gender inequality, and helping communities through charitable work, which all improve a company’s brand, reputation, and ESG credentials. Audience The book is specially designed for administrators, lecturers, researchers, students of insurance and sustainability, students in financial services, insurance practitioners, actuaries, loss adjusters, underwriters, regulators, facilities management, utility companies, voluntary organizations, government departments, business leaders, policymakers, decision-makers, investors, risk managers, compliance managers, and audit managers amongst many others.