The Multiple Functions of Insurers in the Blue Economy

Abstract

The chapter explores the close connection between sustainable development and the insurance market with reference to the so-called “Blue Insurance.” In the first paragraph, it is deemed essential to focus on the origin of the notion of “sustainable development” and its current implications. These will be the main points (1) Brundtland Report published in 1987 by the World Commission on Environment and Development according to which sustainable development is defined as development that ensures that the needs of the present generation are met without compromising the ability of future generations to meet their own needs; (2) sustainable development as an international principle (i.e. 2015, The Paris Agreement) and (3) the Global Agenda for Sustainable Development. Second, the term blue economy will be recalled and what it indicates. More precisely, it will represent the model of the economy that enhances, respecting water as a resource (also) from a financial and economic perspective. The third paragraph explores the legal and practical context. The chapter examines the different roles of the insurance world in improving sustainable development.