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The purpose of this study is to formulate a proposal to fill the gap in national legislation, which will increase the effectiveness of mandatory environmental insurance.

This is a review of scientific doctrine and legislation, which shows the problems and prospects for the development of mandatory environmental insurance on the example of one country.

At the moment, environmental insurance in Russia is at the very beginning of its development. Despite the experiments carried out and fragmentary references in the law, there is a classic example of a gap in the law, when the procedure provided for by the norms of law lacks a clear implementation mechanism. To fill this gap and increase the effectiveness of environmental insurance, the authors propose to clearly localize the scope of its operation, fixing the obligation of environmental insurance only for objects that have a significant or moderate negative impact on the environment (objects of categories I and II), provided for by the Federal Law “On mandatory Environmental Protection.”

A new concept of a mandatory environmental insurance contract is substantiated, which optimizes civil liability for causing harm to the environment, life, health and property of citizens (property of legal entities) as a result of accidents and man-made disasters.

This study aims to examine the research output on climate change, environmental risks and insurance from 1986 to 2020, thereby revealing the development of the literature through collaborative networks. The relationship between insurance, climate change and environmental threats has gained research attention. This study describes the interaction between insurance, climate change and environmental risk.

This study is a bibliometric analysis of the literature and assessed the current state of science. A total of 97 academic papers from top-level journals listed in the Scopus database are shortlisted.

The understanding of climate change, environmental risks and insurance is shaped and enhanced through the collaborative network maps of researchers. Their reach expands across different networks, core themes and streams, as these topics develop.

Data for this study were generated from English-written journal articles listed in the Scopus database only; subsequently, this study was representative of high-quality papers published in the areas of climate change, environmental risks and insurance.

The results of this study can be useful to academic researchers to aid their understanding of climate change, environmental risks and insurance research development, to identify the current context and to develop a future research agenda.

The findings of this study can improve the understanding of industry practitioners about climate change and global warming challenges, and how insurance can be used as a tool to address such challenges.

This study is a novel attempt. To the best of the authors’ knowledge, this is one of the first studies to better understand climate change, environmental risks and insurance as a research topic by examining its evolution in an academic context through visualization, coupling and bibliometric analysis. This bibliometric study is unique in reviewing climate change literature and providing a future research agenda. Using bibliometric data, this study addressed the technical aspects and the value it adds to actual practice. Bibliometric indicators quantitatively and qualitatively evaluate emerging disciplinary progress in this topic.

Financial assurance rules, also known as financial responsibility or bonding requirements, foster cost internalization by requiring potential polluters to demonstrate the financial resources necessary to compensate for environmental damage that may arise in the future. Accordingly, assurance is an important complement to liability rules, restoration obligations, and other regulatory compliance requirements. The paper reviews the need for assurance, given the prevalence of abandoned environmental obligations, and assesses the implementation of assurance rules in the United States. From the standpoint of both legal effectiveness and economic efficiency, assurance rules can be improved. On the whole, however, cost recovery, deterrence, and enforcement are significantly improved by the presence of existing assurance regulations.

In this paper, some particularities of environmental insurance are addressed. First, the paper summarizes the general conditions of insurability. Then, it is explained why insuring environmental liability may be difficult. Specifically, the necessity of an adequate risk differentiation may be difficult to obtain in cases of environmental liability. Then, it is explained how, at the theoretical level, a move towards different insurance schemes (notably first party or direct insurance schemes) provides a solution to problems of insurance of environmental liability. Although the move towards first party or direct environmental insurance may seem attractive at a theoretical level, nevertheless a variety of practical questions may arise. The alternative utilized in practice is not first party insurance (whereby victims would take out insurance coverage), but a form of direct insurance, whereby environmental damage is insured directly, that is to say as soon as damage occurs and irrespective of liability. The paper then discusses a recent example of such a direct environmental insurance, as it was applied in the Netherlands. Although this system seems to have considerable benefits, the major disadvantage lies in the fact that apparently all insurers in the Netherlands moved to this new environmental damage insurance. This raises important questions as to the competitiveness of the particular market.

Corporate asset managers are increasingly confronted with the escalating costs, regulatory pressures and disclosure requirements associated with the ownership of contaminated real estate. Corporations historically have been reluctant to sell, or even engage upon site investigation for, their contaminated or potentially contaminated real estate assets. Traditional efforts to address these concerns raise complex legal issues and fail to define or limit liability. Efforts to remediate these properties have often led to projects with ever increasing costs and, in the end, more lingering liability than many corporate directors had been willing to accept. New strategies and management tools are available to assist corporate real estate managers with identifying which environmentally affected real estate assets may be ripe for sale. Similarly, environmental insurance is being considered with increasing frequency as a tool to mitigate risk and facilitate the sale of contaminated and potentially contaminated property. This paper explores, with concepts and examples, how corporate real estate managers can effectively implement these tools to unlock value from underutilised real estate assets.

The pressures to include specific environmental considerations within corporate strategy are increasing. While clear evidence exists of “green” issues entering the financial agenda, the full consequences have yet to filter through into an impact on strategy. Examines both the legislative pressure and pressure from financial markets for companies to adopt an environmental risk strategy. Categorizes the pressures from financial markets into two groups: lenders and equity investors, and uses case evidence to illustrate current management issues. A guide to establishing an environmental management system is defined as a tool to complement the development of an environmental risk strategy.

Outlines environmental opportunities for the finance sector, which include: environmental investment funds; investment in new environmental technologies and services; and brokering tradeable environmental rights. The rapidly‐growing market in environmental technology and services is currently around $0.5 trillion globally, largely in waste management, and 60 per cent in Europe and North America. Argues that brokerage opportunities are currently limited but could expand quickly to trillion‐dollar totals if international climatechange and biodiversity agreements come into effect. Warns that environmental risks for the finance sector derive largely from the transfer of clean‐up liabilities to lenders and insurers, although this varies greatly between nations. Clean‐up costs may reach $2 billion for a single site.

The purpose of this paper is to analyse the association between farm/farmer characteristics and unsubsidized farm insurance premium expenditure in Ireland. The distribution of farm insurance expenditures is wide, and it is important to understand the extent to which individual factors influence demand for different levels of insurance premium.

The quantile regression approach and farm accountancy data from the Teagasc National Farm Survey are used to model the association between farm/farmer characteristics and farm insurance demand in Ireland.

Asset values (livestock, buildings and machinery) are positively associated with total insurance expenditure. Both forestry area and crop area are significantly associated with farm insurance expenditure with a stronger influence on the middle and upper part of the distribution. The interaction between farm income and farmer age is positively associated with insurance expenditure pointing to the importance of farm income protection.

The research is mainly concerned with insuring against substantive risks, which are capable of threatening the asset base and continuation of the farm business. Future research can integrate questions in relation to farm safety and farmer health with research on the economic survival of the farm business.

Farmers in Ireland adopt unsubsidized farm insurance as a risk management tool. This situation is relevant to other EU member states including Belgium, Denmark, Germany and Sweden. The findings can be used to inform stakeholders and policymakers about the relative impact of different factors on insurance expenditure.

Previous research has typically focused on the linear relationship between farm/farmer characteristics and insurance demand without accounting for variability across the size distribution. This research is based on the quantile regression approach where the association between farm/farmer characteristics and farm insurance expenditure can be assessed at different points of the distribution.

This paper aims to provide a longitudinal analysis of influences on China’s financial sector’s sustainability reporting practices, examines “green finance” disclosures and undertakes subsector comparisons. The state’s impact on the quantity and quality of reporting practices is analyzed.

Content analysis is used to examine the volumes, frequency and content of sustainability disclosures by China’s financial institutions. Survival analysis is used to identify factors significant in firms’ initiation of these disclosures. In total, 308 firm-year observations on disclosures are examined for 2007–2016.

China’s financial sector’s sustainability reporting pieces of evidence an “emerging stage” (2007–2009), “developing stage” (2010) and “greening stage” (2011–2016). The roles of institutional theory and regulatory pressure in explaining Chinese financial firms’ reporting behaviours are supported.

This study has several limitations. Firstly, given data restrictions, use of a relatively small sample size. Secondly, it examines different categories of disclosures made by financial firms, not more detailed content. Thirdly, is the potential overlap in disclosure themes under the classification scheme.

China’s financial sector’s adoption of sustainability reporting has been institutionalized, mainly in its banking subsector, consistent with general regulatory pressures.

“Greening the finance system” is examined in China’s context, as the country transforms from a resource and pollution-intensive to a green economy.

The financial sector is normally excluded from in-depth qualitative research. This study examines China’s financial sector’s responses to recent governmental pressures on green finance disclosures.