| Summary: | Background:
Climate change can be identified as one of the major issues in front of society and businesses in the present time period. Climate change is resulting in natural calamities and diseases which can affect the sustainability of businesses across the globe. The insurance industry is also one of the major industries that has witnessed a significant number of changes due to climate change. In this regard, the research work is directed to explore some of the crucial and empirical impacts of climate change on the operational and structural framework of the companies operating in the insurance industry of Singapore.
Research Aim:
The key aim of this research study is to examine the issue of climate change and its impact on the insurance industry.
Methodology
To explore this aim of the research, the research work has adopted both primary and secondary data. In this research, primary data has been collected with the help of semi-structured interviews with 8 professionals working in the insurance industry. In this method, open-ended questions regarding the changes in the working patterns of the respective insurance companies of the selected respondents have been asked. Moreover, secondary data has been collected with the help of case studies of the “Big 3” insurance companies in Singapore. The analysis of the interview data has been done with Nvivo analysis measure and case studies are analyzed with content analysis.
Research Findings
The interview analysis and case studies have reflected that climate change is one of the major external environmental factors that has driven the insurance sector to proactively reshape its strategies and operational framework. The insurance sector is shifting its strategies and approaches related to investment in environment-friendly businesses, changing product portfolios, and having effective collaboration with different administrative bodies in the influence of climate change conditions.
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