Green insurance empowers high-quality development: A Literature Review

Abstract

Green insurance plays a positive role not only in strengthening environmental risk management, aiding the development of green industries, and facilitating the application of new green technologies, but also in enhancing environmental and ecological protection. It can continuously raise public and societal awareness of green and environmental protection, guide the allocation of social resources, and support the green and low-carbon development of the economy and society. This paper reviews the literature on whether and how green insurance can empower high-quality development. The paper organizes domestic and international practices related to green insurance, summarizes the characteristics of three main international models and other typical developments of green insurance in China. It also focuses on the preliminary formation of the green insurance system in Huzhou City, Zhejiang Province, the combination of government and effective market, and the development status of multiple types of insurance. It summarizes the challenges faced, such as the imperfect professional service system and insufficient innovation, and finally proposes policy recommendations for the further development of green insurance, including the establishment and improvement of institutional systems and industry standards, and the effective enhancement of the marketization of insurance products.