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The Role of Insurance and Tourism Industries in Achieving Climate Resilience

Purpose – Global warming and the consequential climate change effect have an impact across multiple lines of insurance and tourism industry. The paper is focused on the interest and role of both the insurance and tourist industries in financing and implementing the policies of protection of natural resources. Design – First chapter describes environmental vulnerabilities, while the second one identifies specific features of Croatia. The third chapter proposes sustainable solutions, fourth chapter emphasizes the need for new insurance products and the fifth one defines long-term obligations for resilient tourism industry. Methodology – Given holistic focus of the topic, the authors applied qualitative research based on observations, authors’ previous research and experiences and the reports on current research on the subject, with emphasis on the Republic of Croatia. Approach – The authors implemented holistic approach. Findings – Insurance industry should play major role in increasing resilience through following measures: 1. introducing obligatory climate insurance policy for businesses in general, 2. loss prevention, 3. charging high premiums for developments taking place in the vicinity of vulnerable natural resources that provides protective service, and 4. linking insurance business policy to the compliance of tourist and also other undertakings with non- financial reporting requirements and initiatives, such as those implementing the triple bottom approach which besides financial, also considers environmental and social aspects. Originality of the research – The paper provides original framework for preservation from the part of industries that have and should have a longer-term financial interest in existence of natural landscape and resources.

environmental law, ecology, climate changes, insurance industry, tourism industry, resilience

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