Title: The sustainable development practices of the insurance industry in UAE

Authors: Abdulla Al Jeaidi; Toufic Mezher

Addresses: Masdar Institute of Science and Technology, Department of Engineering Systems and Management, Abu Dhabi, UAE ' Masdar Institute of Science and Technology, Department of Engineering Systems and Management, Abu Dhabi, UAE

Abstract: The objective of this research is to investigate the current sustainable development practices of the insurance industry in UAE. The methodology used in this study was designing a survey questionnaire that included questions related to: awareness of insurance companies to environmental issues; environmental leadership; internal environmental practices; climate change, global warming and environmental concerns; strategies to mitigate environmental effects; engagement with external stakeholders; improving business opportunities; and potential stewardship role. The survey targeted 60 UAE insurance companies and 56 responded. The results indicated that there were increased awareness of insurance companies to environmental issues and showed energy saving culture and proper water usage. Legislation, environmental groups, and advances in technology were found to be the most important drivers for environmental awareness. In addition, insurance companies showed that they were more proactive when it comes to environmental concerns.

Keywords: sustainable development; financial sector; insurance industry; stakeholders; climate change; UAE.

DOI: 10.1504/IJSSOC.2017.088282

International Journal of Sustainable Society, 2017 Vol.9 No.3, pp.226 - 241

Received: 21 May 2016
Accepted: 24 Nov 2016
Published online: 01 Dec 2017 *

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