Integrasi Manajemen Risiko Lingkungan Dalam Underwriting Asuransi: Kerangka Strategis Untuk Meningkatkan Ketahanan Industri Perasuransian

Abstract

Abstract

Environmental conditions and the increasing frequency and complexity of natural events have positioned environmental risk as a strategic issue for the insurance industry. Such risks may affect not only claims payments, but also portfolio quality, premium determination, underwriting decisions, reinsurance adequacy, corporate reputation, and business sustainability. This article aims to develop a conceptual framework for integrating environmental risk management into insurance underwriting processes. The study uses a literature review approach by examining risk management standards, sustainable finance regulations and policies, and literature on sustainable insurance and climate risk. The analysis indicates that environmental risk integration can be implemented through five main stages: risk identification, materiality assessment, integration of environmental factors into underwriting, risk control and transfer, and monitoring and reporting. The proposed framework positions underwriting not merely as a risk selection function, but also as an instrument for risk management and portfolio sustainability. The article provides an implementation matrix that can assist insurance companies in developing environmental risk-based underwriting policies in a gradual manner. The conceptual findings strengthen the relationship between insurance management, risk management, and environmental management in supporting the resilience of the insurance industry.

Keywords: insurance management, risk management, environmental risk, underwriting, sustainable insurance, industry resilience.