In today's world concept sustainable development is the most important aspect of any organization. This paper aims to identify the contribution of the insurance industry and its role in promoting sustainability. The definition of "sustainable development means without compromising the need of the future the present need of the society must be fulfilled in a competitive business environment"(World Commission on environment and development,WCED,1987). Sustainable insurance is the new concept that emerges in the current state, that every country adopting now. The insurance industry plays a vital role in development of sustainable business through green products and services. This paper is focused on the secondary sources of data from research publications, websites, books, journals, and articles. Sustainable insurance is aimed primarily at developing innovative or green products and services, reducing risk, improving company efficiency, and supporting environmental, social, and financial sustainability. Sustainable insurance indicates to maintain a balance between the society and insurance industry without squandering the resources of nature for the growth and enhancement of the whole community. Keywords: Insurance, Sustainability, Green products and services, Sustainable insurance.

The researchers aim to examine the firm-specific variables that impact the financial performance of general insurance firms in India. The study’s scope is limited to India’s insurance industries from 2010-2011 to 2019-2020. The research considers 21 insurance firms in India out of 35 general insurers. We obtain statistical data from the financial statements of insurance companies. The research used correlation analysis and panel data regression to evaluate financial performance and its impacts. Panel data techniques were employed in the analysis to study the impact of eleven micro factors on the monetary performance of general insurers in India. The influence of micro (internal) variables such as capital adequacy ratio, firm size, age of the firm, retention, liquidity, loss ratio, investment ratio, reinsurance dependence, financial leverage, tangibility, and premium growth rate on the financial performance has been determined using econometric findings in this research. The fixed-effect model results reveal that firm’s age, loss ratio, size, premium growth, and retention ratio are vital in affecting the financial performance of Indian general insurance firms. On the other hand, liquidity and financial leverage are insignificant in determining the financial performance of general insurance firms in India.

Objective – Sustainable insurance is the new concept that emerges in the current state, that every country adopting now. The objective of the study is to identify the insurance industry's role and contribution to promoting environmental sustainability. To outline sustainable insurance and sustainable/green products and services. Methodology – This paper explores the contribution of the insurance industry and its role in promoting environmental sustainability and social development. This is a theoretical paper, focused on the secondary sources of data from research publications, websites, books, journals, and articles. To achieve the objectives, this study will critically review previous literature and assess contemporary views from different perspectives. Findings– Various insurers are frequently focusing on their progress, enhancing their share of the market, and maintaining better risks to achieve marketplace success. Insurers should always be on the lookout for new ways to set themselves apart from the competition. The implication for insurers is that their actions matter a lot when it comes to environmental issues and providing green insurance solutions can open new business opportunities for the industry. The answer may lie in marketing new products related to potential climate change and the corresponding sustainability/green insurance. Novelty – Sustainable insurance is aimed primarily at developing innovative or green products and services, reducing risk, improving company efficiency, and supporting environmental, social, and financial sustainability. There hasn't been a general overview of the role of insurers in enhancing environmental sustainability and social development done yet. Theoretically, our work aids policymakers and other stakeholders in better understanding the role of insurers in enhancing environmental sustainability and social development. Type of Paper: Review JEL Classification: G20, G22, G23. Keywords: Insurance, Sustainability, Green insurance, Green products and services, Sustainable Development.