Page 4 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.82, # 1, 2025, pp. 4-18

CLIMATE RISK INSURANCE: BIBLIOMETRIC REVIEW ON
PRESENT, PAST AND FUTURE

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Haris Ur Rehman Horani , Muhammad Amin , Farhan Ahmed (Corresponding
Author)

1 Department of Mathematics, NED University of Engineering and Technology,
Pakistan. ORCID: https://orcid.org/0009-0005-4194-5689; https://orcid.org/0009-
0003-3645-4653; Email: [email protected] & [email protected]
2 Derpartment of Economics&Management Sciences, NED University of Engineering

and Technology, Pakistan. ORCID: https://orcid.org/0000-0002-1147-8347; Email:
[email protected]

https://doi.org/10.30546/jestp.2025.82.01.04

Received: January 06; accepted May 30, 2025; published online July 31, 2025

ABSTRACT
The paper aims to examine the interrelation between climate risk and insurance,
focusing on emerging trends, the evolution of risk assessment methodologies, and the
challenges and opportunities in leveraging climate insurance to mitigate climate change
risks. The study utilizes bibliometric analysis, network analysis, and content analysis
on the bibliometric data comprises 1,726 documents from the Scopus database,
narrowed down to 1,688 documents published within the time span of 1975-2023. The
research identifies significant trends in the literature, with notable contributions from
the United States, China, the United Kingdom, Germany, and France. The evolution of
risk assessment methodologies reflects a shift towards addressing systemic complexity,
multi hazard risks, and forward-looking scenarios. The study also highlights the role of
climate risk insurance in promoting sustainable development, encouraging adaptation
strategies, and reducing long-term climate change costs. Policy makers and regulators
can support the insurance sector’s contribution to climate adaptation by promoting risk
reduction measures and fostering public-private partnerships. Enhancing data collection
and analysis, developing innovative insurance products, and integrating technological
advancements can improve the accuracy of risk prediction models and the effectiveness
of climate insurance. This study provides a comprehensive bibliometric review of
climate risk insurance literature, offering valuable insights into the field’s development
and identifying future research directions.

Keywords: Climate risk insurance; climate change; risk assessment; bibliometrics
analysis

JEL Classification: Q54, Q56, G22

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