METHODOLOGICAL APPROACHES TO TARIFF FORMATION IN ENVIRONMENTAL RISK INSURANCE

Environmental issues occupy one of the central places in the discussion about the future of mankind. The expansion of human economic activity has a negative impact on nature, which already today poses a threat to the sustainable development of mankind. In recent years, major man-made accidents have occurred in Russia, as a result of which significant environmental damage has been caused. Not only experts know about the consequences of man-made accidents at the subsidiary of PAO GMK Norilsk Nickel and AO Caspian Pipeline Consortium-R. The damage caused by Norilsk Nickel to natural objects is colossal — 147.6 billion rubles, not counting long-term consequences. Environmental pollution, an increase in the level of accumulated environmental damage, in turn, entails the degradation of natural capital. Despite an active scientific and practical discussion on finding mechanisms to compensate for the costs of eliminating the negative consequences for ecosystems from man-made accidents, the development of environmental insurance is sufficiently worked out, there is no generally accepted methodology for assessing environmental risk to form an economically justified insurance rate for concluding insurance contracts. The article proposes a prototype of an oil pollution risk insurance product with fixed franchise, limit and aggregate limit parameters with personalized economically justified tariffs for the studied companies in the Russian oil and gas sector. To build an economic justification for the insurance rate, the authors used such methods as a systematic approach, a comparison method, statistical analysis, mathematical and actuarial modeling, bootstrap based on the Monte Carlo method. The model was built on data collected from reports by the oil and gas sector of the World Wide Fund for Nature. The considered approach can be applied by insurance companies when developing products for environmental insurance, provided that a more complete database of catastrophes is used.

environmental risks, insurance rate, bootstrap method, actuarial calculations, franchise, indemnity limit, environmental pollution, environmental insurance, natural capital

Vasyukova L. K., Antipiev S. Y. Methodological approaches to tariff formation in environmental risk insurance. Business. Education. Law, 2022, no. 3, pp. 173—178. DOI: 10.25683/VOLBI.2022.60.368.