Environmental Insurance Product

The unclear meaning of the terms “environment” and “risk” and, as a result, the ambiguous concept of “environmental risk” makes one look for protection from this risk in many insurance products. However, not all of them bear the attributes of an environmental insurance product. This chapter proposes a definition of an environmental insurance product, with environmental underwriting as its main determinant. The basic classification of environmental insurance was indicated, and—from a historical perspective—the process of its evolution was presented.