Environmental risks insurance in Slovakian market

Abstract

Research background: Environmental policy becomes actual worldwide problem and globalization process is closely related with rising of environmental risks. To manage such process needs to accept preventive measurements, but also to apply financial mechanisms for remediation of possible environmental damages. Purpose of the article: Presented contribution is orientated to the evaluation of possible insurance of environmental risks. Methods: The main approach to research is analysis of environmental taxes in tax system of Slovakia, when data had been obtained from tax system SR. Findings & Value added: Analysis showed there are the so called normative means (orders, bans, directives, norms, regulations etc.), financial-economic means (environmental taxes and fees) and voluntary means (EMS, EMAS, and Environmental Labeling etc.). One of useable financial means is to prevent the appearance of environmental risks. Countries have different forms of environmental insurance. The developed economies have a wide spectrum of insurance products and different approaches of insurance of environmental risks contributing to the minimization of the consequences of environmental damages. Information from the contribution can be used as financial guarantee for potential polluters and in the field of environmental risks management, as well as providing of financial securities of the companies. The limitation of the research is difficulty to obtain data, especially in area of environmental risks insurance there is only small amount of historical data to evaluate the situation.