Interconnectedness of the global economy and the high volume of interrelationship and integrity of its various components have severely increased the uncertainty on the identification of the beginning and ending of the risks. This is while a smallest seemingly insignificant events are capable of bringing about massive catastrophes. Furthermore, the emergence of risks has incurred enormous economic losses on their communities, hence their identification, assessment, and management is one of the challenging issues at the time. The latter, however highlights the necessity of risk management with the aim of effectively protecting communities, assets, and ecosystems and fortifying resilience in human communities. Similarly, there are grave concerns over the capability of the states in order to respond to catastrophes, thus reinforcing the necessity of creating new forms of partnership between the public and private sectors in order to prevent and prepare before any crisis, redistribution of the liabilities, risks, and returns. The studies indicate that the insurance industry can act as one of the major players in such partnerships and compensate the losses incurred on the economy and society and prevent any wasting of the resources. At the same time, developing the infrastructures, concepts, and applications of the risk management help gradually remove any uncertainties and create a more proper socioeconomic environment where sustainable growth and excellence can flourish in the society. Given the significance of such issues, the current study has attempted to introduce the public-private partnership approach, clarify the application of crisis risk management (emerging risks), the role of commercial insurances in the crisis risk management in public-private partnership based on the sample cases from selected countries. In order to meet the abovementioned objectives, the paper has employed library research method and the results indicated that the entrance of the insurance industry into public-private partnerships as a business model can be effective in managing emerging risks.
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