The Limit as a Structural Principle of Insurance Sustainability rev. 2.3 - PREPRINT

Abstract This paper develops an integrated theoretical framework connecting insurance sustainability studies with the concept of the architecture of the limit. It argues that the long-term viability of insurance systems cannot be ensured solely through actuarial refinement, capital accumulation, or ESG-oriented regulation. Instead, sustainability requires the explicit recognition and governance of limits to insurability as a structural property of insurance systems. By combining insights from insurance economics, systemic risk theory, and sustainability research, the paper offers a conceptual contribution to insurance studies and derives operational implications for insurers, reinsurers, and regulators. The analysis positions the governance of limits as a necessary evolution of insurance in the face of systemic and correlated risks. Keywords: insurance sustainability; limits of insurability; systemic risk; mutuality; risk governance