Impact of Green Bond Policies on Insurers: Evidence from the European Equity Market

Petr Jakubík and Sibel Uguz
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Sibel Uguz: EIOPA

No 14, EIOPA Financial Stability Report - Thematic Articles from EIOPA, Risks and Financial Stability Department

Abstract: This article empirically investigates whether the introduction of green bond policies by insurance companies have a positive impact on their equity prices. To this aim, the sample of listed (re)insurers in Europe using monthly data for years 2012 – 2019 is employed. Announcements, press releases and semi-annual or annual reports are used to determine when the insurance companies committed to a green investment, issuance of green bonds or launching a green fund. Our results suggest that market investors positively price introducing such a policies for the issuance of green bonds or launching a green fund. However, the same results were not confirmed for initial investments in green bonds.

Keywords: insurance; green bonds; equity prices (search for similar items in EconPapers)
JEL-codes: G11 G12 G22 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2019-06
New Economics Papers: this item is included in nep-ene, nep-env, nep-eur and nep-ias
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Citations: View citations in EconPapers (2)

Published in Financial Stability Report, EIOPA, June 2019, pages 66-75

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Related works:
Journal Article: Impact of green bond policies on insurers: evidence from the European equity market (2021)
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