Insurers' Carbon Underwriting Policies

Olimpia Carradori, Felix von Meyerinck and Zacharias Sautner
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Olimpia Carradori: University of Zurich - Department of Finance; Swiss Finance Institute
Felix von Meyerinck: University of Zurich - Department of Finance
Zacharias Sautner: University of Zurich - Department of Finance; Swiss Finance Institute; European Corporate Governance Institute (ECGI)

No 25-58, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: We study the determinants, structure, implementation, and effects of carbon underwriting policies among the world’s largest insurers. Adoption is more common among European insurers and less so among specialty and unlisted firms, with coal policies preceding those for oil and gas. Using novel mine-insurance data, we show that implementation is often incomplete, and some insurers expand coal coverage despite commitments. On average, insurers reduce the number of insured mines by 16%, insured coal volumes by 56%, and make continued coverage 13pp less likely. Affected mines are more likely to be abandoned and experience constrained operations.

Keywords: Insurance underwriting; carbon emissions; climate change; insurance companies; coal mining (search for similar items in EconPapers)
JEL-codes: D22 G22 L51 L71 Q54 (search for similar items in EconPapers)
Pages: 78 pages
Date: 2025-06
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2558

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