New evidence of moral hazard : Environmental liability insurance and firms' environmental performance

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<title>New evidence of moral hazard</title>
<subTitle>: Environmental liability insurance and firms' environmental performance</subTitle>
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<dateIssued encoding="marc">2022</dateIssued>
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<abstract displayLabel="Summary">This paper provides novel evidence of the moral hazard problem in environmental insurance by investigating the effect of environmental liability insurance (ELI) on firms' environmental performance. Using the staggered adoption of ELI policies in China as a quasi-natural experiment, we employ a difference-in-differences setup based on a comprehensive firm-level data set. We find that the adoption of ELI policies significantly reduces firms' efforts in treating water pollution. The negative estimate indicates a moral hazard problem and is the opposite of the positive estimates found mainly in studies that focus on US firms. We further find that the negative effect is lessened for firms in strictly supervised regions and for firms with strong environmental awareness. This paper is one of the first to evaluate environmental insurance in developing economies and provides novel evidence on moral hazard in environmental liability insurance markets.

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<note type="statement of responsibility">Shiyi Chen...[et.al.]</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080636692">
<topic>Seguro de responsabilidad civil por daños al medio ambiente</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080615284">
<topic>Riesgos medioambientales</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>05/09/2022 Volumen 89 Número 3 - septiembre 2022 , p. 581-613</text>
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