Are insurance balance sheets carbon-neutral? Harnessing asset pricing for climate change policy

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<title>Are insurance balance sheets carbon-neutral? Harnessing asset pricing for climate change policy</title>
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<namePart>Utz, Sebastian</namePart>
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<namePart>Xu, Jiahua</namePart>
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<abstract displayLabel="Summary">Due to its enormous size and capital base, the insurance industry has the potential to play a key role in countering climate change. To this end, the major capital flows associated with its investment and underwriting businesses would need to be redirected towards carbon-neutral activities. Since insurance companies can be viewed as large portfolios consisting of financial risks (asset side) and underwriting risks (liability side), we suggest an asset pricing approach to detect carbon-intensive positions on their balance sheets. The framework should be accompanied by two simple policy changes to reinforce its effectiveness.</abstract>
<note type="statement of responsibility">Alexander Braun, Sebastian Utz, Jiahua Xu</note>
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<topic>Balance sheets</topic>
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<topic>Mercado de seguros</topic>
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<topic>Cambio climático</topic>
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<topic>Riesgos extraordinarios</topic>
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<topic>Política medioambiental</topic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>01/10/2019 Volumen 44 Número 4 - octubre 2019 , p. 549-568</text>
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