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Insurers' Carbon Underwriting Policies

Author

Listed:
  • 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))

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.

Suggested Citation

  • Olimpia Carradori & Felix von Meyerinck & Zacharias Sautner, 2025. "Insurers' Carbon Underwriting Policies," Swiss Finance Institute Research Paper Series 25-58, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2558
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    More about this item

    Keywords

    Insurance underwriting; carbon emissions; climate change; insurance companies; coal mining;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis

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