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

Author

Listed:
  • Petr Jakubik
  • Sibel Uguz

    (EIOPA)

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.

Suggested Citation

  • Petr Jakubik & Sibel Uguz, 2019. "Impact of Green Bond Policies on Insurers: Evidence from the European Equity Market," EIOPA Financial Stability Report - Thematic Articles 14, EIOPA, Risks and Financial Stability Department.
  • Handle: RePEc:eio:thafsr:14
    as

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    File URL: https://www.eiopa.europa.eu/sites/default/files/publications/reports/thematic_article_fsr_june2019.pdf
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    More about this item

    Keywords

    insurance; green bonds; equity prices;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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