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Tuesday, August 3 • 2:30pm - 4:00pm
5E2 Climate Risk and Institutional Investors: Evidence from the Insurance Industry

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Kyeonghee Kim, Florida State University; Anastasia Ivantsova, University of Calgary; Xiao (Joyce) Lin, St. John's University

We examine whether and how U.S. insurers have taken into account climate risks in their investment portfolios. We exploit a mandatory climate risk disclosure law adopted by multiple states in a staggered fashion, to identify differences in insurers’ carbon-intensive investments over time and across different states, while controlling for a range of insurer and state-specific factors. Our study contributes to the understanding of how institutional investors perceive climate risks, by providing empirical evidence on investors’ corporate bond portfolios rather than equity portfolios. We also add to the existing literature on the effect of climate risk disclosure laws. Our findings have implications on the important role of insurers in the process of transitioning to a carbon-free economy.

Discussant
AT

Ana-Maria Tenekedjieva

Federal Reserve Board of Governors

Presenters
avatar for Kyeonghee Kim

Kyeonghee Kim

Florida State University



Tuesday August 3, 2021 2:30pm - 4:00pm EDT