Journal of
Italian
Banking
Association

year 100
 

Archive » March 2026 » Insuring insurers: Esg engagement, exogenous shocks, and firm value

Insuring insurers: Esg engagement, exogenous shocks, and firm value

Stefano Piserà, Helen Chiappini, Alberto Dreassi, Laura Chiaramonte
March 2026 - n. 3
Keywords: Esg, insurance, firm value, sustainability, environmental and social shocks
Jel codes: G22, G32, Q56

We empirically investigate how engagement in sustainability affects the value of listed American insurance firms in the period 2002-2018, assessing if higher scores «insure insurers» when exogenous environmental or social shocks occur. Our results are robust and show that a positive association exists, with a strong influence from all dimensions of the environmental score. Our contribution represents the first empirical evidence on the relationship between financial and environmental/social performance in the insurance industry through the analysis of shocks. Our findings are supportive of regulatory actions taken worldwide to enhance the environmental and social sustainability of insurers.

Interested in this paper?
Buy the issue