Journal of
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Forum | Papers » 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.

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