Taxonomy-Aligned Insurance Products
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Taxonomy-Aligned Insurance Products
Zeitschrift für die gesamte Versicherungswissenschaft, Vol. 114 (2025), Iss. 1 : pp. 157–180
Additional Information
Article Details
Author Details
Christian Frinken, Universität zu Köln
References
-
Auffhammer, M. (2018): Quantifying Economic Damages from Climate Change, in: Journal of Economic Perspectives 32(4), pp. 33–52. DOI: 10.1257/jep.32.4.33.
Google Scholar -
Chen, S./Ding, X./Lou, P./Song, H. (2022): New evidence of moral hazard: Environmental liability insurance and firms’ environmental performance, in: J of Risk & Insurance 89(3), pp. 581–613. DOI: 10.1111/jori.12380.
Google Scholar -
Cohen, S./Kadach, I./Ormazabal, G./Reichelstein, S. (2023): Executive Compensation Tied to ESG Performance: International Evidence, in: Journal of Accounting Research 61(3), pp. 805–853. DOI: 10.1111/1475-679X.12481.
Google Scholar -
Dafermos, Y./Nikolaidi, M./Galanis, G. (2018): Climate Change, Financial Stability and Monetary Policy, in: Ecological Economics 152, pp. 219–234. DOI: 10.1016/j.ecolecon.2018.05.011.
Google Scholar -
Diaz, D./Moore, F. (2017): Quantifying the economic risks of climate change, in: Nature Clim Change 7(11), pp. 774–782. DOI: 10.1038/nclimate3411.
Google Scholar -
ESMA (2023): Concept of estimates across the EU Sustainable Finance framework. Edited by European Securities and Markets Authority.
Google Scholar -
European Commission (2022): Commission Notice on the interpretation of certain legal provisions of the Disclosures Delegated Act under Article 8 of EU Taxonomy Regulation on the reporting of eligible economic activities and assets, in: Official Journal of the European Union 65 (C 385), C 385/1 – C 385/19. Available online at https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.C_.2022.385.01.0001.01.ENG, checked on 02/2023.
Google Scholar -
European Commission (2023): Draft Commission Notice. On the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of the EU taxonomy Regulation on the reporting of taxonomy-eligible and Taxonomy-aligned economic activities and assets (third Commission Notice).
Google Scholar -
European Union (2021): Commission delegated Regulation (EU) 2021/2178. Supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation, in: Official Journal of the European Union 64 (L 443), L 443/9 – L 443/67. Available online at https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=CELEX:32021R2178, checked on 02/2023.
Google Scholar -
Farny, D. (2011): Versicherungsbetriebslehre. 5. überarbeitete Auflage. Karlsruhe: VVW.
Google Scholar -
Frinken, C. (2023): Compliance with Taxonomy Regulation Disclosures in the German Insurance Market During the Eligibility Transition Period, in: Zeitschrift für die gesamte Versicherungswissenschaft 112(4), pp. 311–335. DOI: 10.3790/zverswiss.2023.1429901.
Google Scholar -
Hsiang, S./Kopp, R./Jina, A./Rising, J./Delgado, M./Mohan, S. et al. (2017): Estimating economic damage from climate change in the United States, in: Science (New York, N.Y.) 356 (6345), pp. 1362–1369. DOI: 10.1126/science.aal4369.
Google Scholar -
Knittel, N./Tesselaar, M./Wouter Botzen, W. J./Bachner, G./Tiggeloven, T. (2024): Who bears the indirect costs of flood risk? An economy-wide assessment of different insurance systems in Europe under climate change, in: Economic Systems Research 36(1), pp. 131–160. DOI: 10.1080/09535314.2023.2272211.
Google Scholar -
Laffont, J.-J. (1995): Regulation, moral hazard and insurance of environmental risks, in: Journal of Public Economics 58(3), pp. 319–336. DOI: 10.1016/0047-2727(94)01488-A.
Google Scholar -
Li, J./Irfan, M./Samad, S./Ali, B./Zhang, Y./Badulescu, D./Badulescu, A. (2023): The Relationship between Energy Consumption, CO2 Emissions, Economic Growth, and Health Indicators, in: International Journal of Environmental Research and Public Health 20(3), p. 2325. DOI: 10.3390/ijerph20032325.
Google Scholar -
McCarthy, H. R./Oren, R./Kim, H.-S./Johnsen, K. H./Maier, C./Pritchard, S. G./Davis, M. A. (2006): Interaction of ice storms and management practices on current carbon sequestration in forests with potential mitigation under future CO2 atmosphere, in: J. Geophys. Res. 111 (D15), Article 2005JD006428. DOI: 10.1029/2005JD006428.
Google Scholar -
Mühlberger, M. (2024): Wie aussagekräftig ist die EU-Taxonomie-Berichterstattung von Nicht-Finanzunternehmen? – eine empirische Analyse des EURO STOXX 50, in: KoR – Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung 24 (04), pp. 163–174.
Google Scholar -
Nelson, D. R./Adger, W. N./Brown, K. (2007): Adaptation to Environmental Change: Contributions of a Resilience Framework, in: Annual Review of Environment and Resources 32(1), pp. 395–419. DOI: 10.1146/annurev.energy.32.051807.090348.
Google Scholar -
Pauly, M. V. (1968): The Economics of Moral Hazard: Comment, in: The American Economic Review 58(3), pp. 531–537. DOI: 10.1017/cbo9780511528248.009.
Google Scholar -
Pecl, G. T./Araújo, M. B./Bell, J. D./Blanchard, J./Bonebrake, T. C./Chen, I. et al. (2017): Biodiversity redistribution under climate change: Impacts on ecosystems and human well-being, in: Science (New York, N.Y.) 355 (6332). DOI: 10.1126/science.aai9214.
Google Scholar -
Nicholls, R. J./Hanson, S./Herweijer, C./Patmore, N./Hallegatte, S./Corfee-Morlotiv, J. et al. (2008): Ranking Port Cities with High Exposure and Vulnerability to Climate Extremes: Exposure Estimates. Edited by OECD Environment Working Papers.
Google Scholar -
Sannigrahi, S./Pilla, F./Basu, B./Basu, A. S./Sarkar, K./Chakraborti, S. et al. (2020): Examining the effects of forest fire on terrestrial carbon emission and ecosystem production in India using remote sensing approaches, in: The Science of the total environment 725, p. 138331. DOI: 10.1016/j.scitotenv.2020.138331.
Google Scholar -
Schneider, S. H./Chen, R. S. (1980): Carbon Dioxide Warming and Coastline Flooding: Physical Factors and Climatic Impact, in: Annu. Rev. Energy. 5(1), pp. 107–140. DOI: 10.1146/annurev.eg.05.110180.000543.
Google Scholar -
Shavell, S. (1979): On Moral Hazard and Insurance, in: Q J Econ 93(4), p. 541. DOI: 10.2307/1884469.
Google Scholar -
Tesselaar, M./Wouter Botzen, W. J./Robinson, P. J./Aerts, J. C. J. H./Zhou, F. (2022): Charity hazard and the flood insurance protection gap: An EU scale assessment under climate change, in: Ecological Economics 193, pp. 219–234. DOI: 10.1016/j.ecolecon.2021.107289.
Google Scholar
Abstract
Dieser Beitrag gibt einen Einblick in den regulatorischen Rahmen der Taxonomie-Verordnung von Versicherungsunternehmen zur Taxonomiekonformität ihres eigenen Schaden-/Unfallversicherungsgeschäfts. Es kann festgestellt werden, dass die technischen Bewertungskriterien unterschiedlich interpretiert werden können und diese darüber hinaus Anforderungen an Versicherungsprodukte stellen, die sowohl zusätzliche interne Prozesse als auch externe Berichtspflichten auslösen. Ferner kann auch festgestellt werden, dass die Bezugsgrüße der taxonomiefähigen Versicherungsprämien konzeptionell aufgrund einer von der EU-Kommission veröffentlichten Q&A im Zeitverlauf möglicherweise nicht in gleicher Weise konstant bleiben, wie in anderen Branchen. Die bereitgestellten Informationen sind für Stakeholder von Interesse, hinsichtlich eines besseren Verständnisses und Bewertung der ab 2024 veröffentlichten Zahlen. Die Ergebnisse können darüber hinaus zu einer zielgerichteteren Analyse der gemeldeten KPI für wissenschaftliche Zwecke verwendet werden.