This paper investigates whether climate risk and climate policy uncertainty (CPU) have traditional linear or complicated non-linear impacts on insurance demand. We find evidence that both phenomena exist. Linear model shows positive effect of climate risk and negative effect of CPU on insurance demand. However, climate risk and CPU are interdependent, non-linear analysis demonstrates that CPU acts as a threshold. In particular, climate risk has a U-shaped relationship with life insurance demand and an inverse S-shaped relationship with non-life insurance demand, which provides insurance companies with a better understanding of how insurance demand fluctuates under climate risk.

中文翻译：

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气候风险的阈值效应和气候政策不确定性对保险需求的非线性作用：来自 OECD 国家的证据


本文研究了气候风险和气候政策不确定性（CPU）是否对保险需求产生传统的线性或复杂的非线性影响。我们找到了这两种现象都存在的证据。线性模型显示了气候风险对保险需求的积极影响和CPU的消极影响。然而，气候风险和 CPU 是相互依赖的，非线性分析表明 CPU 起到了阈值的作用。特别是，气候风险与寿险需求呈U型关系，与非寿险需求呈反S型关系，这使保险公司能够更好地了解气候风险下保险需求的波动情况。