Insurance companies can be exposed to climate-related physical risk through their operations and to transition risk … life insurance companies in the U.S. We construct a novel physical risk factor by forming a portfolio of P&C insurers … through their $12 trillion of financial asset holdings. We assess the climate risk exposure of property and casualty (P&C) and …

-run climate feedbacks. Our non-certainty-equivalent rule for the SCC incorporates precaution, risk insurance, and climate …We use perturbation methods to derive a rule for the optimal risk-adjusted social cost of carbon (SCC) that … different aversions to risk and intertemporal fluctuations, convex damages, uncertainties in economic growth, atmospheric carbon …