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1 INTRODUCTION Policymakers and regulators around the globe are increasingly concerned about the effect of climate change on financial institutions and potential spillover effects on the real economy. In the United States, the California Department of Insurance started collecting detailed information on insurers' climate risk exposure and management practices in 2009, and five additional states adopted the same disclosure requirement in the following years.
Abstract We analyze the relation between digitalization and the market value of US insurance companies. To create a text-based measure that captures the extent to which insurers digitalize, we apply an unsupervised machine learning algorithm—Latent Dirichlet Allocation—to their annual reports. We show that an increase in digitalization is associated with an increase in market valuations in the insurance sector.
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