初探氣候變遷視角下之保險監理：以英國影響力投資、盡職治理與創新綠色保險商品為中心

Insurance Regulation in the Context of Climate Change: Impact Investment, Stewardship, and Green Insurance Innovation

本文以氣候變遷為背景，探討保險業在金融體系中透過影響力投資與盡職治理回應氣候風險之角色，並以英國監理制度為核心分析對象。文章說明保險業因其逆產品週期與龐大資產規模，具備引導資金流向低碳與氣候韌性發展之重要潛力。進一步分析英國在保險公司自有投資與保險投資型商品IBIPs方面，如何透過審慎監理、資訊揭露、投資人保護與盡職治理規範，間接促進氣候相關投資，同時避免漂綠與違反盡職治理。最後，本文介紹國外結合保險與投資之創新綠色方案，包括氣候韌性發展債券與綠色激勵財產保單，其在促進風險預防與永續發展上之潛力，並強調未來仍需配合制度設計與監理調適，方能使保險業成為氣候治理的重要支柱。

This article explores how the insurance sector plays a role in tackling climate-related risks through impact investment and investment stewardship within the financial system, focusing on the United Kingdom’s regulatory framework. It emphasises that, thanks to its countercyclical business model and large asset base, the insurance industry is well positioned to direct capital toward low-carbon development and to build climate resilience. The article also examines how the UK's prudential regulation, disclosure rules, investor protection, and stewardship duties can indirectly foster climate-related investments in relation to insurers’own holdings and insurance-based investment products (IBIPs). It discusses innovative green solutions that blend insurance and investment, such as Climate Resilient Development Bonds and green bonus property insurance policies, and their potential to improve loss prevention and support sustainable development. The conclusion stresses that proper institutional design and regulatory adjustments are vital for the insurance sector to become a fundamental part of effective climate governance.