“PSI signatories appeared to have better withstood shocks and periods of stress,” write co-authors Pam Palena, an MSCI Institute fellow, and the Institute’s Lauren Yeung. “The data suggests that the benefit of sustainability commitments for the groups observed may lie more in resilience than in returns.”

The analysis, which bookends an analysis by the MSCI Institute of the sustainability commitments of banks, explores insurers’ management of sustainability risks in both underwriting and investing. The analysis finds that PSI signatories tend to be at a more mature stage in adopting practices to manage sustainability risks in underwriting and investments compared with non-signatories.