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  "documentTitle": "Sustainability Risk Under Solvency II",
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      "text": "For StrPol-450, substantial impacts (15% and more) on European and Pacific markets: High percentage of industrial-heavy companies, which are more exposed to policy shocks due to lower overall profitability and more reliance on supply chains.",
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      "text": "European bonds: Probability of downgrade by credit rating (AAA to CCC/C) for Baseline, RefPol-500, and StrPol-450 scenarios.",
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      "text": "Methodology: Equity Shock (Gordon Growth model), Fixed Income Shock (Merton-Modell)",
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      "text": "Impact: Limited impact on Europe on RefPol-500; substantial impacts on StrPol-450 for European and Pacific markets; limited impacts on North America; European bond downgrade probabilities increase by 1.6x (RefPol-500) and 3.3x (StrPol-450).",
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      "kind": "title",
      "text": "THE IMPACTS ON EQUITY AND FIXED INCOME ALSO DEPEND ON GENERAL MARKET EXPOSURE TOWARDS CLIMATE POLICY SCENARIOS",
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