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  "documentTitle": "Sustainability Risk Under Solvency II",
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      "text": "Nonetheless, the case study has meaningful insight to offer. In particular, the case study demonstrates that the impact of transition risks on the Solvency II ratio for a typical life insurer is likely to be material under certain scenarios. The risk may be substantially mitigated by shifting towards a more ESG-oriented investment approach. This general assessment is consistent with various other studies that investigate the impact of climate risk on asset values, such as: 'Climate change and financial stability', ECB in Financial Stability Review May 2019, 'Environmental Heat Map Report', Moody's, December 2020.",
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      "text": "For the construction of the policy scenarios, we are using the price of CO2-emissions as the main driver of climate policy. For the economic impacts, we are not dividing the economies into different sectors. We only considered scenarios based off GCAM scenarios.",
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      "text": "General remarks on the presented case study. The presented case study is subject to a certain set of assumptions and limitations:",
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      "text": "DESPITE A NUMBER OF SIMPLIFICATIONS, THE CASE STUDY HAS MEANINGFUL INSIGHT TO OFFER WITH RESPECT TO BOTH IMPACTS AND METHODOLOGY",
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