Amid regional conflicts and global warming, the interplay of catastrophic events (black swans) and sustainability issues (green swans) emerges, impacting sustainable insurance and environmental initiatives tied to Sustainable Development Goals (SDGs) 3 (Good Health and Well-being) and 7 (Affordable and Clean Energy). This paper develops a structure-break down-and-out option model to investigate insurer hedging strategies toward SDGs 3 and 7 in the context of sustainable insurance amidst the intertwined dance of black and green swans. There are several main results shown as follows. Enhancing hedging strategies bolsters an insurer's interest margin and mitigates default risk. As the impact of events like regional conflicts and global warming intensifies, the adverse effects of hedging on default risk become clearer, enhancing insurance stability. Both black and green swan events positively affect the insurer's interest margin and default risk. Strict capital regulations are vital for sustainable insurance, safeguarding policyholders and fostering stability during extreme events. In essence, employing robust hedging strategies and adhering to rigorous capital regulations within the framework of sustainable insurance, considering both black and green swan events, proves to be instrumental in advancing toward the achievement of SDGs 3 and 7.

中文翻译：

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保险公司在黑天鹅和绿天鹅的相互作用中对冲可持续发展目标 3 和 7


在区域冲突和全球变暖的背景下，灾难性事件（黑天鹅）和可持续发展问题（绿天鹅）相互作用，影响着与可持续发展目标 (SDG) 3（良好健康和福祉）和 7 相关的可持续保险和环境举措（负担得起的清洁能源）。本文开发了一种结构分解的淘汰期权模型，以研究保险公司在黑天鹅和绿天鹅交织的可持续保险背景下实现可持续发展目标 3 和 7 的对冲策略。主要结果如下所示。加强对冲策略可以提高保险公司的利差并降低违约风险。随着地区冲突、全球变暖等事件影响加剧，对冲对违约风险的不利影响更加明显，保险稳定性增强。黑天鹅事件和绿天鹅事件都会对保险公司的利差和违约风险产生积极影响。严格的资本监管对于可持续保险、保护投保人并促进极端事件期间的稳定至关重要。从本质上讲，考虑到黑天鹅事件和绿天鹅事件，在可持续保险框架内采用稳健的对冲策略并遵守严格的资本监管，被证明有助于推动实现可持续发展目标 3 和 7。