IAIS Issues Comments on Paper on Climate Change Risk to Insurers
IAIS published the comments received, along with the resolutions, on the draft issues paper on climate change risks to the insurance sector. The draft issues paper was jointly released by IAIS and Sustainable Insurance Forum or SIF. The consultation ran from March 30, 2018 to April 29, 2018.
The issues paper is intended to raise awareness—for insurers and supervisors—of the challenges presented by climate change, including the current and contemplated supervisory approaches for addressing these risks. The paper describes how climate change is affecting, and may affect, the insurance sector, provides examples of material risks and impact across underwriting and investment activities, and describes how the risks and impact may be relevant for the supervision and regulation of the sector. The paper explores potential and contemplated supervisory responses and reviews observed practices in different jurisdictions. It identifies gaps (and emerging areas) that need to be resolved to allow for effective supervision. Finally, the paper offers preliminary insights from practice, along with the initial conclusions related to the supervision of climate change risks in the insurance sector.
Keywords: International, Insurance, Climate Change Risks, Comments and Resolutions, SIF, IAIS
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