IAIS publishes consultation on climate risk

Written by Adam Cadle

16/03/2023

The IAIS has published a consultation on climate risk, the first in a package of three consultations aimed at promoting a globally consistent supervisory approach to address climate-related risks in the insurance sector.

The first consultation includes:
- Proposed changed to the ICP introduction, which positions climate risk within the global framework for insurance supervision;
- A discussion on whether it is necessary to make changes to the existing supporting material related to governance, risk management and internal controls (ICP 7 and 8);
- Questions seeking stakeholder feedback on the climate-related work as it related to supervisory guidance.

The consultation document also provides an update on the IAIS’ overall work programme in promoting a globally consistent supervisory response to climate change within the insurance sector.

Comments are invited by 16 May 2023.

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