Insurers Should Factor Climate Risks In Holdings, EU Says
Law360, London (September 30, 2019, 4:50 PM BST) -- Insurers should review how resilient their businesses to climate change when they assess how much capital they are required to hold under the European Union's solvency regime, an insurance watchdog said Monday.
The European Insurance and Occupational Pensions Authority said that insurance companies should analyze how climate change could damage their business when they establish risk-management strategies and calculate the size of the capital buffers they need to protect themselves against the risk of a surge in claims after extreme weather such as floods and hurricanes.
The EU regulator warned that climate change could affect how much capital a group must...
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