Insurers Want Climate Reporting Rules To Remain Voluntary
Law360, London (February 6, 2020, 1:30 PM GMT) -- Insurers have called for guidelines on disclosures about climate-related investments to remain voluntary, as regulators consider how to standardize reporting across the world.
Trade body Insurance Europe responded on Wednesday to a consultation by the International Association of Insurance Supervisors over the adoption of a “framework” on how insurers report their exposure to climate risk in their portfolios, such as whether they invest in the fossil fuel industry.
The Financial Stability Board published the guidelines in 2017 but, according to a survey by the association, only 20% of insurers planned to adopt them. One third of insurers in developing countries hadn’t...
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