Insurers Could Need To Hold Capital Against Climate Change
Law360, London (September 9, 2020, 6:35 PM BST) -- Insurers could be required to have their balance sheet exposures to climate risk reflected in the amount of capital they are required to retain, a senior official at the Prudential Regulation Authority warned on Wednesday.
Anna Sweeney, executive director for the regulator's insurance supervision division, said climate risk could in future be assessed "through the lens of firms' capital adequacy."
The regulator carried out an informal stress test of insurers last year to assess their financial resilience in the face of a "1-in-100 year" loss from a hypothetical climate disaster.
Sweeney told insurers that there remained "some way to go" for many...
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