BoE Mulls Widening Climate Risk Tests To Add Investments
Law360, London (November 16, 2020, 3:08 PM GMT) -- The Bank of England's regulatory arm said on Monday that it will consider how tools used by insurers to assess the risk of claims resulting from climate disasters can be expanded so they also examine potential losses from investments.
The Prudential Regulation Authority said it would look at how so-called catastrophe modelling applications can be brought to the "asset and investment side of the balance sheet" of other financial services companies as well in the insurance sector.
Insurers have begun to invest heavily in artificial intelligence-driven software to allow them to predict climate disasters and adjust their pricing accordingly.
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