Insurers Warned Over Climate Risk Ahead Of PRA Stress Test
Law360, London (March 30, 2021, 1:22 PM BST) -- Insurers should start planning now for managing the long-term impact of climate change as a regulator prepares a stress test for this year, a risk management company said on Tuesday.
Flood analyst JBA Risk Management said that, although the Prudential Regulation Authority's limited stress test would immediately affect only a few insurers, the requirement for companies to consider climate risks will soon be extended across the market.
The PRA will carry out a stress test in June for six general insurers and 10 Lloyd's of London syndicates to assess how well they would respond financially to a hypothetical climate change. Seven...
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