Irish Watchdog Eyes Climate Risks Guide For Insurance Biz

By Irene Madongo (August 4, 2022, 2:41 PM BST) -- The Central Bank of Ireland has proposed introducing guidance on the insurance industry's approach to addressing climate change risks, saying it expects to see a step change in the way firms respond to a warming environment.

The regulator said on Wednesday insurers and reinsurers need to act now to properly manage climate change risks, noting the severity of weather related events linked to climate change, and that there has been a rise in insured claims arising from physical events.

It also pointed to its May 2021 survey that found that only 20% of reinsurers and insurers fully integrate climate-change risk in...

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