IAIS calls for action on strengthening climate related financial disclosures

27 February 2020

The International Association of Insurance Supervisors (IAIS) and Sustainable Insurance Forum (SIF) published an issues paper on the implementation of the recommendations of the task force on climate-related financial disclosures (TCFD).

Key Messages:

• A vast majority of insurers expect climate change to affect their business; however, while the largest globally active insurers have made progress on implementation of TCFD-aligned disclosures, implementation is low across the sector as a whole.
• Recognising the diversity of supervisory frameworks across jurisdictions, the Paper identifies a number of areas where supervisors can encourage strengthened disclosures through the application of existing supervisory tools.
• To support supervisors’ efforts to assess the impact of climate-related risks to the insurance sector and help resolve challenges, including around public disclosure, the IAIS and SIF will do further work on climate-related risk in the insurance sector over the course of 2020, focussing specifically on topics such as enterprise risk management, corporate governance, investment and disclosure.

Full press release on IAIS

Full issues paper on IAIS

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