IAIS Consults on Climate Risk

The International Association of Insurance Supervisors (IAIS) has published its second consultation on climate risk, which aims to promote a globally consistent supervisory approach to addressing climate-related risks in the insurance sector. Open to feedback until 23 February 2024, the consultation covers issues such as market conduct supervision and climate scenario analysis across two papers. “Climate change is a key strategic theme for the IAIS as it is a source of financial risk, which impacts the resilience of individual insurers and could lead to financial stability risk,” the IAIS said. “An adequate response from supervisors to both the risks and business activity related to climate change will support the objectives of insurance supervision of protecting policyholders, contributing to financial stability and promoting the maintenance of a fair, safe and stable insurance market.” The first consultation was conducted in March; the IAIS plans to “respond comprehensively” to the comments of each consultation at the end of the project next year.

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