SIF/IAIS Application Paper on the Supervision of Climate-Related Risks in the Insurance Sector

The United Nations-convened Sustainable Insurance Forum (SIF) in partnership with the International Association of Insurance Supervisors (IAIS), has published the Application Paper on the Supervision of Climate-related Risks in the Insurance Sector. The Paper provides insurance supervisors with concrete tools to further strengthen their efforts in assessing and addressing risks from climate change. It also sets out recommendations and examples of good practice consistent with the IAIS Insurance Core Principles (ICPs).

The following topics are in scope of the Paper:

• Supervisory Review and Reporting
• Corporate Governance
• Risk Management, including scenario analysis and stress testing
• Investments
• Disclosures.

The publication of the Application Paper follows a 90-day consultation period during wich 25 stakeholders and members gave valuable input resulting in various improvements to the draft Paper. The outcome of the consultation can be accessed here.

Interested stakeholders are invited to a webinar providing more background on the Paper and a question and answer session on 9 June, from 13.00 – 14.00 CEST. More information and a registration link can be found here.