This Application Paper aims to support supervisors in their efforts to integrate climate risk considerations into the supervision of the insurance sector. It provides background and guidance on how the IAIS supervisory material can be used to manage the challenges and opportunities arising from climate-related risks. Application Papers do not establish standards or expectations, but instead provide additional guidance to assist implementation and provide
examples of good practice.
This Paper thereby also aims to promote a globally consistent approach to addressing climate-related risks in the supervision of the insurance sector. This, however, is an iterative and dynamic process given that the understanding of the challenges and opportunities presented by climate-related risks will improve and evolve as the guidance provided is increasingly embedded in supervisory practices.
NOTE: In April 2025 the IAIS published a comprehensive Application Paper on the supervision of climate-related risks in the insurance sector. The 2025 publication replaces this paper.
