N.B.: The documents and extra resources mentioned by the speakers can be found here.
Panel 1 – Tackling climate risk through transition planning
Panel 2 – Tackling the insurance protection gap
Outline of the event
Climate change remains an ever increasing global challenge. As the world suffered through the hottest summer ever recorded, we are once again confronted with the urgency to safeguard our communities and economies from a looming disaster.
The global insurance sector has a front-row seat: insurers are particularly exposed to climate risk but are also potential stewards of the net-zero transition.
In light of Finance Watch’s recommendations for a safe transition for insurers, we invite civil society, regulators, supervisors and industry representatives to join us in a two-panel roundtable discussion highlighting the impact of climate change on the insurers’ business models and role of the insurance sector in the transition to a sustainable economy.
Our first panel will focus on using transition plans in climate risk management: As Europe is considering amending the Solvency II rules accordingly, our guests will discuss the proposed provisions and mirroring this initiative at the international level.
After a short break, our second panel will focus on the consequences of rising uninsured losses for consumers, the so-called protection gaps, and its increasing burden on society and governments who ultimately carry the burden of climate-related damages.
By bringing together supervisors, CSOs, industry representatives and experts, Finance Watch aims to support inclusive coordinated efforts towards a more sustainable insurance sector.
Resources from Speaker presentations
- Finance Watch’s analyses on transition plan requirements, the extra costs for policyholders and the insurance sector exposure to physical risk
- IAIS Report on protection gaps
- IAIS consultation on market conduct and scenario analysis related to climate risk
- All FIO Reports and Notices
- FIO’s June 2023 report, Insurance Supervision and Regulation of Climate-Related Risk
- FIO’s public notice/request for comments on submission of proposed data collection for OMB approval, 88 Fed. Reg. 75380, and the website of the Transition Taskforce.
- Aviva Macro-stewardship approach in line with PRA in SS3/19
- GFIA – Topics – Protection gaps – Global Federation of Insurance Associations (gfiainsurance.org)
[EDIT: Video replay now available below] Global policymakers will require specific tools to help the insurance sector prepare for a warming planet. Can transition planning help pilot a safe transition? How can inclusive insurance coverage for victims of climate impacts be maintained?Online - Finance Watch firstname.lastname@example.org aDFdtugMkzeEXUhHCmVG49806