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.