Insurance Supervisors and Climate Action

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Co-hosted by the UN-convened SIF, UN PSI and the IAIS

About this talk

Climate change, as well as the global response to the threats of climate change, is having wide-ranging impacts on the structure and functioning of the global economy and financial system. The challenges related to climate change present both risks and opportunities for the insurance sector. To support supervisors in their efforts to integrate climate-related risks into supervisory frameworks, the International Association of Insurance Supervisors (IAIS) and the UN-convened Sustainable Insurance Forum (UN SIF) have jointly developed an Application Paper on the Supervision of Climate-related Risks in the Insurance Sector. The Application Paper 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. The following topics and Insurance Core Principles (ICPs) are in scope: • Supervisory Review and Reporting (ICP 9) • Corporate Governance (ICP 7) • Risk Management (ICP 8 and 16) • Investments (ICP 15); and • Disclosures (ICP 20)

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United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between United Nations Environment and the global financial sector created in the wake of the 1992 Earth Summit with a mission to promote sustainable finance. More than 240 financial institutions, including banks, insurers, and investors, work with UN Environment to understand today’s environmental, social and governance challenges, why they matter to finance, and how to actively participate in addressing them. UNEP FI’s work also includes a strong focus on policy – by facilitating country-level dialogues between finance practitioners, supervisors, regulators and policy-makers, and, at the international level, by promoting financial sector involvement in processes such as the global climate negotiations.