New online member training materials available on climate risk
The IAIS and the Financial Stability Institute have launched online training for insurance supervisors on climate scenario analysis. The course, which is hosted on the Climate Training Alliance (CTA) platform, provides an end-to-end framework for supervisors to follow as they undertake a climate scenario analysis exercise. The training course has been developed to build the capacity of insurance supervisors globally by providing practical tips so they can use this emerging tool for analysis of climate risks. Since climate change will be a driver for risks on both sides of insurer balance sheets, scenario analysis is an important tool for understanding these risks. This work has highlighted the benefits of global cooperation between insurance supervisors to share and learn from each other on these critical issues.
Climate risk is a strategic theme for the IAIS. We are currently consulting on climate risk supervisory guidance and welcome feedback on our proposals. Later this year the IAIS will publish for public consultation an Application Paper on climate scenario analysis as the IAIS seeks to support greater convergence on these practices.