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17th January 2021
Insurance Europe publishes response to IAIS on supervision of climate-related risks
Insurance Europe has published its response to a consultation by the International Association of Insurance Supervisors(IAIS) regarding the supervision of climate-related risks.
As sustainability is a global issue, it must be addressed through international coordination. Insurance Europe therefore welcomes the IAIS’s work on a coordinated approach between jurisdictions.
While seeking consistency and comparability can be of significant value, care must also be taken to ensure that supervision does not discourage or prevent rapid and innovative developments by insurers to address new risks and changes in the business environment. It is also important to avoid overlaps, duplicative requirements and regulatory overload.
A flexible approach based on strong stakeholder engagement will therefore be vital when developing effective frameworks for supervision. In addition, there is a need for supervisors’ active engagement and cooperation with policymakers to develop an environment that helps insurers fully contribute to the transition to a more sustainable economy. Supervisors have a key role in addressing several challenges that cannot be solved by insurers alone.
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