GENEVA ASSOCIATION LAUNCHES CLIMATE CHANGE GROUP

The Geneva Association has created a group aimed at improving climate risk assessment methodologies in and across industries. The new group's first research report looks at physical and transition climate change risks across the balance sheet for property/casualty (P&C) and life re/insurers. The report suggests measures to improve methodologies for conducting climate change risk assessment and scenario analysis. It offers a decision-making framework centred on the liability and asset side of the balance sheet, taking into consideration all aspects of climate change risk by line of business and for different time horizons. The industry should engage in a collective effort to tackle present and future problems of climate risk, the association said.