Insurance Climate Change and The Law


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Climate change risk assessment and regulation

How is inward impact – the financial risks stemming from climate change on insurers – and outward impact – the impact of an insurer's operations on climate change – regulated? This chapter maps to what extent insurance regulators in the UK and the EU have integrated climate change risks and combating climate change into their regulatory frameworks. Tracing regulatory developments it will be shown that UK and EU regulators were initially focused on inward impact by seeking to ensure that insurers properly identify, measure, monitor, manage, control, and report on the financial risk posed by climate change and to take that risk into account in their assessment of their solvency needs. More recently, their regulatory mandates were expanded to take climate change and environmental issues into account in discharging their responsibilities but the regulation of outward impact remains selective and fragmented.

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