impact-of-climate-change-on-the-uk-insurance-sector
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impact-of-climate-change-on-the-uk-insurance-sector
The impact of climate change on the UK insurance sectorA Climate Change Adaptation Report by the Prudential Regulation Authority42248Prudential Regula impact-of-climate-change-on-the-uk-insurance-sectoration Authority20 MootgaleLondon EC2R 6DAPrudential Regulation Authority, registered office 8 lothbury, London EC2R 7HH.Registered in England and Wales No: 0785*923BANK OF ENGLANDPRUDENTIAL REGULATION AUTHORITYThe impact of climate change on the UK insurance sectorA Climate Change Adaptation Report impact-of-climate-change-on-the-uk-insurance-sectorby the Prudential Regulation Authority42248® Prudential Regulation Authority September 2015https://khothuvien.cori!2 The impact of climate change on timpact-of-climate-change-on-the-uk-insurance-sector
he UK insurance sector September 201SContentsForeword3Executive summary41Background92insurance industry andclimatechange123Physical risks234TransitionThe impact of climate change on the UK insurance sectorA Climate Change Adaptation Report by the Prudential Regulation Authority42248Prudential Regula impact-of-climate-change-on-the-uk-insurance-sectorn the UK insurance sector September 201S 3Foreword1.1Climate change is a slow-moving process relative to many other public policy issues. Nonetheless, the future of the world’s climate system is likely to be heavily dependent on actions over the next few decades.1.2Central banks across the globe are impact-of-climate-change-on-the-uk-insurance-sector tasked with promoting monetary and financial stability and are quite used to thinking about the lags between policy action and effect. Through the Primpact-of-climate-change-on-the-uk-insurance-sector
udential Regulation Authority (PRA), the Bank of England has responsibility for regulation of insurance companies in the United Kingdom as part of itsThe impact of climate change on the UK insurance sectorA Climate Change Adaptation Report by the Prudential Regulation Authority42248Prudential Regula impact-of-climate-change-on-the-uk-insurance-sectorgard to insurance: promoting the safety and soundness of insurance firms; and contributing to securing an appropriate degree of policyholder protection.1.3Within the global financial architecture, insurance regulation is one area which needs to consider a relatively long time horizon. The PRA's role impact-of-climate-change-on-the-uk-insurance-sector as an insurance supervisor therefore brings challenges such as climate change much more clearly into focus and provides a natural starting point forimpact-of-climate-change-on-the-uk-insurance-sector
the Bank's work examining the impact of systemic environmental risks.1.4For centuries, insurers have enabled the transfer and pooling of risks that woThe impact of climate change on the UK insurance sectorA Climate Change Adaptation Report by the Prudential Regulation Authority42248Prudential Regula impact-of-climate-change-on-the-uk-insurance-sector reinsurance firms. Life insurance policies are typically linked to mortality risks and long-term savings, such as annuities and endowments respectively. Such policies may extend to multiple decades, with assets matching the liabilities often held to maturity on similar time horizons. General insura impact-of-climate-change-on-the-uk-insurance-sectornce provides protection against damage and loss from a wide range of causes. Liability risks underwritten by general insurers, such as those from asbeimpact-of-climate-change-on-the-uk-insurance-sector
stos, can have a long tail, with compensation being sought several decades from the date of the insured event. On these timescales, the challenges of The impact of climate change on the UK insurance sectorA Climate Change Adaptation Report by the Prudential Regulation Authority42248Prudential Regula impact-of-climate-change-on-the-uk-insurance-sectorevents. As a consequence, general insurers are at the forefront of evaluating and managing the day-to-day impact of extreme weather. Meanwhile, climate change could have unanticipated effects on the investments of life insurers. impact-of-climate-change-on-the-uk-insurance-sectorThe impact of climate change on the UK insurance sectorA Climate Change Adaptation Report by the Prudential Regulation Authority42248Prudential RegulaGọi ngay
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