In response to the challenges posed by climate change, many central banks and supervisors around the world have begun taking measures to assess climate-related risk that could impact the stability and resilience of the global financial system. This article focuses primarily on climate-related risks and regulatory stress testing requirements from the perspective of life insurers and reinsurers in Asia. We also discuss where Asian insurers stand with respect to climate-related risk assessments.
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Climate-related risk: Stress testing requirements in Asia
As COP26 reminds us that climate change will impact the global financial system, insurers should now be thinking about stress testing and risk assessments.