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This will further enhance insurance supervisors’ ability to assess the exposure of insurance markets and insurers to sustainability and climate risks.
The IAIS’ Climate Risk Steering Group has set up a disclosures workstream that will study the Climate Related Disclosure Standard closely and take stock of relevant developments in climate risk disclosures. Following this, the IAIS will consider whether further work is needed, such as issuing guidance for supervisors to aid their implementation of climate risk disclosure requirements in line with the ISSB Standards.
In addition, through the FSB Roadmap for Addressing Financial Risks from Climate Change, we will continue to work collaboratively with other standard setting bodies to address climate risk.
For more information on the IAIS work related to climate risk, click here.