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Central banks from European nations and China have set up a network to share best practices in the supervision of climate risks, especially those related to regulation of insurers, Bloomberg reported. The central banks need to ensure that the insurance industry updates its models and sets aside enough capital to deal with growing climate risks. Francois Villeroy de Galhau, governor of the Bank of France, said that the financial sector should move towards "a compulsory transparency requirement" so that companies are forced to provide a snapshot of their climate risks.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
3. Zurich Insurance to stop underwriting new oil and gas projects
4. Bermudan, European reinsurers to suffer major hit from bridge collapse
5. Tycoon gets death sentence for multi-billion-dollar fraud
6. Inflation drives 10% increase in sum insured for windstorms