Regulator to check insurers' level of readiness to deal with climate risk

Geoff Summerhayes, executive board member at the Australian Prudential Regulation Authority, said that the regulator has started quizzing financial institutions including insurers about their awareness of climate change risks and the action required, Asia Insurance Review reported. Mr. Summerhayes said that the regulator plans to increase disclosure related to climate risk exposure and management. It is looking to gain insights about the exposure of regulated entities to physical, transitional and liability risks, and whether they are taking steps to protect themselves and their customers, he added.

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