Comparing how banks and insurers from different countries cope with climate change is being hampered by a lack of consistent data, the Financial Stability Board said on Wednesday. Regulators are asking financial firms to gauge “physical” and “transition” risks from …
Banks and insurers in Britain must implement by the end of 2021 plans they have drawn up to deal with risks to their businesses from climate change, the Bank of England (BoE) said on Wednesday. The BoE previously told firms …
The Bank of England (BoE) has told banks and insurers to press ahead with analyzing the impact of climate change on their operations, saying that guidance published on Monday would be followed by targets next year. The guide drawn up …
Airlines, airports and insurers across Asia are bracing for the prospect of unusually high damage as the region’s tropical storm season begins, as hundreds of aircraft grounded by the coronavirus pandemic can’t be moved easily. Major airports in storm-vulnerable regions …
In a world facing a climate crisis, investors need to start taking account of carbon emissions and rising temperatures in their decisions, according to Bank of England Governor Mark Carney. The shift in thinking will be key to the industry’s …
The world’s financial services sector risks losses of up to $1 trillion if it fails to respond quickly to climate change and is hit by policy shifts such as the introduction of a carbon tax, a new report shows. The …
Australia’s central bank chief Philip Lowe warned of wide-ranging economic and financial impacts from climate change, after his drought-stricken nation suffered some of its worst wildfires ever. Speaking on a panel with his Canadian counterpart, Lowe pointed out that drought …
The Bank of England faces an uphill climb to get the finance industry ready for one of its biggest threats: the climate. About 80% of senior finance executives believe their firms “lack well-developed strategies to manage the risks of climate …
Canberra, Australia’s capital that’s surrounded by bush, is facing its worst wildfire threat in 17 years as a blaze sparked by a military helicopter approaches the city amid heatwave conditions. Residents in Canberra’s southern suburbs should be vigilant after the …
Australian insurers are well-capitalized and should be able to withstand losses from the 2019/2020 bushfire season, aided by strong capital positions and support from reinsurance partners, said AM Best. The ratings agency explained that comprehensive use of reinsurance has helped …
