Industry Influence on IAIS Climate Risk Work

Who is working to shape global insurance supervisory guidance?

November 2023

See coverage in Green Central Banking.

This briefing explores how the global insurance industry is engaging to shape climate risk supervisory guidance being developed by the International Association of Insurance Supervisors (IAIS).

Despite growing consensus among financial regulators that climate change poses significant risks to the insurance sector, insurance companies and their industry associations have pushed back on the work of the IAIS, advocating against new mandates for insurers and questioning the IAIS's assertion that climate change poses a risk to financial stability. Key among these as noted in the graphic below include the American Council of Life Insurers (ACLI), the Institute of International Finance (IIF), and Insurance Europe, trade associations that represent insurance companies across the globe.

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