On 27 January, the A2ii and IAIS hosted both a morning and afternoon Supervisory Dialogue on Climate-related Financial Disclosure and Implications for Supervisors.
The presenters included William Harding (Head of Implementation, SIF), Elias Omondi (Senior Manager – Risk Regulations, FSD Africa) and Andrew Stolfi (Insurance Commissioner and Agency Director, Oregon Department of Consumer and Business Services).
Elias Omondi spoke about Africa’s vulnerability to climate change and the need to expedite climate finance for the continent and further touched on ESG matters, specifically highlighting FSD Africa’s ESG integration project in Ghana, Kenya and Nigeria including the planned project outcomes.
Andrew Stolfi presented on the NAIC’s ongoing and future activities on climate risk disclosure – touching on the work of the Climate and Resiliency (EX) Task Force that is mandated to consider appropriate climate risk disclosures within the insurance sector, including the evaluation of the Climate Risk Disclosure Survey and evaluation of alignment with other sectors and international standards.
Climate change poses significant risks that may affect the broader stability of the financial system including the insurance sector. While climate-related risks are expected to materialise over time, it is important that the insurance industry strengthens its understanding and assessment of such risks now and potential future impacts. For supervisors, it is within their role and mandate to ensure that the financial system remains resilient to climate risks. Since its conception, the Task Force on Climate-Related Financial Disclosures (TCFD) framework has helped inform practices related to climate-risk disclosure as well as approaches that supervisors can leverage on to support their broader supervisory objectives relating to climate risk assessment.
On 27 January, the A2ii and IAIS will be hosting a supervisory dialogue on Climate-related Financial Disclosure and Implications for Supervisors. Participants will hear from experts from the Sustainable Insurance Forum (SIF) who will highlight key messages from the joint IAIS-SIF Issues Paper on the Implementation of the Recommendations of the Task Force on Climate-related Financial Disclosures. The paper provides an overview of practices that supervisors have considered in the development of climate-related disclosure requirements within their markets. Participants will also hear from FSD Africa who will highlight their work on ESG regulation and disclosure in select Sub-Saharan Africa countries.
This webinar will be open to supervisors only and will take place at 10:00 CET in English (with simultaneous French interpretation) and one at 16:00 CET in English (with simultaneous Spanish interpretation). It will last one hour and will take place via WebEx.
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