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Bank of England tells insurers to step up climate change preparations

Wed, 9th Sep 2020 10:07

LONDON, Sept 9 (Reuters) - How much capital insurers must
hold could be directly linked to their readiness to cope with
risks from climate change, a senior Bank of England official
said on Wednesday.

BoE executive director Anna Sweeney said there is "still
some way to go" for a number of insurers in dealing with the
impact of climate change on their balance sheets.

"It is therefore possible that the incentives to address
climate change risk for both firms and supervisors could be
enhanced if it were incorporated explicitly into firms' capital
requirements," Sweeney told an event held by Moody's rating
agency.
(Reporting by Huw Jones, editing by Louise Heavens)

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