Bank of England: Insurers Exposed to Climate Change
Friday, 10 02 2015, Category: Insurance and Reinsurance, Country: United Kingdom
Bank of England Governor Mark Carney said UK insurers face potentially “huge” exposure to shifts in climate-change policy and Group of 20 nations need to do more to combat associated financial stability risks.
“The challenges currently posed by climate change pale in significance compared with what might come,” Carney said in a speech at a Lloyd’s of London dinner in the UK capital late Tuesday. “Once climate change becomes a defining issue for financial stability, it may already be too late.”
The central bank has been looking into the economic and financial-stability risks posed by climate change and Carney spoke as the BOE published a report on the impact on the British insurance industry.
Source: Insurance Journal