Comment Text:
The Geneva Association (GA) is the leading international think tank of the Insurance industry, whose members are Group CEOs of the largest insurance and reinsurance companies (life and non-life) around the world (North America, Europe, South America, and Asia). The GA has established an international “Task Force on Climate Risk Assessment for the Insurance Industry”, and is working diligently on a major international initiative, entitled, “Assessing climate change risk to insurers’ balance sheet.” We believe that the results of this initiative once released, will be highly relevant to the mandate of the Climate-Related Market Risk Subcommittee, under the Market Risk Advisory Committee. The details are attached. The results of this initiative along with recommendations will be published in a series of reports from November 2020 to April 2021.
