Insurance supervisors launch global survey on the implementation of the Task Force on Climate-related Financial Disclosures by insurance companies

London/Geneva 22 February, 2019 

The Sustainable Insurance Forum (SIF), a global leadership of insurance supervisors working on climate change issues, has launched a global survey on the Implementation of the Recommendations and Guidance of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD). The survey is the first globally-coordinated effort by supervisors and regulators to gather information on insurers’ awareness and understanding of climate risks, and levels of uptake and implementation of the TCFD recommendations, across jurisdictions.

Speaking at an insurance industry event on climate change hosted by ClimateWise in London, SIF Chairperson Geoff Summerhayes said, “By implementing the recommendations of the TCFD, companies are committing to identify, assess, manage and publicly disclose their climate risks. Rather than economic factors being a barrier to taking action on climate change, far-sighted business leaders recognize that economic factors make such actions imperative.”

The concept of a global survey was initiated at the November 2018 annual conference of the International Association of Insurance Supervisors (IAIS), when the Chair of the IAIS Executive Committee requested the SIF to work with the IAIS to develop an Issues Paper on TCFD Implementation for the insurance sector. The results of the SIF survey on TCFD Implementation will be a foundational component of this forthcoming paper, complementing other sources of information and data on best practice – including from market leadership coalitions, like the UN Principles for Sustainable Insurance (PSI).

The survey is now being implemented by supervisors in different jurisdictions, with the collection of results targeted for end-April 2019.

Notes for Editors: About the Sustainable Insurance Forum

The Sustainable Insurance Forum (SIF) is a leadership group of insurance supervisors and regulators working together to strengthen their understanding of and responses to sustainability issues facing the insurance sector. The long-term vision of the SIF is a global insurance system where sustainability factors are effectively integrated into the regulation and supervision of insurance companies. As of February 2019, the SIF has 22 jurisdictions as members, including:

* Argentina: Superintendencia de Seguros de la Nación (SSN)

* Australia: Australian Prudential Regulation Authority (APRA)

* Belgium: National Bank of Belgium (NBB)

* Brazil: Superintendência de Seguros Privados (SUSEP)

* Costa Rica: Superintendencia General de Seguros de Costa Rica (SUGESE)

* Finland: Finanssivalvonta (FIN-FSA)

* France: Autorité de Contrôle Prudentiel et de Résolution (ACPR)

* European Union: European Insurance and Occupational Pensions Authority (EIOPA)

* Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

* Ghana: National Insurance Commission (NIC)

* Guernsey: Guernsey Financial Services Commission

* Italy: Istituto per la Vigilanza Sulle Assicurazioni (IVASS)

* Japan: Financial Services Agency (FSA)

* Morocco: Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS)

* Netherlands: De Nederlandsche Bank (DNB)

* New Zealand: Reserve Bank of New Zealand (RBNZ)

* Singapore: Monetary Authority of Singapore (MAS)

* South Africa: South African Reserve Bank; Financial Sector Conduct Authority

* Sweden: Finansinspektionen (FI)

* United Kingdom: Bank of England Prudential Regulation Authority (PRA)

* United States – California: California Department of Insurance (CDI)

* United States – Washington State: Office of the Insurance Commissioner (OIC)

The SIF works closely with the International Association of Insurance Supervisors, the Access to Insurance Initiative, the UN Principles for Sustainable Insurance, UNEP Finance Initiative, and other partner institutions.

This SIF is convened by UN Environment Programme, which serves as its Secretariat. For further information, please contact Jeremy McDaniels, SIF Secretary, at Jeremy.McDaniels@un.org

www.sustainableinsuranceforum.org

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Jeremy McDaniels: jeremy.mcdaniels@un.org