22 leading insurers and reinsurers from across the globe worked with UNEP FI to develop the first comprehensive guidance for the insurance industry to identify and disclose the impact of climate change on their businesses. This report represents the largest collaborative effort by market participants to pilot some of the most challenging recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The overall aim of this pilot project is to contribute to the development of consistent and transparent analytical approaches that can be used to identify, assess and disclose climate change-related risks and opportunities in insurance underwriting portfolios. The report recognizes that the insurance industry needs to assess climate change risks in an integrated manner, not only at an underwriting level but also in terms of its investments. In this vein, the project assesses climate-related physical, transition and litigation risks in underwriting portfolios, with a focus on scenario analysis.
Find information on all UNEP FI’s guidance on implementing the TCFD Recommendations here.