The Impact of Climate Change on the UK Insurance Sector

Abstract

the impact of climate change on the uk insurance sector a climate change adaptation report by the prudential regulation authority september 2015 prudential regulation authority 20 moorgate london ec2r 6da prudential regulation authority, registered office: 8 lothbury, london ec2r 7hh. registered in england and wales no: 07854923 the impact of climate change on the uk insurance sector a climate change adaptation report by the prudential regulation authority september 2015 © prudential regulation authority september 2015 2 the impact of climate change on the uk insurance sector september 2015 contents foreword executive summary background insurance industry and climate change physical risks transition risks liability risks conclusion appendices a pra climate change adaptation survey b life assurance references the impact of climate change on the uk insurance sector september 2015 3 foreword 1.1 climate change is a slow-moving process relative to many other public policy issues. nonetheless, the future of the world’s climate system is likely to be heavily dependent on actions over the next few decades. 1.2 central banks across the globe are tasked with promoting monetary and financial stability and are quite used to thinking about the lags between policy action and effect. through the prudential regulation authority (pra), the bank of england has responsibility for regulation of insurance companies in the united kingdom as part of its prudential regulatory responsibilities and …

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