maio 22, 2019

A framework for assessing financial impacts of physical climate change: A practitioner’s aide for the general insurance sector

A framework for assessing financial impacts of physical climate change: A practitioner’s aide for the general insurance sector

22 May 2019
With a foreword from David Rule (Executive Director of Insurance Supervision and sponsor of the working group), one-page executive summary, and short introduction, this report has been written by a cross-industry working group to outline a framework for practitioners in the general insurance sector to use to assess the financial impacts of physical climate change.
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Also published today:

Solvency II: Maintenance of the transitional measure on technical provisions - CP11/19

This consultation paper (CP) sets out the Prudential Regulation Authority’s (PRA) proposals to update Supervisory Statement SS6/16 ‘Maintenance of the ‘transitional measure on technical provisions’ under Solvency II’.

The proposals are aimed at:
  • providing additional guidance for firms proposing to use a proportionate approach to the transitional measure on technical provisions (TMTP) recalculation methodology; and
  • providing further clarity on the consistency of Solvency I and Solvency II methodologies. 
The CP is relevant to: UK insurance and reinsurance firms within the scope of Solvency II that have been granted approval to use the TMTP; the Society of Lloyds; and firms that are considering applying to use this transitional measure.
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