Future Of British Business
UK Insurers Need to Look Closer at Climate Risks, Watchdog Says
- The Financial Reporting Council is considering new rules
- Actuaries may be required to factor in climate change risk
Flooding in Upton upon Seven, UK, in 2020.
Photographer: Christopher Furlong/Getty Images
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The UK’s accounting watchdog is proposing new rules for insurance companies to make sure actuaries factor in climate change risk.
“As the importance of climate change risks continues to grow it is critical that actuaries consider these risks in the course of their work,” Mark Babington, executive director of regulatory standards for the Financial Reporting Council, said in a statement Wednesday.