BMA: Commercial insurers to file climate risk assessment and action plan from 2023

Commercial insurers in Bermuda will be expected to provide a solvency self-assessment from year-end 2023 onwards, outlining the impact of climate change risk on their operations and the implementation of a framework with action plans and timelines to address these exposures, according to a new guidance note by the Bermuda Monetary Authority (BMA).

 

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