Transcription of Guidance for New York Domestic Insurers on Managing the …
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1 Guidance for New York Domestic Insurers on Managing the financial Risks from Climate Change November 15, 2021 Table of Contents 1. Introduction .. 1 2. financial Risks from Climate Change .. 4 Physical and Transition Risks .. 4 Distinctive Nature of Climate Risks .. 5 3. DFS Expectations .. 5 Proportionate Approach .. 5 Materiality .. 6 Time Horizon for Consideration of Climate Risks in Business Decisions .. 7 Uncertainty and Data Gaps .. 8 Timeline for Implementation .. 9 Risk Culture and Governance .. 9 Business Models and Strategies.
1. As one of the most critical risk-management issues of our generation, climate change poses wide-ranging and material risks to the financial system. This is especially true for the insurance industry, where the physical and transition risks resulting from climate change affect both sides of …
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