| dc.description | The Sustainable Insurance Forum (SIF), a leadership group of insurance supervisors and regulators from several nations and jurisdictions working together to strengthen their response to sustainability challenges for the insurance sector, welcomes the recommendations and guidance of the FSB Task Force on Climate Related Financial Disclosures (TCFD). Climate change is one of the most serious long-term threats to the financial system. Insurance is one of the financial sub-sectors most exposed to climate-related risks, being potentially exposed on both sides of its balance sheet. Better climate disclosure will enable insurance firms both to improve the underwriting of key risks and also strengthen the management of their investment assets. Better climate disclosure will also enhance the ability of insurance supervisors to ensure the soundness of insurance firms and contribute to the stability of the financial system as a whole. A growing number of insurance supervisors are taking action to respond to climate-related risks to the sector, with disclosure being a core focus. As a result, the SIF strongly supports the recommendations and guidance set out by the TCFD, and appreciates the opportunity to provide feedback as part of the public consultation process. Furthermore, the SIF believes that insurance supervisors can play an important role in strengthening, operationalizing and promoting widespread adoption of the recommendations. | en_US |
