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PRA says more work on climate risks required from many re/insurers

January 13, 2022

UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change.

The PRA acknowledged that some insurers and reinsurers have made “good progress” in embedding supervisory expectations on climate risk.

However, it added that progress has “not been consistent across all firms,” with “further work” required by many to meet those expectations.

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