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Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change

Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change

In this consultation paper (CP), the Prudential Regulation Authority (PRA) seeks views on a draft supervisory statement (SS) on banks’ and insurers’ approaches to managing the financial risks from climate change (see Appendix).

The CP is relevant to all UK insurance and reinsurance firms and groups, ie those within the scope of Solvency II including the Society of Lloyd’s and managing agents (‘Solvency II firms’) and non-Solvency II firms, (collectively referred to as ‘insurers’), banks, building societies, and PRA-designated investment firms (hereinafter ‘banks’). ‘Firms’ will be used to refer to both insurers and banks

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