40% of insurers fail to specify climate as a key risk – LCP
Despite regulators’ urging, many UK and Irish insurers omit climate from risk statements, says report
Forty per cent of UK and Irish non-life insurance companies failed to mention climate change in their most recent risk reports, according to new research by LCP, a pensions consultancy, despite regulators demanding that they do so by the end of the year.
LCP found that almost half of the 100 firms it examined ignored the climate crisis in their Solvency and Financial Condition Reports (SFCRs) even though the UK’s Prudential Regulation Authority said in a July letter that insurance companies
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