Notice - Discussion Paper - Disclosure of Climate Change Risks for Commercial Insurers - New Extended Response Deadline (2023-12-11)

Summary

This notice from the Bermuda Monetary Authority (BMA) extends the response deadline for its Discussion Paper on Disclosure of Climate Change Risks for Commercial Insurers. The original discussion paper was issued in September 2023 and sought industry feedback on proposed public disclosure requirements for climate risk exposure, mitigation and monitoring, aligned with the TCFD framework. All substantive content of the paper is unchanged; only the feedback deadline has been extended.

• Purpose: Solicits industry feedback on proposals for how commercial insurers should publicly disclose climate risk exposure, mitigation and monitoring activities annually.
• Scope of feedback: Stakeholders are invited to respond to all 18 questions posed in the Discussion Paper.
• Format: Responses must be submitted using the Appendix C Excel spreadsheet enclosed with the Discussion Paper.
• Submission: Responses should be emailed to climaterisk@bma.bm with the company name and Discussion Paper Disclosure of Climate Change in the subject line.
• Next steps: After considering feedback, the BMA intends to issue a consultation paper on proposed climate risk disclosures for all commercial insurers using a phased-in approach.

This is an informational and consultative notice rather than a binding rule; no disclosure obligations are yet imposed on insurers, only an invitation to comment by the new deadline.

Key obligations

• Stakeholders wishing to respond must submit feedback on the 18 questions using the Appendix C Excel spreadsheet format enclosed with the Discussion Paper.
• Responses must be emailed to climaterisk@bma.bm prior to 15 February 2024, with the company name and paper title in the subject line.

Applies to

commercial insurers

Deadlines

• 15 February 2024: New extended deadline for stakeholders to submit feedback on the Discussion Paper on Disclosure of Climate Change Risks for Commercial Insurers.