English to Spanish Bus/Financial Insurance Climate Change Risk

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regardless of size, are expected to analyze their climate risks on both the underwriting and investment sides of their balance sheets. Small insurers are not necessarily less exposed to climate risks because they may have 6 IAIS and SIF, Application Paper on the Supervision of Climate-related Risks in the Insurance Sector, May 2021. 7 PRA, Supervisory Statement, SS3/19, Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change, April 2019. 6 concentrated business lines or geographies that are highly exposed to climate risks without the benefit of diversification available to larger insurers. 16. As an insurer’s expertise and understanding of climate risks develop, DFS expects the insurer’s approach to managing these risks to mature. Over time, an insurer’s analysis of climate risks and assessment of their materiality for its business should shift from a qualitative approach to an approach that is both qualitative and quantitative for risks that can be quantified. 8 While a qualitative assessment may be based on simple models and a small set of risk factors, a quantitative assessment should seek to quantify those risks based on increasingly sophisticated tools like geospatial data and climate modeling, and a broader set of relevant risk factors, including those described in the Handbook (i.e., credit, legal, liquidity, market, operational, pricing and underwriting, reputational, and strategic risks). 17