Italy is among the European countries that are most exposed to the risk of natural disasters, often associated with climate change and environmental and territorial degradation, but it is still among those where the presence of insurance to protect businesses and families from related losses is lower.
Possible scenarios caused by climate change – emphasizes Ivass in a letter to the market – make many insurance activities more complex, from underwriting to investment policies, from determining product prices to defining information for clients.
Management and internal control systems need to be redesigned to take into account the increased forecast uncertainty. Companies have a special role in preventing and mitigating these risks, which is also recognized in the recent provisions of the European Union on sustainability disclosure and the taxonomy on sustainable investments.
With this letter to the market, the Supervisory Authority initiates an agreement with all companies qualitative and quantitative detectionsent on 31.12.2021, about physical and health risks
transition to a sustainable, low-carbon economy.
The requested information must be submitted by the end of next October, via the “Infostat” platform.