News and Events
25 July 2017: The SIF released a joint statement on behalf of supervisors and regulators in 16 jurisdictions welcoming the recommendations and guidance of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD).
16 June 2017: In its Q2 2017 Quarterly Bulletin, the Bank of England sets its strategic response to climate change, including participating in the Sustainable Insurance Forum.
12 February 2017: SIF submits response to FSB Consultation.
In February 2017, the SIF delivered a coordinated response to the FSB Task Force on Climate-related Financial Disclosures Recommendations report consultation. The response focused on three dimensions: i) Understanding role of insurance supervisors as users of disclosure; ii) Amendments to the recommendations; and iii) The role of supervisors in promoting adoption. Looking ahead, the SIF will work to identify practical ways that insurance supervisors and regulators can support the uptake of the TCFD’s final recommendations. A letter summarizing the response can be found here.
18 January 2017: California Department of Insurance releases results of fossil fuel data call. California Insurance Commissioner Dave Jones announced the results from his Climate Risk Carbon Initiative, which required insurance companies to disclose investments in fossil fuels and requested firms to divest from investments in thermal coal. According to the financial data disclosed, insurers surveyed have US$521 billion in fossil fuel-related securities, which include investments in coal, oil, gas and utilities, US$10.5 billion of which consists of investments in thermal coal enterprises. Since the announcement of Commissioner Jones’ Initiative, insurers have already divested more than US$4 billion in thermal coal and other fossil fuel investments, and have committed to disposing of an additional $881million of coal investments.
1 December 2016: The Sustainable Insurance Forum was launched in San Francisco, California. A full press release detailing the launch can be found here.
30 June 2017: Focus on Sustainable Insurance at the IAIS global seminar (Windsor, UK).
As part of the global seminar, SIF members Commissioner Dave Jones (California) and Natalie Haanwinckel Hurtado (SUSEP) will join a panel discussion chaired by Nick Robins (UN Environment) on Sustainable Insurance, focusing on climate change and reporting by insurers.
1 July 2017: 2017 Summer Meeting of the Sustainable Insurance Forum (Windsor, UK)
The SIF will hold its next formal in-person meeting on 1 July 2017, in Windsor (UK), alongside the IAIS Global Seminar. This meeting will bring together representatives from participating jurisdictions and other interested supervisors to share updates on progress across the SIF work programme, including a special focus on assessment of climate risks to investments.
As of 15 June 2017, 16 jurisdictions were confirmed to participate in the SIF Summer meeting, alongside representatives of the IAIS and UN Environment. More jurisdictions are expected to confirm.