Insurers face annualised losses of 70% in BoE’s worst-case climate test
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Insurers face annualised losses of 70% in BoE’s worst-case climate test

Aisling Finn
24 May 2022
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City of London. London's panorama at sun set.

UK and international general insurers have projected a rise in annualised losses of around 50% and 70%, respectively, in the worst-case climate scenario in the Bank of England’s Biennial Exploratory Scenario (CBES) test.

The test seeks to measure the financial exposure of banks and insurers to climate-related risks.

The insurer cohort facing the assessments includes six general insurers, equating to about 60% of the general insurance market, and 10 Lloyd’s syndicates – around...

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