PRA instructs insurers, banks on progress needed on climate risk
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PRA instructs insurers, banks on progress needed on climate risk

Marcel Le Gouais
21 October 2022
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The Prudential Regulation Authority (PRA) has told insurers and banks “further progress is needed by all firms” in embedding climate risk management, and repeated its observation around the lack of robust data to support the process.

In a "Dear CEO" letter to banks and insurers, PRA CEO Sam Woods set out the regulator’s overall thinking on how firms performed against a climate risk stress test conducted earlier this year.

While

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Marcel Le Gouais
Deputy Editor
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