Insurance companies continue to insure and invest in fossil fuels and are abandoning climate affected communities instead. The Net Zero Insurance Alliance has failed to define meaningful steps for addressing climate risk, so regulators need to step up. The International Association of Insurance Supervisors (IAIS) holds its annual meeting in Tokyo on November 6-10 and must set standards for the insurance industry in an escalating climate crisis.
Ahead of the IAIS meeting, insurance and financial regulation campaigners prepared a briefing paper for the IAIS and sent a letter to its executive committee, laying out the steps which insurance regulators need to take to address the environmental and financial risks of the climate crisis.
