Climate-related risks are impacting many aspects of an insurers business. One of the tools insurers use to assess the potential impacts of risks and investigate different optimization strategies is the Own Risk and Solvency Assessment (ORSA). While the regulatory capital requirement may be determined by a metric over a shorter time period (For example a one year risk measure) the ORSA is often broader, spanning governance and risk management practices and looking further into the future. These traits indicate that the ORSA could be well suited to incorporating climate-related risks.
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This article is published as part of the Moody's Climate Risk Insurers series.