August 2022
Insurance Risks: Compliance with NY DFS climate guidance
Consistent with issuances from the U.S. financial services regulators, and informed by international frameworks and regulations, the NY DFS climate guidance focuses insurers on climate-related governance, risk management, scenario analysis, and disclosure, inclusive of higher expectations in areas like stress testing, portfolio/sector analysis, due diligence, and integration across all risk pillars. While not specifically denoted in the guidance, insurers should be prepared to demonstrate compliance to this guidance through well-documented and established policies, governance structures, program, and control documentation. The guidance is to address current and evolving material climate risks, and insurers should make informed judgments regarding the significance of climate risks to their business.
Insurance Risks: Compliance with NY DFS climate guidance
Guidance focuses insurers on climate-related governance, risk management, scenario analysis, and disclosure
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Insurance Risks: Compliance with NY DFS climate guidance
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Amy S. Matsuo
Principal, U.S. Regulatory Insights & Compliance Transformation Lead, KPMG LLP
Sean Vicente
Office Managing Partner, Advisory, KPMG LLP