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Audit & assurance
Independence and rigour that provides confidence and transparency for stakeholders and society.
The CBI newsletter outlines how the review was conducted. Insurers across Ireland have a wide range of approaches to Nat Cat modelling, governance over modelling decisions, and understanding of underlying exposures. While the CBI’s insights are not prescriptive requirements for firms to implement, it vital that firms do take action to improve their processes, noting that iterative improvements are expected year-on-year across the Climate Risk space. Further next steps for insurers are provided at the end of this article.
Here are some examples of 'good practices' that are exhibited in the Irish insurance market:
Here are some examples of 'weak practices' that are exhibited in the Irish insurance market:
While reasonable efforts to model catastrophe and climate risks are being made in the industry, continued emphasis and challenge is required by insurers. The impacts of climate change is already changing the nature of Nat Cat risk and this is likely to continue to be an area of focus from regulators. It is expected that a reasonable degree of training be provided to Boards and Committees to enable key decision makers to better challenge model outputs, limitations and sensitivities and therefore demonstrate oversight of material Nat Cat risks.
It is recommended that insurance undertakings strongly consider the CBI feedback and internal processes are reviewed with the above points in mind.
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