DBRS Morningstar released a commentary titled "Italian Non-Life Insurance—Incorporating Climate Change into Risk Management," which discusses Italian insurers’ approach to incorporating climate change into risk management.
Key highlights include the following:
Italy is considered one of the countries in Europe with high exposure to climate change risks.
In managing physical risks of climate change, Italian insurers are concentrated on evaluating their potential impact on the underwriting risk.
Some of the leading insurers indicated that climate change impacts have been incorporated into their Own Risk and Solvency Assessment processes and influenced their reinsurance strategies.
"Insurers’ substantial expertise in mitigating natural catastrophes risk developed over many years of operations in Italy positions them well to deal with climate change risks in the long term," said Tomasz Walkowicz, Vice President in DBRS Morningstar’s European FIG team.
To view the full report, click here: https://www.dbrsmorningstar.com/research/378463/italian-non-life-insuranceincorporating-climate-change-into-risk-management.
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