The requirement or expectation for insurers and reinsurers to produce publicly available climate-related disclosures has received increasing focus both in the United Kingdom and globally in recent years. This has been driven largely by the work of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board in 2015. Milliman has conducted research into the status of TCFD reporting across the U.K. insurance industry, covering both life and non-life insurance providers. This paper covers:
- A brief overview of the TCFD framework
- Regulatory expectations relating to the TCFD framework within the U.K.
- Research results