The Australian Prudential Regulation Agency (APRA) will emphasise to regulated entities that they should conduct stress testing for “organisational and systemic resilience in the face of adverse shocks” from climate risk.
Speaking to the Insurance Council of Australia Annual Forum in Sydney, Geoff Summerhayes, executive board member, spoke of APRA’s evolving view on climate risks as part of the agency’s “broader approach to prudential risk management and supervision.”
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