Insurers face up to 70% uptick in losses in BoE’s worst-case climate test
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Insurers face up to 70% uptick in losses in BoE’s worst-case climate test

Aisling Finn
25 May 2022
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City of London. London's panorama at sun set.

UK general insurers have projected a rise in annualised losses of around 50% and 70% for their UK and US exposures respectively, in the worst-case climate scenario in the Bank of England’s Biennial Exploratory Scenario (CBES) test.

The test seeks to measure the financial exposure of banks and insurers to climate-related risks.

The 50% increase in average annual losses by 2050 related to general insurers' UK exposures, and 70% to their US liabilities, in a scenario assuming...

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