12/12/19

SWITZERLAND: Climate Change a Long-Term Risk for Swiss Finance.

As published on uk.reuters.com, Tuesday December 10, 2019.

ZURICH, Dec 10 (Reuters) - Climate change poses one of the biggest long-term threats to the financial industry, Switzerland’s financial market supervisor FINMA said in its first-ever risk report published on Tuesday.

The financial industry faces broad-based risks related to climate change and the regulatory and political response to environmental problems, ranging from rising natural catastrophe costs that could cause significant losses for the insurance industry to a drastic repricing of climate-exposed assets which may not be fully anticipated by markets, FINMA boss Mark Branson told a news conference.