Insurers face fines for failing to disclose climate risks

8/7/2018 6:04:00 AM

Source: Business Insurance

U.K.’s Financial Conduct Authority could fine three local insurers for failing to disclose climate-related risks in their annual financial reports, Ekklesia reported. Environmental organization ClientEarth reported the three insurers – Admiral Group P.L.C., Lancashire Holdings Ltd. and Phoenix Group Holdings – to the regulator. The insurers are legally obliged to include climate risks in their annual reports.