ANALYSIS – The cost of claims related to natural disasters may increase fivefold by 2050.
Global warming could cause an increase in natural disasters by 2050, and consequently cause insurance prices to skyrocket. These fears were expressed on Tuesday by the supervisor of banks and insurance, the Prudential Control and Resolution Authority (ACPR), which depends on the Banque de France. Over the course of a year, the latter subjected nine banking groups and fifteen insurance companies to an exercise aimed at assessing their resistance to climate change. A bit like the tests carried out to measure the resistance of banks to a financial shock. This is a first, which will soon be followed by the “climatic stress tests” of the European Central Bank (ECB) and the Bank of England.
Concretely, banks and insurers had to assess what would be the consequences of three scenarios of more or less orderly and rapid changes in economies, necessary to achieve carbon neutrality in 2050. These establishments
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