SWITZERLAND SETS OUT CLIMATE DISCLOSURE RULES FOR INSURERS

Switzerland’s financial markets regulator FINMA has amended its disclosure requirements for climate-related financial risks. The regulator is requiring large insurers and banks to provide “qualitative and quantitative” information on climate risks, including the consequences of climate change. In addition, insurers will need to disclose their risk management process and governance structure for climate-related risks. The move is intended to address greenwashing and promote transparency, FINMA said. The requirements, based on the Task Force on Climate-related Financial Disclosures (TCFD) international disclosure rules, will enter into force on 1 July 2021.