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The Impact of Climate Risks on the Insurance and Banking Industries

In: Sustainability and Financial Risks

Author

Listed:
  • Giorgio Caselli

    (Centre for Business Research, University of Cambridge)

  • Catarina Figueira

    (Cranfield University)

Abstract

It is now largely recognised that the global climate has changed since the pre-industrial period. While the role of financial institutions in the transition to a low-carbon economy has received increasing attention over time, more limited has been the evidence on how climate change might affect financial institutions’ balance sheets. This chapter aims to redress this paucity of evidence by examining the impact of climate risks on the banking and insurance industries. To this purpose, it presents the main channels through which the physical, transition and liability risks of climate change might translate into financial risks for banks and insurance companies, along with the key data available to date. The extent to which climate risks might impair financial stability while causing new market failures is also discussed.

Suggested Citation

  • Giorgio Caselli & Catarina Figueira, 2020. "The Impact of Climate Risks on the Insurance and Banking Industries," Palgrave Studies in Impact Finance, in: Marco Migliorelli & Philippe Dessertine (ed.), Sustainability and Financial Risks, chapter 0, pages 31-62, Palgrave Macmillan.
  • Handle: RePEc:pal:psifcp:978-3-030-54530-7_2
    DOI: 10.1007/978-3-030-54530-7_2
    as

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