The challenges related to Climate Change are considerable for the financial sector which must cope with a significant increase in financial risks linked to global warming, and play a determinant role in the transition to a low-carbon economy.
In this context, the French Prudential Supervision Authority (ACPR) has conducted a first pilot climate stress test in 2020-2021, which concluded that French banks and insurance companies have a “moderate” exposure to risks linked to climate change.
The ACPR conducted a second climate exercise in 2023, by restricting its scope to the insurance sector. This exercise, covering 90% of the French insurance balance sheet, had explored new dimensions in climate risk assessments by studying the impact of extreme but plausible hypothesis over the short and long term.
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