FBK Grant Thornton on Disclosure of Climate-Related Risks by Insurance Companies

FBK Grant Thornton has held a webinar titled “Climate-Related Risks in Financial Statements of Insurance Companies”. The focus was on the Bank of Russia’s letter that recommends insurance companies to identify and report material factors associated with climate-related risks and reconsider their business strategies based on a potential impact of this kind of risks on financial solvency.

Vladimir Skobarev, a Partner of FBK Grant Thonrton, spoke about non-financial reporting, ESG (environmental, social and governance) risks and their management. He explained that measurement of non-financial factors is an important objective of corporate reporting. In the end, he presented recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) concerning measurement and reporting of climate-related risks.

Maksim Chikishev, the Head of Advisory to Insurance Companies, shared international best practices for the measurement of climate-related risks applied by insurance companies. He spoke about risk management and cited examples of disclosures in financial statements of big insurance companies.