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“From our point of view in terms of thinking of the financial system as a whole, it’s not enough if insurers have the capacity to pay every claim, but there’s a shrinking number of people who can actually secure insurance,” Carmody told the hearing. “You could extrapolate to a tiny pool where no one has an insurance policy but every claim can be paid. That might still mean there is no insolvency problem at an insurance level, but from a financial system point of view, that represents a failure.” Carmody said the regulator had been regularly advising large financial institutions about the financial risks posed by climate change.

New south walesRocky hallMichael brosnanTim ayresSean carmodyAustralian prudential regulatory authority apraAustralian prudential regulatory authoritySocial justice advocatesSapphire coastNew southBush firesClimate changeInsurance industryAustralia newsபுதியது தெற்கு வேல்ஸ்பாறை மண்டபம்