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Banks, insurers need to recognize climate change risks, Dutch central bank says

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Banks, insurers need to recognize climate change risks, Dutch central bank says

Insurers in the Netherlands will have to deal with increasing claims stemming from climate change-related damage, Bloomberg News reported, citing a study by the Dutch central bank.

A single storm could incur €60 billion worth of damage, according to the study. Insurers may be forced to levy "shock-induced price rises" in premiums.

The central bank also said banks and other financial companies should do more to account for climate change risk.

Financial Stability Board Chairman and Bank of England Governor Mark Carney is spearheading an effort to standardize financial-sector rules on how to disclose climate change-triggered risks, Bloomberg said.