In 2021, Beazley participated in the Bank of England’s Climate Biennial Exploratory Scenario (or CBES) stress test, which assessed our physical risk, transition risk, and liability risk.
Following this exercise, a series of projects and activities were identified to enable us to keep developing our climate risk assessment approach, and, in June 2022: the Climate Risk Working Group was established to oversee and track projects and activities which has allowed us to achieve the following:
Further develop the pricing of climate change within our underwriting process.
Further develop our climate scenarios, specifically focusing on liability risk.
Utilise the development of different climate scenarios to further our understanding of our exposure to non modelled climate related risks.
Further information on our approach to climate related risk matters can be found within our TCFD disclosures.