Scenarios and main assumptions of the 2023 climate stress test exercise
The Autorité de contrôle prudentiel et de résolution (ACPR) publishes the assumptions and expectations for its new climate stress test exercise, exclusively dedicated to insurers.
The ACPR expects major market mobilization for this stress test, which remains voluntary. It follows a pilot exercise conducted in 2020 in which 15 insurance groups participated, representing approximately 75% of the insurers’ total balance sheet.
The publication includes:
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A main document setting out the scenarios and the main assumptions used in this climate stress test exercise;
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A technical guide, which specifies the technical details of the exercise;
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The templates that the participating insurers will have to submit to the ACPR teams;
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The Excel files presenting the macroeconomic and financial variables as well as the assumptions to be used by the participating insurers:
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For each long term scenario (Baseline, Below 2°C and Delayed Transition);
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The Excel files setting out the reaction assumptions for the insured demand (unaffordability thresholds), the healthcare assumptions provided by AON, as well as the correspondence table between the different sector classifications (NACE, BICS).
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Updated on the 25th of April 2025