The Bermuda Monetary Authority has extended the deadline for industry feedback in response to its discussion paper about the disclosure of climate change risks for commercial insurers.

The new deadline is February 15.

The BMA said the feedback sought is in relation to its considerations and proposals pertaining to how insurers should publicly disclose their climate risk exposure, mitigation and monitoring activities on an annual basis.

It said disclosures are seen to be an integral element of gaining insights into the financial impact of climate change risks and how they can guide insurers’ key strategic decisions.

The discussion paper includes 18 questions, with responses highly encouraged to help shape the approach the BMA will take on public climate risk disclosures for the commercial insurance market in Bermuda.

The BMA said it will consider the industry’s feedback and subsequently issue a consultation paper on the proposed climate risk disclosures for all commercial insurers using the proposed phased-in approach.

A BMA spokeswoman said: “This deadline extension recognises the overall importance of industry feedback, in guiding the BMA’s approach to public climate risk disclosure. The views of our industry partners and any other interested individuals on the proposals set out in this discussion paper are invited.”