The Thailand Office of Insurance Commission (OIC) held a workshop with Moody’s Insurance ASEAN to support the development of supervisory standards and risk management practices that address climate change and natural catastrophe risks in Thailand’s insurance sector, including preparation for climate stress testing. The session, titled “Strengthening Climate and Catastrophe Resilience”, focused on regulatory approaches and practical methods for assessing physical risk and transition risk, with expert input on flood and earthquake hazards. OIC also linked the work to insurers’ Own Risk Solvency Assessment (ORSA), noting that natural catastrophe scenarios have been included in stress testing since 2018 and highlighting recent earthquake-related economic losses in Thailand as a catalyst for strengthening climate stress test readiness. OIC framed the workshop as part of a longer-term cooperation with Moody’s Insurance ASEAN and a platform to coordinate with the wider insurance sector on increasingly complex risk preparedness.
Thailand Office of Insurance Commission 2025-05-13
Thailand Office of Insurance Commission holds workshop with Moody’s Insurance ASEAN to strengthen climate and catastrophe stress testing
The Thailand Office of Insurance Commission (OIC) and Moody’s Insurance ASEAN held a workshop to enhance supervisory standards and risk management for climate change and natural catastrophe risks in the insurance sector. The session focused on regulatory approaches for assessing physical and transition risks, integrating these into insurers’ Own Risk Solvency Assessment (ORSA). This initiative is part of OIC's ongoing cooperation with Moody’s to bolster climate stress test readiness.