National Bank of Moldova hosts climate risk capacity-building session for the insurance sector with IFC and Ceres

The National Bank of Moldova, working with the International Finance Corporation (IFC) and the non-profit Ceres, held an online session on the impact of climate risk on Moldova’s insurance sector for central bank staff and insurance companies, positioning the exercise as part of efforts to build supervisory and industry capacity and align with emerging international standards. Experts from the United States (including Ceres and the National Association of Insurance Commissioners), the European Union (the European Insurance and Occupational Pensions Authority), and the region discussed how climate risks are increasingly influencing insurance markets, regulatory expectations, and global financial stability. The session highlighted that natural-disaster losses exceeded USD 280 billion in 2023 and noted that comparable risks are already visible in Moldova through floods, droughts, and extreme weather, with significant losses over recent decades. Participants reviewed case studies on climate-risk disclosures, stress testing, and market reactions, alongside approaches for integrating climate data into underwriting, pricing, and insurance product development, and outlined initial steps insurers and supervisors can take to strengthen resilience. The training forms part of an ongoing capacity-building initiative implemented in cooperation with the IFC Sustainable Finance Project in Moldova, supported by the Facility for Investment Climate Advisory Services (FIAS).