This white paper explains how insurers can use a climate‑aware Own Risk and Solvency Assessment to better understand and manage climate‑related risks. Climate risks increasingly affect insurers’ operations, portfolios, and long‑term solvency, making forward‑looking assessment essential. While regulatory capital requirements often focus on short‑term measures, ORSA provides a broader framework that spans governance, risk management, and longer time horizons. These characteristics make ORSA well suited for incorporating physical and transition climate risks and evaluating strategic responses. By embedding climate considerations into ORSA, insurers can improve resilience, support regulatory expectations, and make more informed decisions about risk, capital, and optimization strategies.

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