Hong Kong during last year’s Typhoon Lionrock. Banks will need to get more insurance cover for flooding and other business interruptions to protect themselves, an analyst says. Photo: Sam Tsang
Hong Kong during last year’s Typhoon Lionrock. Banks will need to get more insurance cover for flooding and other business interruptions to protect themselves, an analyst says. Photo: Sam Tsang

Hong Kong banks must step up preparedness for extreme climate events and carbon policy changes, stress test finds

  • More intense climate hazards will cause banks to suffer an annual operational loss of US$282 million, HKMA says
  • HKMA will conduct a similar test two years from now, CEO says

Topic |   Hong Kong Monetary Authority (HKMA)
Hong Kong during last year’s Typhoon Lionrock. Banks will need to get more insurance cover for flooding and other business interruptions to protect themselves, an analyst says. Photo: Sam Tsang
Hong Kong during last year’s Typhoon Lionrock. Banks will need to get more insurance cover for flooding and other business interruptions to protect themselves, an analyst says. Photo: Sam Tsang
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