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Internal Audit’s role in supporting insurance firms’ climate change strategies

30 June 2021

12.00 - 1.00 pm

Climate change and prudential risks - PRA's expectations

In their presentation, Nick Dexter and James Orr introduced climate change as a source of prudential risks and set out the PRA’s expectations of firms in responding to these. They summarised the findings from the FRC’s climate thematic review of external audits and suggested potential areas of involvement for internal audit functions, which were explored further with the iiag delegates.


If you would like to view the Webinar recording please click on the link below

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Speakers Profiles

Nick Dexter

Senior Advisor

Bank of England



Nick is a Senior Advisor at the Bank of England.  His principal area of expertise is in insurance and he advises PRA supervision teams on technical areas such as Solvency II, IFRS 17, Climate Risk and insurance practice more generally. 

He has a wealth of insurance expertise, having worked previously as a partner within KPMG’s Actuarial and Insurance Risk practices. As well as being the lead actuarial audit partner for a number of large insurance companies, he advised many of KPMG’s clients on profit reporting and capital and risk management, including IFRS and Solvency II, both in the UK and overseas.

Nick is Chair of the International Actuarial Association's Insurance Regulation Committee and a member of their Climate Risk task force.  He is also a member of the UK actuarial profession's Practising Certificates Committee, and the Financial Reporting Group which looks at IFRS reporting. 

He is also a non-executive director of MAPFRE MSV plc, Malta’s largest life insurer.

James Orr

Senior Manager






James is an actuary with extensive experience in insurance regulation, including 13 years as the Chief Actuary for General Insurance at the PRA and the FSA. He oversaw the production of the PRA’s seminal paper on ‘The impact of climate change on the UK insurance sector’, which was published in 2015 and he was a contributing author to the Institute & Faculty of Actuaries ‘Practical Guide to Climate Change for GI Practitioners’, published in 2019. Having stepped down from his Chief Actuary role earlier this year, James now focuses on supporting the PRA in managing and delivering strategic projects