MAS Guidelines on Environmental Risk Management for Insurers

MAS Guidelines

Published March 5th, 2026

Detected March 14th, 2026

Summary

The Monetary Authority of Singapore (MAS) has issued revised guidelines on environmental risk management for all insurers, with an addendum on transition planning effective March 5, 2026. These guidelines detail MAS' expectations for managing climate-related transition and physical risks.

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What changed

The Monetary Authority of Singapore (MAS) has updated its Guidelines on Environmental Risk Management for Insurers, with a specific addendum on transition planning taking effect on March 5, 2026. The revised guidelines outline MAS' expectations across governance, strategy, risk management, underwriting, investment, and disclosure related to environmental risks. The addendum provides more detailed supervisory expectations for managing transition and physical risks arising from climate change.

Insurers are expected to review and update their environmental risk management frameworks to align with these guidelines. This includes integrating climate change considerations into their strategic planning, risk management processes, and operational activities. While the guidelines themselves are non-binding, adherence is expected as part of sound risk management practices. Compliance officers should ensure their firms' policies and procedures reflect the updated expectations, particularly concerning transition planning and disclosure.

What to do next

Review and update environmental risk management frameworks to align with MAS expectations.
Integrate climate change considerations into governance, strategy, risk management, underwriting, investment, and disclosure processes.
Ensure compliance with the addendum on transition planning by March 5, 2026.

Source document (simplified)

Decrease font size Increase font size Print this page Guidelines Last Revised Date: 05 March 2026

Guidelines on Environmental Risk Management for Insurers

These guidelines set out MAS' expectations on environmental risk management for all insurers.
- Risk Management
- Guidelines on Risk Management Practices
- Environmental Risk
- Transition Planning

Applies to: Direct Insurer (Life), Direct Insurer (General), Direct Insurer (Composite), Reinsurer (Life), Reinsurer (General), Reinsurer (Composite), Captive Insurer, Lloyd's Asia Scheme, Authorised Reinsurer, Financial Holding Company (Insurance)

These guidelines set out MAS’ expectations on environmental risk management for all insurers.

The guidelines cover:

Governance and strategy
Risk management
Underwriting
Investment
Disclosure of environmental risk information The addendum on transition planning sets out more detailed supervisory expectations for insurers to manage the transition and physical risks they face from climate change as part of a sound transition planning process.

View Documents

Guidelines on Environmental Risk Management for Insurers (Dec 2020) (289.6 KB)
Guidelines on Environmental Risk Management for Insurers - Transition Planning (Mar 2026) (424.3 KB)
Guidelines to enhance fund management companies’ and real estate investment trust managers’ management of environmental risk.
Guidelines to enhance banks’ resilience to and management of environmental risk.
Inform insurers of the publication of an addendum on transition planning to the Guidelines on Environmental Risk Management, which sets out more detailed supervisory expectations for insurers to manage the transition and physical risks they face from climate change as part of a sound transition planning process.
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
This consultation sets out MAS’ proposed Guidelines on Transition Planning for all insurers. The Guidelines set out the expectation for these financial institutions to have a sound transition planning process to enable effective climate change mitigation and adaptation measures by their customers, asset managers and investees in the global transition to a net zero economy and the expected physical effects of climate change.

Consultation number: P013-2023 Start date: 18 October 2023 Closing date: 18 December 2023 MAS response date: 05 March 2026
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