On June 18, 2024, the IIF responded to the IAIS’s consultation on Climate Risk Consultation Package 3 – proposed changes to Insurance Core Principles guidance to reflect climate risk. Our response highlighted the need for an iterative and proportionate approach to the development of guidance and supporting material on climate-related financial risks, the need for supervisory coordination and a clear linkage to supervisory mandates, and the importance of recognizing climate risk as one of many drivers of financial risks. We offered specific recommendations for the redrafting of certain paragraphs of the consultation package.