The work of the Prudential Authority and the Financial Stability Department is focussed on improving the resilience of the financial sector to climate related risks and on incorporating climate related information in funding and insurance decisions. Climate change indicators, disclosure and taxonomy rules will become part of the prudential framework. During 2021, an inaugural sensitivity stress test was conducted of the insurance sector.
The results of the stress test were encouraging – an indication that large insurers would have sufficient financial resources in the event of an adverse scenario. Staff matters  The hybrid way of working that the SARB initiated during the pandemic will stand us in good stead as we kick-start the renovation of the Head Office building in Pretoria.