Our current plan is to publish results in the first quarter of 2022, following a second round of submissions if that proves necessary. (2) We will also run another comprehensive insurance stress test in 2022, which amongst other things will include a dedicated scenario for general insurers underwriting cyber risk, reflecting our view that firms still need to improve the way they assess and manage their cyber exposures. Life insurers were included in the stress test for the first time in 2019 and it was hard to produce robust results, comparable across firms with diverse business models and capable of being sensibly aggregated. We will be engaging with life firms in the very near future on lessons learned from the 2019 exercise to understand better where investment is needed – by most firms – to improve capability. Also what the PRA can do to make the test more successful, including the way in which we specify stresses, and what can be achieved in time for the 2022 and subsequent exercises. By 2022, our objective is to be able to use our stress testing exercises alongside our other supervisory analysis to improve our insights into the resilience of both the general and life insurance sectors. Looking further ahead, stress and scenario testing has more scope to develop as a supervisory tool. Areas to explore include transparency and the potential role of sector-wide stress testing in the solvency assessment framework.
In line with this assessment, we are taking steps to increase our understanding of the impact of climate change from a financial perspective and to ensure that banks fully incorporate these risks into their processes and practices. I will now go through the recent and ongoing climate-related initiatives related to our supervisory work. The ECB Guide and climate-related disclosures  2/5  BIS central bankers' speeches  In November last year we published the ECB Guide on climate-related and environmental risks.6 It builds on the Guide for Supervisors7 of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), and communicates the ECB’s understanding of a prudent approach to managing such risks to banks, markets and the wider public, with the aim of raising banks’ awareness and preparedness for managing them. In our Guide, we outline our supervisory expectations for how climate and environmental risks should be embedded in all relevant bank processes, from banks’ risk management frameworks to their governance structures, risk appetite, business model and strategy, and, importantly, their reporting and disclosures. Our ultimate goal is to cause banks to make sure their business strategies fully reflect the Paris Agreement – and there is one thing that will be key in getting us there: data. When it comes to tackling climate risk as a financial risk, data are what we are missing the most.