• Note 1: Incremental additional losses compared with losses that would be expected to occur in a hypothetical counterfactual scenario in which there are no additional headwinds from climate risks.
• Note 2: For banks, chart shows cumulative 30-year impairment losses on bank lending. For life insurers it shows additional investment losses at year 30. For general insurers it shows additional investment losses at year 30, plus the cumulative increase in average annual loss over 30 years relative to year zero.