When we look at our members and we look at, in particular, the work we have been doing with OSFI on climate risk disclosure, which I think is incredibly important.... In March 2023, OSFI finalized its draft guideline on B-15, and it established its expectations for climate-related risk disclosures.
In terms of where we are right now, our members are currently undertaking, and we're finalizing—they'll be conducting it later this year—climate risk analyses on their full operations. It is incredibly important for us in order to ensure the soundness of our business so that we're delivering effectively on that.
The one thing I want to mention is that, when we think about net zero and the investment portfolio of property and casualty insurers, which is slightly different, we have various restrictions in terms of investment concentration. When you look at, let's say, last year, 2023, you'll see that our invested assets equalled $139 billion, and 72% of that was bonds. OSFI puts additional limitations on us to not overly invest in a single company or a single-industry series of companies in order to ensure that we have the reserves available to pay out to policyholders.
I would say that it's incredibly important. We are very seized with climate change, particularly the physical-risk side of things that we're already seeing.