Sustainable finance roundtable: EIOPA announces its sustainable finance activities for the coming three years

The European Insurance and Occupational Pensions (EIOPA) is organising today its 5th Sustainable Finance Roundtable which gathers representatives from supervisors, industry, consumer organisations, and academia to discuss society’s resilience to sustainability risks, the role of insurers and pensions and EIOPA’s work in this area.

On this occasion, EIOPA announced its three year plan which will help to integrate sustainable finance across all areas of its own work. From 2022-2024, EIOPA defined its key areas of activity:

At the same time, EIOPA is launching a pilot exercise on climate change adaptation in non-life underwriting and is inviting interested insurers to join. The exercise will help EIOPA to assess the appropriateness of the prudential treatment of climate-related adaptation measures in the technical provisions and solvency capital requirements for non-life underwriting risks under Solvency II. Furthermore, this will contribute to a better understanding of how insurers integrate climate-related adaptation measures in non-life insurance products.

Sustainable finance remains one of EIOPA’s priority. The focus of EIOPA’s work will continue to be evidence-based and shall help insurers and pension funds as managers of large parts of society’s risks and important long term investors, to strengthen their roles in mitigating and adapting to the risks posed by climate change. At the same time, this should support the transition to a more sustainable and resilient economy.

The key areas of activity build on EIOPA’s deliverables on sustainable finance since 2018 and are reflected in the EU Commission Strategy for Financing the Transition to a Sustainable Economy and Climate Adaptation Strategy.