EU insurers suggest improvements to EIOPA paper on sustainability in Solvency II

Tuesday, 30 July 2019

EU insurers suggest improvements to EIOPA paper on sustainability in Solvency II




Insurance Europe has responded to a European Insurance and Occupational Pensions Authority (EIOPA) opinion paper on sustainability in Solvency II. Insurance Europe said that Solvency II is not a barrier to the integration of sustainability and also noted that sustainability risks are already incorporated into the framework.
Insurance Europe warned that the direct incorporation of a uniform quantitative approach into the own risk assessment (ORSA), based on a standardised set of climate change scenarios, would contrast with the very nature of the ORSA, which is company-specific and with a unique time horizon.
With respect to the use of a forward-looking approach, Insurance Europe said that insurers should be given maximum flexibility to use the most suitable tools to deal with sustainability risks in line with their undertakings’ characteristics.
Insurance Europe added that proportionality should be duly considered in any proposed requirements.

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