The European Insurance and Occupational Pensions Authority (EIOPA) recently became a member of the Sustainable Insurance Forum (SIF), a network of insurance supervisors and regulators from around the world working together on sustainability challenges facing the insurance sector.
The SIF, together with the International Association of Insurance Supervisors (IAIS), called on the insurance sector to enhance awareness and intensify climate risk scrutiny in a new issues paper on climate change risks published on 31 July 2018. Analyses of extreme weather events point to a growing trend of damages, both for insured and uninsured goods, leading to a significant protection gap. EIOPA will consider transition and physical risk alike and provide input from a European perspective on taxonomy, fiduciary duty, governance, Own Risk and Solvency Assessment as well as disclosure in EIOPA’s Sustainable Action Plan planned to be released in autumn this year.
