EIOPA launched a consultation on the application guidance on running climate change materiality assessment and using climate change scenarios in ORSA.
The consultation gives general insights in the ORSA where undertakings have the possibility to address climate change risks and provides examples using both dummy non-life and life companies, which will help to design the steps for the materiality assessment and to run climate change scenarios.
EIOPA’s final application guidance is expected for June 2022, once the feedback is integrated following the consultation period and the pilot exercise starting in March 2022.
The secretariat of Insurance Europe will follow up with a timeline for responding, the deadline for providing feedback to EIOPA is 10 February 2022.
For more information, please see here.