On the occasion of its 5th Sustainable Finance Roundtable, EIOPA announced its three year plan to integrate sustainable finance across all areas of its own work. In short, from 2022-2024, EIOPA defined its 7 key areas of activity as:
⦁ Integration of sustainability risks in the prudential framework of insurers and pension funds.
⦁ Consolidation of the macro/micro-prudential risk assessment of sustainability risks in tools and methodologies, such as developing methodological principles of climate change insurance stress testing.
⦁ Promotion of sustainability disclosures and a sustainable conduct of business framework by providing guidance on disclosures under the SFDR and the Taxonomy Regulation.
⦁ Support supervision of sustainability risks and supervisory convergence in the EU by issuing application guidance and conducting a pilot exercise on the supervision of the use of climate change risk scenarios in ORSA.
⦁ Addressing protection gaps by completing the dashboard on insurance protection gaps for natural catastrophes.
⦁ Promotion of the use of open source modelling and data in relation to climate change risks.
⦁ Contribution to international convergence for the assessment and management of sustainability risks through international dialogues and fora on sustainability
In addition, EIOPA published the opening remarks of its Chairperson, Petra Hielkema (here), and all the presentations made during the event (here).
Insurance Europe