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Sustainability within Solvency II: EIOPA Opinion

This commentary looks at the EIOPA Opinion on Sustainability within Solvency II.
08 October 2019
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    Key takeaways:

    • On 30 September 2019, EIOPA (European Insurance and Occupational Pensions) published its Opinion on Sustainability within Solvency II
    • Overall, European institutional investors are known to be leaders in ESG integration, but European insurers do not appear to be consistent contributors to this leadership
    • A key issue insurers and regulators have to deal with when thinking about incorporating sustainability, is a difference in time horizon between the annual insurance renewal cycle and the longer-term impact of climate change
    • Insurance companies should expect increasing regulatory scrutiny of the extent to which they incorporate sustainability factors into their investment practices as well as underwriting policies and practices
    • Insurers will need to develop their own ESG policies and develop or amend their investment strategies to bring them in line with these policies