FERMA views on integration of sustainability risks within European insurance laws (Solvency II, IDD)
FERMA submitted on 30 January 2019 a response to the EIOPA (European Insurance Authority) consultation about how sustainability risks could be integrated in European insurance laws like Solvency II and IDD.
The focus of our response (read here) was to call EIOPA to consider the need for proportionality of smaller and less complex insurers when assessing where sustainability risks could be integrated.
There will be a learning curve to acquire the necessary skills and knowledge to identify, assess and manage ESG risks and we will engage with EIOPA and the risk management community with regards to the methods in which these risks can be identified and measured through quantitative and qualitative methods.
The original consultation paper published by EIOPA is available here.