Insurers found guilty of ‘tragedy of the horizon’ on climate change

By Jasper Cox
04 Jun 2019

Insurance firms appear untroubled by the impact of climate change on some aspects of their business, while the industry is also overly reliant on historical data that could become irrelevant, according to a consultation paper released by the European Insurance and Occupational Pensions Authority, the supervisory body. Insurers are integrating sustainability into investment decisions, but EIOPA said a brown taxonomy could be useful for the purposes of further work on capital requirements.

At least, that is what industry responses show, as presented by EIOPA. The supervisor is preparing an opinion on sustainability in the Solvency II regime for the European Commission.

It received evidence and information from insurance groups and undertakings between January and March this year and released this in ...

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