European Insurers Affirm Comittment to International Climate Goals

Insurance Europe, representing (re)insurers accounting for about 95% of the European market by premium income, has issued a statement confirming their members' commitment to climate change mitigation and adaptation in line with the science and targets associated with the UN climate goals and the EU Green Deal.

" Climate change has been a key priority for the (re)insurance industry for decades. Our industry has a multifaceted role in both contributing to limiting climate change and helping citizens and societies deal with its effects. This includes offering financial protection against natural catastrophe risks, as well as sharing risk management expertise with governments and customers to help reduce and prevent risks. As Europe’s largest institutional investors, with over €10 trillion of assets under management, insurers play a key role in helping to fund the transition to sustainability" wrote Insurance Europe in a statement.

The trade group went on to note that for the insurance industry to play a constructive role, certain conditions must me met, including" a regulatory landscape that facilitates our industry’s contribution to the green transition and a strong focus, notably by public authorities, on prevention and adaptation."

Over the last year, Insurance Europe has continued to be an active voice in sustainability discourse with regulators, engaging on the integration of sustainability risk in Solvency II, calling for insurance regulators to clarify their scrutiny of greenwashing risks, maintaining an open global reinsurance market in support of managing climate risks, and supporting the European Commissions move to regulate ESG ratings systems to ensure transparency, comparability, and integrity.

Source: Insurance Europe, https://www.insuranceeurope.eu/