Insurers Warn Against Climate Demands In Capital Rules

Law360, London (July 30, 2019, 1:13 PM BST) -- The European Union should not force insurers to test their resilience to prescriptive climate change scenarios, as Europe’s capital rulebook already accommodates sustainability risks, the bloc’s insurance industry said Tuesday.

Insurance Europe urged the European Insurance and Occupational Pensions Authority not to write a “uniform quantitative approach” into the Solvency II Directive, which governs how much capital insurers should hold in reserve.

The voice of the EU industry told EIOPA that imposing a standard test for assessing the impact of climate change risks on insurers would contradict the capital rules. The directive allows them to measure risks specific to their business:...

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