Insurance Watchdog Floats Climate Planning In New Rules
Law360, London (October 5, 2020, 5:22 PM BST) -- European insurers might be forced to stress-test their capital buffers against different long-term scenarios for a warming climate as the bloc's regulators put sustainable finance at the top of their agenda.
The European Insurance and Occupational Pensions Authority, the EU's insurance watchdog, said Monday it is considering introducing tougher new rules for insurers that will force them to consider the longer-term impacts of climate change on their finances.
"In EIOPA's view, it is essential to foster a forward-looking management of climate change-related risks by insurers, also in the long term, and to enhance supervisory convergence across Europe," the regulator said....
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