EU Insurers Push Back Against Climate Risk Requirements

Law360, London (January 6, 2021, 3:54 PM GMT) -- European insurers pushed back Wednesday against regulators' proposals to require them to include an assessment of how they will face down the longer-term impacts of climate change in their annual planning report to watchdogs.

Insurance Europe, a trade body representing the sector, published its response to the European Insurance and Occupational Pensions Authority's proposal to make insurers disclose their plans to fight risks associated with the warming planet in their own risk and solvency assessment, or ORSA.

"While insurers agree that it is important to foster a forward-looking management of climate change risk, as well as other risks, climate change scenario...

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