- Newslink Global Insurance Trends-The Week
- Lloyd's first half aggregated market profit £0.6bn-combined ratio improves, investment income drops
- Standard & Poor's reports on Monte Rendez-Vous
- LMA launches new report-"InsurTech-led change in the Lloyd’s Market"
- Willis Towers Watson report says 71 InsurTech funding transactions in second quarter a record but $579m invested down 20%
- Over twenty insurance sector start-ups set to unveil their intention to form an alliance known as Insurtech UK.
- Accenture survey indicates financial services firms are closing the gap on cyber attacks, having stopped four in five of all breach attempts last year expired
- RMS and Cambridge Centre for Risk Studies(CCRS) announce the release of a new Data Definitions Document v1.0 for 14 different classes of insurance exposure which covers an estimated $554tr of total insured limits globally expired
- Willis Towers Watson announces Property Quantified, a first-of-its-kind technology platform to help organisations analyze potential property losses across a global portfolio with the aim of optimizing risk transfer and insurance strategies expired
- CII reduces gender pay gap expired
- ABI commissions new report-"Tackling the gender seniority gap: what works for the insurance and long-term savings industry" expired
- SSP becoms a signatory of both the Inclusive Behaviours in Insurance Pledge and the Tech Talent Charter expired
11th March 2018
Insurance Europe supports European Commission’s Action Plan on financing sustainable growth
Insurance Europe has welcomed the European Commission’s Action Plan on financing sustainable growth and continues to strongly support the Commission’s objectives of financing a more sustainable world.
Olav Jones, deputy director general of Insurance Europe, comments “The European Commission’s efforts to connect finance with the specific needs of the European and global economy for the benefit of the planet and our society are welcome. The insurance industry is keen to continue playing a key role in these efforts, and many companies are already embedding sustainability objectives in their product development and investment strategies. Naturally, the investments must still be good ones that are right for our customers.”
The industry looks forward to contributing to the development of a European sustainability taxonomy, and welcomes recognition that this should include investments in climate mitigation/adaptation projects, as well as social investments, such as schools, hospitals and social housing. Similarly, the industry supports an EU label for green financial products which, with appropriate criteria, can play an important role in helping the industry to promote green products.
Commenting on the Commission’s objective to mobilise capital into sustainable infrastructure projects, Jones added “The insurance sector, with its long-term investment focus, is particularly suited to supporting sustainability. Our industry has already demonstrated its interest in long-term sustainable assets. However, insurers’ willingness and ability to invest in sustainable assets is not matched by the supply of suitable projects. The industry therefore welcomes steps by the Commission to increase the supply of appropriate infrastructure assets across member states.”
Regarding the link between sustainability and prudential requirements, the insurance industry supports rules that measure and capture real risks. If there is evidence that green and/or sustainable investments are less risky than other investments, prudential regulation has to recognise this on the basis of the actual risks, not on the basis of artificial incentives.
Jones continued “In the Solvency II regulation that governs EU insurers, the risks relating to long-term business and investments, including sustainable ones, are currently not correctly measured. This creates unnecessary disincentives. The upcoming Solvency II 2020 review, mentioned in priority action 8 of the Action Plan, must be appropriately scoped and address the pertinent questions and valuable recommendations made by the High-Level Expert Group on Sustainable Finance.”
Insurance Europe Trends(136 articles)
Solvency II Trends(1,485 mentions in Insurance Newslink)