In April 2021, EIOPA issued an Opinion on the supervision of the use of climate change risk scenarios in the Own Risk and Solvency Assessment (ORSA). Following the comments received during the public consultation on that Opinion, EIOPA drafted additional guidance on assessing materiality in the context of climate change. These guidelines were launched in public consultation by February 10, 2022.
Through these guidelines, EIOPA intends to support insurance companies, providing them with the opportunity to address climate change risks, including on the basis of case studies.
The final version of the guidance is expected in June 2022, following the feedback received from the respondents to the consultation. These guidelines are optional, as they are not a convergence tool within the meaning of the EIOPA Regulation, and companies are free to explore other approaches to analysing the risks associated with climate change.
In the context of the recommendations issued by ASF to the attention of financial market participants and financial consultants in order to provide specific information on approaches to integrating sustainability risks and taking into account the negative effects on sustainability, Romanian insurance companies are invited to contribute to the public consultation by accessing the following link: https://www.eiopa.europa.eu/document-library/consultation/consultation-application-guidance-running-climate-change-materiality-0.