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European Insurance and Occupational Pensions Authority
ConsultationClosed

Discussion Paper: Methodology on potential inclusion of climate change in the nat cat standard formula

Details

Status
Closed
Opening date
Deadline

Target audience

This Discussion Paper is a follow-up to EIOPA’s Opinion on Sustainability within Solvency II (EIOPA, 2019). The opinion highlighted that further work is needed to investigate whether additional climate change-related perils such as droughts and wildfire could be better captured in the Solvency II framework under the natural catastrophe risk submodule. The Opinion also mentioned that a regular recalibration of the standard parameters for the natural catastrophe risk module of the standard formula should take into account future developments, as well as the potential effect of climate change.

The Discussion Paper aimed at discussing if and how to include climate change in the Nat Cat SCR calibration in the standard formula by presenting possible methodological steps and process changes.

Find below the discussion paper, as well as contributions received following the consultation period and a summary feedback statement.

Read the final methodological paper

Respond to the consultation

The response period for this consultation has ended. Thank you for your input.

Reference documents

Discussion paper

31 JANUARY 2023
Discussion Paper on Methodology on potential inclusion of climate change in the nat cat standard formula

Feedback statement and resolution table

31 JANUARY 2023
Feedback statement on comments received on the discussion paper on Methodology on potential inclusion of climate change in the Nat Cat standard formula
31 JANUARY 2023
Resolution table of the discussion paper on Methodology on potential inclusion of climate change in the Nat Cat standard formula