Consultation on the draft Opinion on the supervision of the use of climate change risk scenarios in ORSA

The consultation is a follow-up to last year’s Opinion on Sustainability within Solvency II, which recommended that (re)insurers consider climate risks beyond the one-year time horizon through the system of governance, risk-management system and the Own Risk and Solvency Assessment (ORSA).

The draft Opinion sets out EIOPA’s expectations to national competent authorities on the supervision of the integration of climate change risk scenarios by insurers in their ORSA, applying a risk-based and proportionate approach, with the aim of enhancing supervisory convergence across Europe.

EIOPA invites stakeholders to submit their feedback on the consultation paper by Tuesday, 5 January 2021, 23:59 CET using the EU Survey below.

Unless requested otherwise, EIOPA will publish all contributions received following the consultation period.