EIOPA publishes its final advice on enhancements to insurers’ corporate disclosures under the EU Taxonomy

The European Insurance and Occupational Pensions Authority (EIOPA) published today its Advice on the review of (re)insurance disclosures under the Taxonomy Disclosures Delegated Act, following a request from the European Commission. EIOPA’s Advice aims to simplify reporting, improve the transparency and comparability of insurance undertakings' Taxonomy disclosures and ensure that reliable information on environmentally sustainable insurance activities remains available. 

To achieve these objectives, EIOPA recommends targeted changes to the existing Underwriting Key Performance Indicator (KPI), addressing inconsistencies in current reporting practices. In particular, EIOPA proposes:

• renaming it to Adaptation Underwriting KPI to better reflect its focus on climate change adaptation;
• defining a common method to calculate the value in the numerator to address current divergent practices, including by reporting only relevant contracts and covering only the share of gross written premiums (or insurance revenue) that is attributable to climate-related perils; and
• limiting the denominator to the eight eligible lines of business to increase the relevance of the KPI and ensure comparability. Alternatively, undertakings could be allowed to report only a selection of these lines of business, provided that the inclusion of the three most relevant from a climate change adaptation perspective is mandatory.

To further simplify reporting, EIOPA recommends removing the breakdown of gas and nuclear activities from reporting templates, as this information is not relevant for underwriting and is generally not material for insurers' investments.

EIOPA advises revisiting the possible introduction of a “Green Insured Activities KPI”, intended to measure the enabling role of underwriting through a look-through approach, in five years.

With regard to the “combined KPI” that is required to measure exposures to insurance undertakings, EIOPA proposes to replace the weighted average approach with the Investment or Underwriting KPI as reference, to be chosen based on the relevance of the business activity.

On cross-sectoral issues, EIOPA, together with the European Banking Authority and the European Securities and Markets Authority, advises against introducing the Operational Expenditure KPI in financial undertakings' Taxonomy disclosures, even as voluntary disclosure.

The European Supervisory Authorities also advise simplifying group-level reporting by requiring full disclosures for the parent undertaking, complemented by simplified disclosures for material subsidiaries where necessary. In addition, EIOPA advises using the parent undertaking’s KPI, rather than the weighted average, to measure group’s exposure.

Read the Advice

Notes and background

The European Commission requested technical advice from EIOPA, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on simplifying and improving the Disclosures Delegated Act (DDA) under the EU Taxonomy Regulation.

EIOPA's Advice follows a public consultation conducted between 1 July and 13 August 2026.