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Insurance Europe: provide comparable and digitally accessible sustainability data

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For the right investment decisions and proper compliance with European sustainability regulations, consistent, comparable and digitally accessible sustainability data is crucial.

This is stated by Insurance Europe in response to the European Commission's Corporate Sustainability Reporting Directive (CSRD). The directive is currently the subject of so-called trilogue discussions between the Commission, the Council of the EU and the European Parliament.

In order for the directive to 'work as intended' , IE gives three important points to the negotiating parties:

Maintain exemption from the Directive for subsidiaries of insurers. After all, sustainability strategies and policies are determined at group level. Let insurers report on their sustainable investments at group level.

In line with the Commission's proposal, allow insurers to use their current auditor for the financial data. The sector is not in favour of the European Parliament's proposal to engage a separate auditor for sustainability data. This is also not necessary if the accounting directive's principles on independence and conflicts of interest also apply to sustainability reporting.

Insurance Europe agrees with the European Parliament's view of adapting the definition of net turnover for credit insurers to take into account their specificities. And to give these insurers the opportunity to report on the basis of simplified standards based on the future sectoral definition in Solvency II of "low-risk undertaking".

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