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Insurers support IAIS work on FSB TCFD recommendations on climate-change related disclosures

Insurance Europe has today published its response to a consultation by the International Association of Insurance Supervisors (IAIS) on its draft issues paper on the implementation of recommendations by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).

Insurance Europe welcomed the IAIS’s work on climate change and expressed its support for a globally coordinated approach to the disclosure of financially material climate-related risks.

Insurance Europe recommended that the TCFD recommendations remain voluntary standards. This would provide insurers with the flexibility to provide information in an effective manner according to each company’s specific characteristics, risk profile and intended users of information. Finally, it encouraged the IAIS to take into account the quantity and quality of ESG data available to investors.

Published 6 February 2020