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Insurers share climate risks

​Lawmakers should put more weight on insurance companies’ work against climate change. This is the stance of Insurance Europe (IE), the European insurance and reinsurance federation. Insurers have kept a close eye on climate change for many years and taken note of the increase in serious climate risks. Since risk sharing will become more and more important, insurers will take an even stronger role in adapting society to climate change.

Insurance Europe appeals to European legislators to make responsible investing easier. At the moment, investors' willingness exceeds the available sustainable investment vehicles. Strict solvency requirements are also one element hindering the creation of new sustainable investments.

“Of the Finnish institutional investors, employee pension insurers have made most progress in this regard. Their corporate social responsibility reports have been very encouraging to read. They are sending a signal that for investors, fighting climate change means actions and not just words for investors,” praises Esko Kivisaari, Acting Managing Director of Finance Finland.

Climate change is a key concern for life and non-life insurance companies as well. Finnish companies share the concern of other European insurers that the Solvency II framework can be too restrictive for long-term investments and other long-term business.

“It is right that the Solvency II framework is based on risks, but the risks have to be comprehended correctly”, Kivisaari continues.