Strengthening the resilience and sustainability of the insurance and pensions sectors: EIOPA sets out its strategy for 2023 – 2026
30 September 2022
Building on a strong foundation, the strategy is designed to strengthen the resilience and sustainability of the insurance and pensions sectors, and to ensure the strong and consistent protection of consumer interests across the European Union.
The European Insurance and Occupational Pensions Authority (EIOPA) has set out its strategy for the period 2023 – 2026.
Current geopolitical tensions due to Russia’s unprovoked invasion of
Ukraine coupled with lingering effects of the pandemic, market
volatility and inflation underline the need for effective supervision.
Building on a strong foundation, the strategy is designed to strengthen
the resilience and sustainability of the insurance and pensions sectors,
and to ensure the strong and consistent protection of consumer
interests across the European Union.
Under the overall vision of building a safe and sustainable EU for
citizens in times of transformation, EIOPA has identified strategic
priorities on which to focus.
- Sustainable finance. Contribute to building up
sustainable insurance and pensions, including by addressing protection
gaps, for the benefit of citizens and businesses.
- Digital transformation. Support the supervisory
community and industry to mitigate the risks and seize the opportunities
of the digital transformation, including by further promoting a
data-driven culture.
- Supervision. Promote sound, efficient and
consistent prudential and conduct supervision throughout Europe,
particularly in view of increased cross-border business.
- Policy. Deliver high-quality advice and other
policy work taking into account changing and growing needs of society as
well as the effects of new horizontal regulation.
- Financial stability. Further enhance financial
stability, with particular focus on the analysis of financial sector
risks, vulnerabilities, and emerging threats.
- Internal governance. Be a model EU Authority with
high professional standards, cost-effective governance, and a positive
reputation within the EU and globally.
To fulfil its objectives, EIOPA will continue to work in a
collaborative and consultative way, valuing the guidance of its Board of
Supervisors, and the input from a range of stakeholders.
EIOPA has also published its Single Programming Document, including the Annual Work Programme for 2023.
Key activities planned for 2023 include:
- Integrating ESG risks in the prudential frameworks on insurers and pension funds
- Initiating one-off coordinated climate change stress test
- Implementation of the Digital Operational Resilience Act (DORA)
- Developing a sound regime for the use of artificial intelligence (AI) by the insurance sector
- Addressing consumer detriment from cross-border activities
- Delivering advice in relation to the review of the IORP II Directive
- Following up on the potential materialisation of downside risk
stemming from the ongoing crises in the context of high inflation and
low/potentially negative growth
- Chairing the Network of EU Agencies.
EIOPA
© EIOPA
