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This includes the often-limited availability, quality and consistency of ESG data, which is a significant constraint. Similarly, in particular for smaller insurers, the build-up of resources and expertise can be considered as a barrier to enhanced engagement in sustainability issues.
Insurance Europe said that investing in a responsible/sustainable way is not only about investing in certain assets, but can also be translated into a strategy that can be implemented in relation to all assets. From this perspective, it is important for the industry that a clear and detailed framework, including a taxonomy for sustainable finance, and metrics to measure ESG impact, is developed at a European and international level.
Insurance Europe also called for an increased supply of appropriate assets that meet not only sustainability criteria, but also quality and security requirements. This is key to an increased involvement by large, as well as small and medium-sized, insurers in sustainable investing.