The European Insurance and Occupational Pensions Authority (EIOPA) has outlined its strategic priorities for the period 2024-2026, highlighting its plans to “focus on managing the uncertainty in times of transformation so that the insurance and pensions sectors can continue to deliver value to policyholders and beneficiaries.”

In a statement, the EIOPA laid down six strategic priorities on which to focus, which include sustainable finance, digital transformation, supervision, policy, risks to financial sustainability and governance.

Under sustainable finance, the Authority stated it will continue to Environmental, social, and corporate governance (ESG) considerations in the prudential and conduct frameworks on insurers and pension funds and addressing protection gaps.

Focus will remain on addressing climate related risks and impacts. EIOPA will make progress in analysing biodiversity as well as social risks and impacts and will respond to sustainability mandates arising from the Solvency II negotiations.

At the same time, conscious of the importance of data and models for an appropriate assessment and management of catastrophe risks, EIOPA will implement activities to establish itself as a Centre of Excellence in catastrophe models and data.

In the area of cyber, the Authority wants to support the consumers, the market and the supervisory community through digital transformation. It will focus on defining the policy and implementing the Digital Operational Resilience (DORA), the Artificial Intelligence Act and the European Single Access Point (ESAP).

To enhance the quality and effectiveness of supervision, particularly in view of increased cross-border business, EIOPA is to continue to build common benchmarks for supervisory practices using the different supervisory convergence tools it has.

It will also revise supervisory convergence materials considering the review of the Solvency II regulation, and it will continue to focus on IORPs and on conduct of business areas.

The Authority will also work to ensure technically sound prudential and conduct of business policy, including maintaining the integrity of the insurance regulatory framework as the review of Solvency II reaches its next stages.

On risks to financial sustainability, EIOPA claims it will work on identifying, assessing, monitoring and reporting on risks and vulnerabilities in the insurance and occupational
pensions sector.

To ensure good governance, according to the statement, EIOPA will further develop its strong corporate culture that values internal and external cooperation.

The Authority will focus on effective recruitment, management and development of human capital to further enhance its position as an attractive employer.

In 2024, the organisation will take on new tasks, EIOPA noted, while addressing resource constraints, and maintaining a cost-effective operating model.

Source: @reinsurancene