The Federation of European Risk Management Associations (FERMA) published a report, on Thursday 27 July, in which it calls on the Spanish Presidency of the EU Council to focus on issues linked to the green and digital transitions and highlights the challenges facing the insurance sector.
FERMA, which supports the ambitions of the Corporate Sustainability Due Diligence Directive (CS3D) (see EUROPE 13192/10), states that “affordable and adequate insurance cover” is necessary to “support organisations in their transition efforts and spotlights the importance of closing the growing protection gaps on this front”.
FERMA is also “concerned” that “the private (re)insurance market is not offering sufficiently innovative, affordable or competitive risk transfer solutions”.
Regarding the text on insurance and reinsurance activities and their exercise (Solvency II), the important thing, during the inter-institutional negotiations - which are about to begin (see EUROPE 13225/18) - will be, according to FERMA, to adopt a “more proportionate framework” which would “give captive (re)insurance undertakings the status of undertakings with a low risk profile”.
Finally, FERMA is also calling on the Spanish Presidency of the Council of the EU to reach “a political consensus” on legislation on cyber resilience (see EUROPE 13226/3), while stressing that the text should represent a challenge for insurers. (Original version in French by Thomas Mangin)