The European Insurance and Occupational Pensions Authority (EIOPA) has outlined its strategic priorities for 2024-2026, highlighting that it 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 Authority identified six strategic activity areas: sustainable finance, digital transformation, supervision, policy, risks to financial stability, and governance.
Under sustainable finance, EIOPA will continue to embed ESG considerations in the prudential and conduct frameworks, assessing potential macroprudential implications of ESG risks, supervision both from a prudential and conduct perspective.
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.
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 digitalisation and cyber, EIOPA will focus on the policy work and implementation of the Digital Operational Resilience (DORA), the AI Act and tje European Single Access Point (ESAP). EIOPA will also support the Proposal for a Regulation on a Framework for Financial Data Access (FIDA).
EIOPA will implement actions in line with the revised digital strategy, focusing on areas where it can add value, always keeping in mind consumer outcomes, while remaining agile to accommodate changes. EIOPA will also pursue the Digital Finance Academy programme, it said.
To enhance the quality and effectiveness of supervision, EIOPA will continue to build common benchmarks for supervisory practices using the different supervisory convergence tools it has.
It will revise supervisory convergence materials considering the review of the the Solvency II regulation, and it will continue to focus on IORPs and on conduct of business areas. EIOPA will give a special attention to access to and usage of good-quality data.
To ensure technically sound prudential and conduct of business policy, EIOPA will seek to maintain the integrity of the insurance regulatory framework as the review of Solvency II reaches its next stages.
It will update and, in line with the final legislative text, provide new technical standards and guidelines in accordance with amendments to Solvency II.
In the area of risks and financial stability, the Authority will continue to monitor, analyse, and assess risks and vulnerabilities in the insurance and occupational pensions sector.
In this respect, EIOPA will enhance the risk assessment toolkit with traditional, as well as with emerging risks, such as cyber or ESG-related risks and lessons learnt from the COVID-19 crisis. EIOPA will also oversee cross-sectoral risk spill-overs stemming from other economic sectors.
Finally, to ensure good governance, EIOPA will further develop its strong corporate culture, that values internal and external cooperation. It will “strive to meet high standards of integrity, diversity and inclusion while remaining committed to help fighting climate change”, it stated.
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, while addressing resource constraints, and maintaining a cost-effective operating model.
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