The European Insurance and Occupational Pensions Authority (EIOPA) has published its Annual Report, outlining accomplishments of the past year.
Despite the challenges of geopolitical conflicts, high interest rates, inflation, and market volatility, EIOPA met its goals in line with its overall strategy, including the following key achievements.
Sustainable finance. EIOPA furthered its work in measuring and closing protection gaps. This included the development of the natural catastrophe dashboard; promoting climate-related adaptation measures in non-life underwriting practices; further developing work related to greenwashing; as well as work on the disclosure requirements in the Sustainable Finance Disclosure Regulation.
Digitalisation. EIOPA monitored the adoption of digital technologies, including artificial intelligence and open insurance. Together with the European Supervisory Authorities, EIOPA worked on the various policy mandates within the Digital Operational Resilience Act aimed at strengthening the IT security of financial entities. Lastly, EIOPA adopted a new digital strategy which defines how it will support consumers, markets, and the supervisory community through digital transformation.
Supervision. EIOPA continued to strengthen supervision and supervisory convergence, through its work to reduce detriment to consumers, through its focus on value for money and the financial health of consumers.
To enhance the quality and effectiveness of supervision, EIOPA made good use of its supervisory and oversight tools. This includes active engagement with and visits to national competent authorities (NCAs) and third-country parties.
Policy. Key achievements include support to the continuing review of Solvency II, discussions on recovery and resolution for the insurance sector and technical advice on the review of the IORP II Directive.
Risks and financial stability. EIOPA continued to assess the risks and vulnerabilities the insurance and occupational pensions sectors are facing. EIOPA examined how high inflation and interest rates affected the market and consumers.
Governance. In 2023, EIOPA chaired the EU Agencies Network, the forum bringing together all 51 EU agencies and joint undertakings across Europe.
Looking ahead, EIOPA will continue to make sure the industry is stable and well-regulated, for the benefit of policyholders and beneficiaries, businesses, and the economy.