The EU Sustainable Finance Action Plan (SFAP) has already had considerable implications for several financial industry participants. One would however be ill-advised to assume that asset managers and financial market advisors will be the only actors impacted by the SFAP. While integration of ESG risks within the insurance industry may be at an earlier stage than in asset management, the effects of climate change will pose considerable threats and opportunities for the insurance and reinsurance companies. As such, EIOPA have initiated a variety of activities aimed integrating climate risks into insurance products and risk management frameworks.
