30 Sep 2022
The European Insurance and Occupational Pensions Authority (EIOPA) has set out its strategy for the period 2023 – 2026.
Current geopolitical tensions due to Russia’s unprovoked invasion of Ukraine coupled with lingering effects of the pandemic, market volatility and inflation underline the need for effective supervision. Building on a strong foundation, the strategy is designed to strengthen the resilience and sustainability of the insurance and pensions sectors, and to ensure the strong and consistent protection of consumer interests across the European Union.
Under the overall vision of building a safe and sustainable EU for citizens in times of transformation, EIOPA has identified strategic priorities on which to focus.
- Sustainable finance. Contribute to building up sustainable insurance and pensions, including by addressing protection gaps, for the benefit of citizens and businesses.
- Digital transformation. Support the supervisory community and industry to mitigate the risks and seize the opportunities of the digital transformation, including by further promoting a data-driven culture.
- Supervision. Promote sound, efficient and consistent prudential and conduct supervision throughout Europe, particularly in view of increased cross-border business.
- Policy. Deliver high-quality advice and other policy work taking into account changing and growing needs of society as well as the effects of new horizontal regulation.
- Financial stability. Further enhance financial stability, with particular focus on the analysis of financial sector risks, vulnerabilities, and emerging threats.
- Internal governance. Be a model EU Authority with high professional standards, cost-effective governance, and a positive reputation within the EU and globally.
To fulfil its objectives, EIOPA will continue to work in a collaborative and consultative way, valuing the guidance of its Board of Supervisors, and the input from a range of stakeholders.
EIOPA has also published its Single Programming Document, including the Annual Work Programme for 2023.
Key activities planned for 2023 include:
- Integrating ESG risks in the prudential frameworks on insurers and pension funds
- Initiating one-off coordinated climate change stress test
- Implementation of the Digital Operational Resilience Act (DORA)
- Developing a sound regime for the use of artificial intelligence (AI) by the insurance sector
- Addressing consumer detriment from cross-border activities
- Delivering advice in relation to the review of the IORP II Directive
- Following up on the potential materialisation of downside risk stemming from the ongoing crises in the context of high inflation and low/potentially negative growth
- Chairing the Network of EU Agencies.