Financial reporting that correctly reflects the insurance business model
The International Accounting Standards Board (IASB) develops International Financial Reporting Standards (IFRS). In Europe, all companies with listed equity or debt are required to provide consolidated group reporting on an IFRS basis. In addition, many countries in the EEA have adopted IFRS as part of their national GAAP reporting and so these standards are also used by many unlisted companies.
The European insurance industry supports the aim of the IASB to achieve high-quality and comparable global financial reporting standards. Insurance Europe aims to ensure that IFRS standards correctly reflect the insurance business model including its long-term nature, the interaction between assets and liabilities, and pooling and mutualisation of risks.
Meaningful, consistent and comparable sustainability reporting
As investors, insurers need reliable and comparable ESG data on their investments so that they can take sustainability into account when making investment decisions and help to shift investment towards supporting Europe’s goal to be net carbon neutral by 2050. The data is also vital so that insurers can comply to the European taxonomy and sustainable finance disclosure requirements.
In that perspective, European insurers support the ongoing development of EU Sustainability Reporting Standards by the EU Financial Reporting Advisory Group (EFRAG). Insurance Europe aims to ensure that these standards are: