On 8 August 2018, the European Insurance and Occupational Pensions Authority (EIOPA) announced that it has become a member of the Sustainable Insurance Forum (SIF), a network of insurance supervisors and regulators from around the world working together on sustainability challenges facing the insurance sector.

The SIF, together with the International Association of Insurance Supervisors, published an issues paper on climate change risks, calling on the insurance sector to enhance awareness and intensify climate risk scrutiny. EIOPA says that it particularly welcomes the case studies regarding supervisory practices which it regards as being of high value for all supervisors around the world.

EIOPA will consider transition and physical risks and provide input from an EU perspective on taxonomy, fiduciary duty, governance, own risk and solvency assessment as well as disclosure in its sustainable action plan which it plans to publish in autumn 2018.