New rules lighten the sustainability reporting burden on insurers

Easing of EU reporting requirements will be welcomed by re/insurers, but experts warn against further relaxation of rules

The efforts made by the insurance industry to comply with the EU’s sustainable reporting rules cannot be understated: companies have had to create new functions, adapt procedures and find ways to access huge amounts of internal and external data, with some estimates putting the cost of compliance exercises at up to €200m ($238.4m) per company – similar to the cost of meeting previous regulatory regimes such as Solvency II and IFRS 17.