3- What's new in our Advocacy work?
· Systemic Risks Update – On February 12, EIOPA published its long-awaited staff paper on measures to improve the insurability of business interruption risk in light of pandemics (here). Our contribution to the Exploratory Group was acknowledged in the paper, and our COVID-19 survey was referenced too, underlining the importance of our proactive contribution. EIOPA seeks input on the paper by the end-of March.
· Sustainability Update – Monday 8 February, FERMA submitted its response to the European Commission’s public consultation on a proposed initiative on sustainable corporate governance (here). FERMA has called upon the Commission to pay more attention to the role risk management can play on the topic of sustainability. This response was driven by FERMA’s sustainability committee.
In parallel, the Sustainability Committee is developing a guidelines document for risk managers on the topic of sustainability. This will be launched at our forthcoming webinar on sustainability in the week beginning 29 March, date still to be confirmed.
· Digital Update – FERMA continues to work on digital topics with two projects in the pipeline:
1) we will be looking further into the cyber insurance market, and a position paper will be provided to you in the coming weeks
2) we will work on a project on the theme of teleworking and the related risks. For this project, we would welcome any material that you have worked on in this area. Please contact Charles.low@ferma.eu for more details.
· Insurance & Captives Update – Thursday 11 March from 14h00-16h00 , FERMA’s Captives Committee will hold a discussion on the Solvency II review and captives more broadly with EIOPA. We are extending the invitation to members given the high interest in the topic. You will receive a specific invitation by email in the coming days to register. Meanwhile, you can already save the date.
As a reminder, FERMA submitted a response to the public consultation on Solvency II in October last year (here) and the European Commission is due to present its proposal to review and update S2 by end-Q3 this year. This is a great opportunity to exchange with the industry supervisor.
Please contact Charles.low@ferma.eu for more details.
