In April 2021 an amendment to the Solvency II Delegated Regulations was published that integrates sustainability risks and Environmental, Social and Governance (ESG) considerations into the Solvency II risk management framework. The amendments will come into effect from 2 August 2022 and will apply to all (re)insurers in Europe that are subject to the Solvency II regime. They will add new requirements for companies, including for the risk management function and actuarial function.
This short briefing note aims to summarise the amendments. It includes links to other relevant papers that explain how (re)insurers can address the changes.