EU

MEPs back climate transition plans for insurers

A wildfire in Greece. Non-profits say that, as insurers feel the hit of claims arising from climate catastrophes, the need for regulation that steers the industry away from risky fossil fuel activities could not be clearer (Photo: Konstantinos Tsakalidis/Bloomberg)

Environmental groups have welcomed the European parliament vote to include transition plans as part of Solvency II – but expressed disappointment with proposals on capital relief and the rejection of the ‘one-for-one’ rule.

Members of the European parliament have voted in favour of transition plans for insurers, to show ...

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