EIOPA sets out its strategic priorities for 2024

EIOPA has revised its strategic priorities for the period from 2024 to 2026. In this timeframe, EIOPA will focus on addressing the challenges, risks, and opportunities in the insurance and pensions sectors. They address critical areas, including sustainability, digital transformation, supervisory effectiveness, and risk management, while also emphasizing the importance of good governance and organizational efficiency.
EIOPA will work to incorporate sustainable finance considerations across all aspects of its work. This includes integrating ESG risks into the prudential frameworks for insurers and pension funds and addressing protection gaps related to sustainability.
They are committed to support consumers, the market, and the supervisory community in adapting to digital transformation. This involves implementing DORA, the AI Act, and the ESAP to ensure that the insurance and pensions sectors can leverage digital advancements while ensuring consumer protection.
EIOPA aims to improve the quality and effectiveness of supervision, particularly in the context of increased cross-border business activities. This will include revising supervisory convergence materials, with a specific focus on the review of the Solvency II framework.
Further, they will work on maintaining the integrity of the insurance regulatory framework, particularly as the review of Solvency II progresses. This will involve updating technical standards and guidelines in accordance with amendments to Solvency II and contributing to the development of conduct regulations.
EIOPA will continue to identify, assess, monitor, and report on risks to the financial stability of the insurance and pensions sectors. This will encompass the development of new risk monitoring methodologies, particularly in areas such as cyber risk and ESG-related risks, as well as addressing potential spill-over risks from other economic sectors.
Additionally, they will focus on maintaining good governance, organizational agility, cost-effective resource management, and fostering a strong corporate culture.