When I think of spring, blooming flowers, buzzing bees and longer days come to mind. But, for better or worse, a small part of my brain turns to climate and sustainability disclosures.
It's at this time of year that I start trawling through the sustainability reports re/insurers publish alongside their annual accounts.
Having spoken to the people behind some of these reports, I know just how much hard work goes into producing these pieces of assertoric art – ensuring they tell a compelling story while complying with frameworks, regulations and legal checks.
From the handful of reports I've managed to get my teeth into so far, a few interesting titbits are emerging.
For example, insurers are showing progress in decarbonising their portfolios. Admiral, Axa, Allianz and Generali are among the firms outlining the greenhouse gas emissions associated with specific underwriting portfolios and how they plan to reduce them.
The reports also contain broader insights on emissions reductions, with more firms setting out net zero transition plans, alongside an increased focus on the impact of resilience measures.
I am currently working on a roundup of the key highlights from these sustainability reports, so keep your eyes peeled on InsuranceERM over the coming months.
However, the future of re/insurers' disclosures is still up for debate, as the European Commission has opened its consultation on simplified EU sustainability reporting rules.
Away from disclosures, the European Insurance and Occupational Pensions Authority (Eiopa) has been making ripples in the European climate regulation space.
Its biggest splash came when the authority, alongside the European Stability Mechanism, published proposals for a European-wide natural catastrophe risk pool.
However, with industry views divided and policymakers yet to decide on the way forward, the road to implementation could prove challenging.
That said, critics prompted Eiopa chair Petra Hielkema to reiterate that such proposals are designed to reinforce – not replace – private re/insurance markets, while stressing that boosting demand for coverage is just as critical as supply-side solutions.
Her comments came during Eiopa's sustainable finance conference, where the institution also set out its views on adaptation measures within Solvency II, the growing role of technology, consumer protection, and efforts to close the protection gap.
This clearer positioning from Eiopa comes as the European Commission develops an integrated framework for European climate resilience and risk management, expected in the second half of 2026. Early signals suggest insurers will play a central role in these plans.
Over the past month, we have also received some stark warnings from the industry to maintain momentum on sustainability and climate efforts.
Perhaps the most striking came from UK actuaries. A report from the Institute and Faculty of Actuaries and Anglia Ruskin University warned that mounting pressures on the global food system could trigger severe financial and societal consequences, calling for urgent intervention from policymakers and the financial sector.
Meanwhile, Neptune Flood Research Group pointed to a worrying widening of the flood insurance gap in California.
Also, veteran insurance climate campaigner Peter Bosshard has an opinion piece in InsuranceERM on why reinsurers should shift away from LNG.