In presenting its ESG taxonomy, insurance industry lobby organisation Insurance Europe urged the EU to impose climate standards before social ones.
Insurance industry opposition to EU ESG regulations
Insurance Europe requested that the EU refrain from establishing "overly prescriptive" ESG criteria in response to a consultation, especially with regard to human rights, and instead prioritise climate norms.
One of Europe's largest trade associations for the insurance industry is called Insurance Europe. Members include the Association of British Insurers and Lloyd's of London (ABI).
Europe's senior policy advisor Philippe Angelis,
According to Insurance Europe's senior policy advisor Philippe Angelis, the trade association supports adopting rules that address "all facets of sustainability," but feels that climate regulations should take precedence.
According to Angelis, "generally speaking, we believe that precedence should be given to climate as it is more established, established, and also more urgent."more developed than social disclosures."
EU's Platform on Sustainable Finance (PSF)
Insurance Europe urged the EU's Platform on Sustainable Finance (PSF) to base its social standards on already-existing human rights regulations rather than creating brand-new ones.
The lobbying group argued that the Corporate Sustainability Due Diligence Directive should be integrated into the EU's taxonomy (CSDDD).
It stated that adherence to the CSDDD human rights criteria should guarantee adherence to the proposed minimum protections by the EU (MS).
New human rights laws could "lead to unintentional prejudice," Insurance Europe warned, adding that "existing data availability and dependability" are insufficient.
The trade organisation issued a warning that adopting excessively stringent rules might "significantly burden businesses and generate unnecessary complexity."
