The International Association of Insurance Supervisors (IAIS) has asked the International Sustainability Standards Board (ISSB) to continue its climate-first focus and ensure strong linkages between climate disclosures and financial reporting.
In a letter on the ISSB’s proposed agenda priorities for 2024-2025, the IAIS said that “ensuring effective implementation of the climate standard is more important than moving into new areas”.
It added the ISSB should also consider what else needs to be done to deliver effective economy-wide climate disclosures across jurisdictions.
“The implementation of broad and high-quality climate standards across the economy is important to ensure that insurers have access to the data they need for their counterparties to manage climate risks,” it said.
The IAIS noted the ISSB potentially focus on a proposed research project on biodiversity, building on work undertaken by the Taskforce on Nature-related Financial Disclosures and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services.
In that regard, the IAIS agrees that the primary focus of the ISSB should be to support the consistent implementation of IFRS S1 and IFRS S2 and to expand the requirements, in particular to strengthen the required metrics
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