Insurers welcome EIOPA’s efforts on reporting reform but warn more work is needed to achieve real simplification

European insurers welcome EIOPA's objective of reducing the Solvency II reporting burden and recognise the positive steps taken in the draft revised Implementing Technical Standards (ITS), such as greater transparency on supervisory data use.

However, the industry cautions that the proposals risk delivering less simplification in practice than anticipated. While EIOPA estimates a 26% reduction in data points, early implementation analysis suggests that actual savings will be closer to 10-15% once new templates and additional reporting requirements under the Insurance Recovery and Resolution Directive (IRRD) and natural catastrophe reporting are considered.

"EIOPA's direction of travel is positive, but the reform must go further to deliver tangible relief for insurers. Counting data points alone does not capture the operational effort behind reporting. Real simplification means removing complexity, not replacing it with new layers," said Carolien Afslag, Senior Policy Advisor, Prudential Regulation.

Insurers also highlight that simplification remains limited for group and financial stability reporting, and that proportionality measures should extend beyond small and non-complex undertakings. This would ensure a fairer and more effective reduction in the overall reporting burden across the sector.

The industry further calls for greater transparency and coordination between EIOPA and the ECB following the late and unclear introduction of ECB-related templates, which were not initially included in the taxonomy notes.

Insurance Europe has submitted its detailed response to EIOPA today.