The Task Force on Climate-Related Financial Disclosures (TCFD) was developed by the Financial Stability Board (FSB) to set out recommendations on what companies should disclose so investors can better assess and price risks related to climate change.
In our first climate change reporting barometer, we assess the level of maturity of European insurance and reinsurance companies’ climate change reporting against the requirements of the TCFD. Although the TCFD framework is not mandatory, it is widely recognised and adopted across the European market.
For this study, we analysed the 2022 climate and sustainability reports of 20 companies, based on reports published in June and July 2023. This publication details our key findings in the following sections:
- TCFD requirements by pillar and evaluation criteria
- Evaluation of strategy
- Evaluation of governance
- Evaluation of risk management
- Evaluation of metrics and targets