“We support a reporting framework that is simple, feasible, and meaningful—without losing sight of its purpose,” said GDV Managing Director Jörg Asmussen. He emphasized that while insurers play a crucial role in managing climate-related risks, they need sustainable and workable regulatory conditions to do so.
The GDV calls for the European Sustainability Reporting Standards (ESRS) to be more closely aligned with companies’ business models, rather than rigid formal requirements. “Companies should have more flexibility,” said Asmussen, adding that sustainability reports should reflect the full scope of an insurer’s activities—not just checkboxes.
To improve usability, GDV also suggests tailoring reports more toward investors’ needs by focusing on key figures and reducing unnecessary detail, which could streamline reporting without diminishing its value.
On climate disclosures, GDV advocates for simplified requirements, especially regarding indirect emissions insurers cannot control—such as policyholder behavior in motor insurance. “Companies should only have to report indirect emissions they can influence,” Asmussen noted.
The position paper responds to the EU Commission’s 2025 plan to revise and cut red tape in sustainability reporting. It has been submitted to the European Financial Reporting Advisory Group (EFRAG), which is preparing recommendations for the Commission by October 2025.
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