German insurers call for more practical sustainability reporting

Written by Adam Cadle

07/05/2025

European Sustainability Reporting Standards (ESRS) should be more closely aligned with the business models of companies, rather than following purely formal requirements, the German Insurance Association (GDV) has argued.

GDV CEO, Jörg Asmussen, said: “We advocate for a reporting framework that is simple, feasible, and meaningful, without losing sight of its purpose. Climate change is increasing risks for the economy and society, and insurers are key players in managing and covering these risks. To do this, they need a robust regulatory framework.”

Asmussen added that “companies should have more flexibility” and that sustainability reports should present an accurate picture of both positive and negative sustainability activities of an insurer and not merely be seen as a checklist of individual requirements.

The GDV also argued that the content of the ESRS reports should be better tailored to the needs of their users. “The main addressees are investors,” Asmussen said. “By focusing on figures and streamlining the qualitative requirements, the scope of the report could be significantly reduced without compromising its informative value.”

At the beginning of 2025, the EU Commission announced its intention to revise and streamline several EU sustainability regulations. Part of this so-called Omnibus procedure involves corporate sustainability reporting.

The European Financial Reporting Advisory Group (EFRAG) has been tasked with developing proposals on this – and has invited stakeholders to contribute their positions, therefore the GDV has now addressed its new position paper to EFRAG. The body plans to submit its recommendations to the EU Commission by the end of October 2025.

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