The International Underwriting Association (IUA) has confirmed its business plan for 2021, which identifies climate risks as a key priority for the London company market.
The organisation also revealed details of a strategic review that will include a reassessment of the way it supports member firms in the light of Covid-19 remote working changes.
A Climate Risk Committee, made up of member practitioners, will work with regulators as the industry’s supervisory framework in this area is developed.
It will also examine the role of general insurance in the global political and economic drive towards reducing carbon emissions.
“This year will see the UK host the United Nations Climate Change Conference of the Parties (COP26), bringing the climate debate into sharp focus,” said Dave Matcham, Chief Executive of the IUA.
“Insurers can be extremely influential in supporting the growth of a green economy and the IUA intends to play an active and vocal role.”
The IUA’s strategic objectives were subject to reassessment this year after the Association conducted interviews with the heads of each member company.
“We will be looking at how we operate all our practitioner groups examining underwriting, claims, public policy and market modernisation issues,” added Matcham. “An important part of this process will be to ensure the IUA can flexibly accommodate the combined remote working and office-based future now being contemplated by many firms.”
Elsewhere in the IUA Business Plan for 2021 are a number of initiatives to expand the association’s representation of technical underwriting and claims matters for specialty lines.
These include, for example, addressing the pressures on professional indemnity cover for solicitors and independent financial advisors.
On matters of public policy the IUA will continue to push for maximum regulatory cooperation between the UK and EU and promote the broadest possible equivalence rulings under Solvency II for reinsurance and group supervision.
Meanwhile, IUA representatives will participate in transformational workstreams of the Future at Lloyd’s Blueprint Two project, focussing on whole market solutions for claims, data and mid and back office.
