The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have launched Sustainability Data Standard, a new resource to help standardise the way in which underwriters ask clients about their sustainability data.
With this new resource, the IUA and LMA hope to streamline the often lengthy task for insureds of providing sustainability data to their insurers and to standardise the form in which insurers request this data.
Paul Davenport, Finance and Risk Director at the LMA said: “In recent years, we have seen a growing burden on insureds to disclose their data in line with ever more stringent sustainability reporting requirements.
“Insurers and brokers have individually developed their own surveys for collecting this data, which has led to a situation where no two requests for data is ever the same. This represents a major undertaking for an insured buying cover with a number of different insurers. This collaboration between the LMA and IUA seeks to standardise this and soothe the growing pain point for all parties.”
The Sustainability Data Standard will ask a set of 22 questions that have been designed to introduce a standard form for insureds to complete when disclosing any sustainability data as part of the underwriting process.
Madeleine Fox, Legal Services Executive at the IUA, added: “Sustainability disclosures are an increasingly important reporting requirement and will no doubt develop further over time.
“Our guide is, therefore, designed to be updated in line with the regulation it supports. We recognise the work clients must put into these disclosures and this new resource is designed to reduce the effort they require.”
