The International Underwriting Association (IUA) of London’s 2022 business plan will have a focus on climate change, business interruption, regulatory changes, and pandemic responses.
These issues are among the top concerns to London company market clients and will be addressed by the IUA as the marketplace moves through 2022.
The Climate Risk Committee, part of the IUA, intends to continue its cooperation with regulators as the insurance sector’s supervisory rules in this area are developed further.
“Our most important task is assisting our members to effectively transfer and help mitigate the most pressing risks faced by their clients. There is a close correlation, therefore, between the targets in our business plan and the problems that keep risk managers awake at night,” said Dave Matcham, Chief Executive Officer (CEO) of the IUA.
“These issues have each been the subject of regular dialogue between the IUA and government and are the subject of specific actions points throughout our workplan for 2022. We will also be representing our members’ views as the UK continues its post-Brexit examination of Solvency II and the future regulatory framework for insurance,” he added.
The rapidly changing cyber risk landscape is also a focus of the IUA for 2022, and the association plans to publish research examining supply chain risk and claims series clauses, alongside continuing its debates around coverage with the National Cyber Security Centre.
Additionally, the 2022 business plan includes numerous initiatives supporting digital transformation of market processing in the London Market, as announced by Lloyd’s recently.
“Meanwhile, the association’s public policy work will include responding to proposed changes to regulatory reporting requirements, including the introduction of specific rules for cyber underwriting, operational resilience and climate risk.
“The IUA will also argue that any new ‘Consumer Duty’ introduced for UK insurers must be appropriate and proportional for the wholesale commercial market,” explains the IUA.