The International Underwriting Association of London (IUA) has outlined its business plan for the new year, which seeks to address the topics of concern for London company market clients.
Based on results of recent risk management surveys, the IUA said the areas that need addressing include climate risk, business interruption, regulatory changes, and pandemic response.
“Our most important task is assisting our members to effectively transfer and help mitigate the most pressing risks faced by their clients,” said IUA chief executive Dave Matcham. “There is a close correlation, therefore, between the targets in our business plan and the problems that keep risk managers awake at night.
“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.”
According to the IUA, its climate risk committee will keep cooperating with regulators amid the further development of climate risk supervisory rules within the insurance industry. In the field of cyber, meanwhile, the IUA will maintain discussions with the National Cyber Security Centre, and is also looking to examine supply chain risk and claims series clauses.
Additionally, the association will argue that any new consumer duty must be appropriate and proportional for the wholesale commercial market. Other initiatives of the trade body involve supporting the digital transformation of central processing services in the London Market, as well as responding to proposed changes to regulatory reporting requirements.
The IUA’s mission statement is to secure an optimal trading environment for London insurance companies.