Climate change and cyber warfare risks are two key London market issues highlighted by the International Underwriting Association (IUA) in its business plan for 2020.
The association said it is establishing a new market group to examine the growing impact of climate change policies on a range of insurance activities, including investment, underwriting and risk management.
Meanwhile, cyber – particularly cyber warfare – continues to dominate IUA member discussions across a wide range of different lines of business, said the association in a statement. As a result, a research paper on cyber warfare and model cyber clauses are part of the 2020 business plan.
“The business challenges facing companies are evolving and the work of the IUA is changing to reflect this. In 2019 the Prudential Regulation Authority called on insurers to develop a strategic approach to managing the financial risks from climate change and our members are responding. More than 20 companies have already nominated representatives to our new committee on this subject,” commented Dave Matcham, chief executive of the IUA.
“Questions around the challenge of covering cyber risks are being asked…
