As part of its new business plan for 2020, the International Underwriting Association (IUA) has announced that it plans to establish a new market group to focus on climate change.
The committee will be tasked with examining the growing impact of climate change policies on a range of insurance activities, including investment, underwriting, and risk management.
“The business challenges facing companies are evolving and the work of the IUA is changing to reflect this,” said Dave Matcham, Chief Executive of the IUA.
“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,” he explained. “More than 20 companies have already nominated representatives to our new committee on this subject.”
Other key issues for the London Market this year include cyber risks, according to the IUA’s new business plan, which continue to dominate member discussions across a wide range of different lines of business.
The IUA noted that its dedicated cyber committees are focusing, in particular, on the consequences of cyber warfare, with a research paper due for release…
