London market lobby plots 2022 to-do list at intersection of climate, cyber and regulators

The  International Underwriting Association (IUA) has set its sights on solutions in climate risk, business interruption, regulatory changes, pandemic response amongst a number of lessons taken from recent risk management surveys amongst members, a rough outline to the industry group's 2022 business plan suggests.

“Our most important task is assisting our members to effectively transfer and help mitigate the most pressing risks faced by their clients," Dave Matcham (pictured), chief executive of the IUA, was quoted saying of the result. "There is a close correlation, therefore, between the targets in our business plan and the problems that keep risk managers awake at night."

Regulatory relations are crucial, especially as the industry seeks to iron out its approach to climate policy. The association’s Climate Risk Committee will be in close cahoots with regulators to shape that process. The IUA will also seek to shape the debate surrounding proposed changes in regulatory reporting requirements, including for cyber underwriting, resilience and climate.

“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,” Matcham said.  “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.”

The ever-changing risk landscape from cyber threats will be subject of association research into supply chain risk and claims series clauses. Discussions on available coverage with the National Cyber Security Centre are certain to continue.

Other highlights include initiatives supporting the digital transformation of central processing services in the London Market expected through a new joint venture agreement with DXC Technology and Lloyd’s.

The IUA will also argue that any new ‘Consumer Duty’ introduced for UK insurers must be appropriate and proportional for the wholesale commercial market, the association claimed.

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