IUA to examine role of insurance in carbon reduction

The International Underwriting Association has established a Climate Risk Committee, made up of member practitioners, to work with regulators on the industry’s supervisory framework in this area.

In the year that the UK plays host to the UN’s COP26 conference, the group will examine in depth the role of general insurance in the global political and economic drive towards reducing carbon emissions.

Announced as part of the association’s 2021 business plan, the IUA simultaneously revealed plans to completely reassess the way it supports member firms in the light of COVID-19 remote working changes.

Dave Matcham, chief executive of the IUA, said: “This year will see the UK host the United Nations Climate Change Conference of the Parties (COP26), bringing the climate debate into sharp focus. Insurers can be extremely influential in supporting the growth of a green economy and the IUA intends to play an active and vocal role.

“We will be looking at how we operate all our practitioner groups examining underwriting, claims, public policy and market modernisation issues. An important part of this process will be to ensure the IUA can flexibly accommodate the combined remote working and office-based future now being contemplated by many firms.”

Elsewhere in the IUA Business Plan for 2021 are a number of initiatives to expand the association’s representation of technical underwriting and claims matters for specialty lines, including addressing the pressures on professional indemnity cover for solicitors and independent financial advisors.

On matters of public policy the IUA will continue to push for maximum regulatory cooperation between the UK and EU and promote the broadest possible equivalence rulings under Solvency II for reinsurance and group supervision.

IUA representatives will also participate in workstreams of the Future at Lloyd’s Blueprint Two project.

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