One of the members’ goals is to explore the ‘soft power’ of insurer’s influence on client behaviour
The International Underwriting Association (IUA) has launched a new Environmental, Social and Governance (ESG) committee for the London market.
The committee is made up of representatives from 20 of the association’s member companies.
The committee’s establishment builds on the IUA’s existing Climate Risk Committee, which works to help companies consider the industry’s environmental impact while adapting to new regulations aimed at combating climate change.
The newly launched group will expand on this work, with a primary aim of helping promote sustainability initiatives across the insurance industry, as well as exploring the ‘soft power’ of insurers to influence the behaviour of clients.
IUA chief executive Dave Matcham said that climate risk has been a “board-level priority” for the association for “sometime” and was identified as a “top challenge facing London Market companies” in its latest survey, published in January 2022.
The IUA is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage that aims to “secure an optimal trading environment” for London insurance companies.
Tide of change
Matcham added: “More recently, however, attention has been widening, as a growing number of firms are creating new roles within their organisations to address questions of sustainability and social responsibility.
“The IUA’s new committee aims to bring together individuals with such functions to create a community that will share best practices and boost our sector’s ESG contributions.”
The new ESG committee hosted its first meeting on the 26 May 2022, where it discussed the likes of efforts to end modern slavery and initiatives to measure ESG commitments.
It also agreed to research the activities of other bodies pursuing similar sustainable aims to maximise cooperation.
The IUA was formed on 31 December 1998, following the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU).