IUA launches ESG-focused committee
The International Underwriting Association of London (IUA) has launched a new ESG-focused committee.
According to the IUA, the committee is made up of representatives from 20 of the association’s member companies, and recently hosted its first meeting. Its primary interest will be in helping to promote sustainability initiatives across the insurance industry and exploring the ‘soft power’ of insurers to influence the behaviours of clients.
Dave Matcham. chief executive of the IUA, said: “Climate risk has been a board-level priority for IUA members for some time now. Indeed, it was identified as the top challenge facing London Market companies in our member survey at the end of last year.
He 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.”
Among the issues discussed at the IUA committee’s first meeting were efforts to end modern slavery and forced labour and initiatives to measure ESG commitments in the insurance sector. The group, which is open to all IUA members, also agreed to research the activities of other bodies pursuing similar aims to maximise cooperation.
The association has made various announcements around climate change and other ESG considerations this year. In January, it said that it would focus on these issues in 2022 through its Climate Risk Committee. That committee seeks to continue its cooperation with regulators as the insurance sector’s supervisory rules in this area are developed further.
The IUA already operates the Climate Risk Committee which helps companies consider the industry’s environmental impact and adapt to new regulations aimed at combating climate change. Its new ESG Committee will expand on this work and consider the London company market’s contribution to sustainability more generally.