Media Release 24 July 2024
IUA AND LMA LAUNCH SUSTAINABILITY DATA STANDARD RESOURCE FOR INSURERS
• Growing burden on insureds to disclose sustainability data requested by insurers
• New IUA and LMA collaboration to standardise and soothe growing pain point
A new resource to standardise the way in which underwriters ask clients about their sustainability data has been released by the Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA).
The Sustainability Data Standard is a set of 22 questions designed to introduce a standard form for insureds to complete when disclosing any sustainability data as part of the underwriting process.
In doing so, the IUA and LMA are looking to simplify the insured’s process by developing a set of sustainability points and standardising the form in which insurers request this data. The hope is that this will streamline the often lengthy task for insureds of providing sustainability data to their insurers.
Paul Davenport, Finance and Risk Director at the LMA, said: “In recent years, we have seen a growing burden on insureds to disclose their data in line with ever more stringent sustainability reporting requirements. Insurers and brokers have individually developed their own surveys for collecting this data, which has led to a situation where no two requests for data is ever the same. This represents a major undertaking for an insured buying cover with a number of different insurers. This collaboration between the LMA and IUA seeks to standardise this and soothe the growing pain point for all parties.”
Madeleine Fox, Legal Services Executive, at the IUA, said: “Sustainability disclosures are an increasingly important reporting requirement and will no doubt develop further over time. Our guide is, therefore, designed to be updated in line with the regulation it supports. We recognise the work clients must put into these disclosures and this new resource is designed to reduce the effort they require.”
The Sustainability Data Standard Resource for Insurers can be downloaded here.
Ends
Contact:
Scott Farley
Director of Communications
International Underwriting Association
Tel: 0207 617 4449
Mobile: 07921 699 218
E-mail: scott.farley@iua.co.uk
Carole Porter
Head of Communications
Lloyd's Market Association
Tel: +44 020 3307 3947
Email: carole.porter@lmalloyds.com
Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies.
About the LMA
The Lloyd's Market Association (LMA) exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 55 Lloyd's managing agencies, with a total market stamp capacity of approximately £52.6bn in 2024, and all Lloyd's members' agents, are members of the LMA.
We represent our members' interests to organisations including governments, regulators, and the market's central supporting body, the Corporation of Lloyd's. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd's and the other market associations to influence initiatives and outcomes. We operate the market's most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.