The International Underwriting Association has unveiled its 2020 business plan, featuring climate change and cyber warfare risks as two areas of focus for the London Market.

The association is to establish a new market group to examine the growing impact of climate change policies on a range of insurance activities, including investment, underwriting and risk management. Cyber-related topics, such as the consequences of cyber warfare, are expected to be part of member discussions across several lines of business.

Chief executive of the IUA, Dave Matcham said: “The business challenges facing companies are evolving and the work of the IUA is changing to reflect this.

“In 2019 the Prudential Regulation Authority called on insurers to develop a strategic approach to managing the financial risks from climate change and our members are responding,” he added, stating that more than 20 companies had already nominated representatives to the new committee.

Other research and best practice projects planned by the association for the year will cover delegated authorities, developing technologies, illegal ship-to-ship transfers and the discount rate.

The IUA will also participate fully in projects such as claims processing that are being developed as part of the Future at Lloyd’s blueprint.

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