Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Lemonade Posts Another Quarterly Loss
  • Tesla Must Pay $243M Over Fatal Autopilot Crash
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Climate Risk Is Top London Market Challenge, IUA Survey Shows

January 27, 2022
Email This Subscribe to Newsletter
  • Article

The top challenge currently facing London market insurance companies is climate risk, a new survey by the International Underwriting Association (IUA) has revealed.

In a survey of its members, the organization recorded 27% of respondents mentioning climate change and wider environmental, social and governance (ESG) issues when asked what are the top three challenges facing their companies. The second most popular answer was regulatory change (mentioned by 22%) and in third place was challenges raised by the COVID-19 pandemic, particularly a shift to remote working (17%).

Climate risk also came out on top when IUA members were asked what are the most important emerging risks for insurance coverage? Here it accounted for 45% of all answers, compared to a total of just 7% when the same question was asked in a similar member survey four years ago.

“Over the past couple of years we have seen climate risk emerge as a dominant topic across many of the London market forums run by the IUA. Companies are focused both on providing cover for more extreme weather events and helping clients manage transition risk as the global economy moves to a more sustainable operating model,” commented IUA Chief Executive Dave Matcham.

“There is also a great deal of work being done in response to new climate risk regulations and to consider the environmental impact of firms’ own business operations,” he added.

“It is interesting to see how priorities have changed since our last member survey in 2017. Back then the biggest challenge facing companies was the soft market and general pricing, followed by Brexit. There are, however, some perennial concerns – particularly regulation and a growing compliance burden.”

The IUA member survey was made up of responses from individuals across 44 different London Market companies. Data standards were identified as the most important issue for the digital transformation of London Market central services, followed by claims processing in second place. Also important were electronic placing, accounting and settlement and driving adoption of market solutions.

It showed high levels of satisfaction with the association’s services with 93% of members giving an approval rating of four or five out of a five mark maximum. The poll also illustrated that IUA model clauses are well used in the market with 98% of respondents stating they are employed by their company.

“Our survey results show that approval for the IUA’s activities is very high and has grown significantly in recent years. Members feel that the association has an important role to play, both in supporting their own personal business role and the interests of their firm more generally,” said Matcham. “I would like to thank all of our member companies for their continued backing.”

The IUA represents companies in London market that provide international and wholesale insurance and reinsurance coverage.

Source: International Underwriting Association

Topics Trends Climate Change London

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

How an Alleged Ponzi Scheme Left Investors and Politicians in the South Reeling
Hiscox Agrees to Acquire US Specialist Insurtech
US Reversal on Key Climate Finding Spells Uncertainty for Business
Progressive Could Soon Breach Excess Profits in Florida Auto, Triggering Refunds

Interested in Climate Change?

Get automatic alerts for this topic.

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Climate Change, Climate change risks, climate risks, Dave Matcham, environmental social and governance (ESG) criteria, International Underwriting Association (IUA), remote work risks, Research and Trends, work from home
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
Digging Into Tesla’s Liability in Crash Case: Where’s the Data?
Surplus Lines Sector Shows 13.2% Rise in Premium Mid-Year: WSIA Report
J&J Talc Evidence Gets Review by Ex-Judge at Drugmaker Law Firm
Louisiana Department of Insurance Launches Enhanced Mobile App
More News Features

Read This Next

  • Climate Risk Is Top London Market Challenge, IUA Survey Shows
  • FEMA Denies Maryland Disaster Aid Request for Western Counties Hit by May Floods
  • Aon Reports 6% Organic Revenue Growth, Boosted by Commercial, Reinsurance Lines
  • Allstate Q2 Income Eclipses $2B as Auto Turns in Combined Ratio of 86
  • State Farm Implements 27% Rate Increase for Illinois Homeowners

Insurance Jobs

  • Insurance Account Executive/Manager Wanted Flexible Hours, Potential Equity - Dix Hills/Deer Park, NY
  • Sales Agent - Encino, California
  • Workers’ Compensation Associate Counsel - Rancho Cordova, CA
  • Auto General Liability Senior Counsel - San Antonio, TX
  • Sr. Middle Market Underwriter-Account Executive Officer - Chicago, IL
MyNewMarkets
  • DIY Home Inspections Are Taking Over, Firms Say
  • Six Things to Know About Umbrella Insurance
  • What to Know About Construction and Environmental Liability
  • How Embedded Insurance Supports Real Livelihoods in the Growing On-Demand Economy
  • How to Keep Third-Party Events from Becoming First-Party Losses
Claims Journal
  • Lemonade Posts Another Quarterly Loss But Car Growth Continues
  • Missouri's 2025 Insured Losses From Severe Weather Approaching $2 Billion
  • Prudential in $100M FTC Settlement Over Unit's Healthcare Promises
  • Allstate to Pay About $500K on Georgia Claim Highlighted in Hearing, Senator Says
  • J&J Talc Evidence Gets Review by Ex-Judge at Drugmaker Law Firm
Academy of Insurance education
  • August 7 EPLI Basics
  • August 14 Managing and Insuring Reputational Risk
  • August 19 How To Write: Flood
  • August 21 Workers' Comp Crash Course

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map