The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have introduced a new resource to standardise how underwriters request sustainability data from clients. The IUA represents companies in London offering international and wholesale insurance and reinsurance coverage, while the LMA comprises 55 managing agencies of Lloyd’s.
The Sustainability Data Standard includes 22 questions to create a uniform form for insureds to complete when disclosing sustainability data during the underwriting process. This initiative aims to simplify the process for insureds by developing standardised sustainability points and forms, ultimately streamlining the often lengthy task of providing sustainability data to insurers.
Paul Davenport, Finance and Risk Director at the LMA said that there has been a growing burden on insureds to disclose their data in line with ever more stringent sustainability reporting requirements. As a result, insurers and brokers have individually developed their surveys for collecting this data, which has led to a situation where no two requests for data are 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,” he added.
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 regulations it supports. We recognise the work clients must put into these disclosures and this new resource is designed to reduce the effort they require.”