The Lloyd’s Market Association and the International Underwriting Association have come together to assist underwriters to standardise the way they ask clients for sustainability data. The new sustainability data standard is a set of 22 questions that can be incorporated into existing underwriting processes.

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, added: “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.”