Independent internal reviews

In 2014, we started to formally involve our internal Insurance Risk Review (IRR) unit. An IRR is an independent assessment of underwriting and costing activities to review the quality of the technical work carried out and the decisions made, which includes checking whether mandatory underwriting standards have been adhered to.

During an IRR, our underwriting teams are now automatically asked a number of specific questions about their potential exposure to sustainability risks. The results and recommendations for improvement are reported to the Group Sustainability Risk unit, which can then respond appropriately, eg by providing additional training or reviewing underwriting practices.