IUA Frequently Asked Questions

 

 

Who can be a member of the IUA?

The IUA is a membership organisation for companies, not individuals. Member companies are international wholesale insurance and reinsurance businesses operating in or through London. For more information on membership visit Joining the IUA.

 

What is the London company market’s premium income?

The IUA does not publish comprehensive premium income statistics for its members. Many member companies are part of large multinational corporations and do not necessarily identify specific London Market business when compiling regulatory returns.

The IUA does produce for its members underwriting statistics showing premiums received and claims paid by companies using Xchanging Ins-sure processing services. However, a number of member companies do not use Xchanging Ins-sure for processing their business and these statistics, therefore, significantly understate the size of the London company market.

 

What is the capacity of the London company market?

It is impossible to measure exactly the capacity of IUA members for reasons similar to those encountered trying to measure premium income. As part of large international groups the capital of IUA companies is used to write all business and is not necessarily identified and allocated specifically to the London Market.

In addition, the capability of international insurance companies to accept risk is governed not solely by location and their premium income, but also the size and structure of their global reinsurance programme. Thus, on a worldwide basis, IUA members potentially offer access to capital running into many hundreds of billions of dollars.

 

For a full explanation of the difficulties in compiling statistics on the London Market click here.

 

What is the difference between the International Underwriting Association (IUA) and the Association of British Insurers (ABI)?

The IUA represents the company wholesale insurance and reinsurance market in London. The ABI represents retail insurance companies and life insurers.

 

What is the difference between the IUA and Lloyd’s?

The IUA is an association representing companies operating in London, but outside of the Lloyd’s market. We do not have any regulatory authority over our members.

Lloyd's is not an insurance company but a society of members, both corporate and individual, that accept insurance risks through their participation in competing syndicates. The Lloyd’s Franchise Board is responsible for commercially managing the Lloyd’s market.

 

Can the IUA comment on premium rates and/or renewal negotiations?

No. The IUA is a trade and market association. It has no involvement or authority over the commercial pricing decisions of its member companies.