Media Release 24 January 2019
IUA GROUP RESPONDS TO GROWING NUMBER OF INSURANCE ISSUES AFFECTING MULTIPLE BUSINESS CLASSES
The London company market’s senior group for property, casualty and professional lines insurance business has been re-launched to provide a more active and focussed analysis of issues facing underwriters in the sector.
Operated by the International Underwriting Association (IUA), the Property and Casualty Technical Committee plans to identify several research projects in 2019 and consider underwriting implications from emerging risks across multiple classes of business.
Among the issues it intends to debate over the coming 12 months are cyber exposures and the impact of ‘silent cover’, the setting of the discount rate for settling personal injury awards and automated settlement for low value claims.
Dave Matcham, chief executive of the IUA, said: “The Property and Casualty Technical Committee has a widespread remit and oversees work carried out across different company market groups for individual classes of non-marine business. In recent years we have seen how cyber risks, for example, can affect different business lines and there are an increasing number of such issues spanning the market.
“As part of its re-launch the committee will be drawing together representatives from multiple classes on a regular basis to discuss these topics and help share information about how the insurance industry is responding to provide more comprehensive insurance coverage for its clients.”
At the first meeting of the new Property and Casualty Technical Committee members reviewed several other market issues that have had widespread impact during 2018. These included international sanctions, Brexit, legal and regulatory challenges such as protectionism, the General Data Protection Regulation and the introduction of Single Claims Agreement Parties.
The group will meet every second month and will provide regular reports on its activities to the IUA Board.
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International Underwriting Association
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Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2017 was £26.314bn. Gross premium written in London totalled £18.331bn while a further £7.984bn was identified as written in other locations but overseen by London operations.