Media Release 20 June 2019
NEW LONDON MARKET DATA PROTECTION GROUP ESTABLISHED
A new group is being established to tackle data protection issues in the London company market. Members of the International Underwriting Association (IUA) want to discuss the impact of the General Data Protection Regulation (GDPR) and other relevant legislation. The IUA Data Protection Committee will bring together professionals with data responsibility across the market to consider the application of new rules and how best to comply with them.
Already a wide range of potential future topics has been identified for the group to address. These include managing international requirements where the GDPR and the data protection regime of a non-EU country both apply to the processing of personal information. Also of interest are standards for the retention of documents, how to manage data access requests and inconsistencies in the interpretation of the GDPR across Europe.
Chris Jones, director of legal and market services at the IUA, said: “There is a growing recognition amongst insurers that the use of big data analytics has the potential to revolutionise our industry. Increasingly, large amounts of data are being used to assess, select and price risks some of which were previously considered uninsurable. The ability to effectively access, manage and use data will, in future, be a vital competitive priority and IUA members are already devoting significant resources to this challenge.
“New compliance requirements have been placed on firms by the introduction of new data protection regulations and our new Data Protection Committee will help members manage these obligations. It will also liaise with authorities and seek to ensure the regulatory landscape evolves in an effective and appropriate manner.”
Around 20 insurance professionals with data protection responsibilities from across the London company market have already joined the new IUA group. It will liaise closely with the association’s existing committees established to examine legal and regulatory, general compliance and cyber underwriting issues.
The Data Protection Committee’s secretary will be Helen Dalziel, senior legal and market services executive at the IUA.
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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