Posted on: 26 January 2016
Market modernisation projects and an increase in the international services offered to the London company market are among the top priorities for the International Underwriting Association (IUA) in 2016.
The association’s new business plan details six key objectives for the next 12 months. Its main aim is to further expand membership of the IUA following a 10% jump in companies joining during 2015.
Such engagement levels are expected to assist with the successful implementation of two further market priorities: an electronic placing platform and the Central Services Refresh Programme to update accounting and claims processing.
Meanwhile the IUA will also be conducting a full review of model wordings and clauses in light of the Insurance Act, which comes into force in August, and a survey of its members’ views about the referendum on the UK’s membership of the EU.
Dave Matcham, chief executive of the IUA said: “2015 proved a busy and successful year for the London company market, but also contained a number of developments that could not have been easily predicted.
“Both the development of a London Market Target Operating Model and Xchanging becoming the subject of a bidding war were important events. Now, however we are looking ahead to a year which could well be one of the best ever for delivery on market modernisation.
“Many of last year’s achievements will be carried forward. For example, the IUA has already established an affiliated partnership with the Singapore reinsurers Association and will be looking to cooperate with other complementary underwriting hubs to further expand its international reach.”
Nearly 800 individuals from across the London company market are actively involved in supporting the IUA’s agenda by participating in the work of various underwriting, claims, public policy and other committees. The IUA’s annual statistics report for 2015 measured overall premium income for the market at £22.943bn.