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New senior claims group launched for London Market

Posted on: 18 December 2020

A new group for senior claims managers in the London insurance market has been established by the International Underwriting Association (IUA). The Claims Strategy Committee will oversee and co-ordinate all claims-related issues discussed by companies. It has been set up after work to monitor the development of Covid-19 claims highlighted the need for a high level members’ forum.

The committee recently met for the first time and will take an active role in representing company market views on the planned London Market digitisation of claims processes outlined in the Future of Lloyd’s modernisation project. Meetings will generally be held quarterly, but an additional meeting has already been scheduled for January for a further discussion on the Future at Lloyd’s Blueprint 2 plan and the relaunch of a Single Claims Agreement Party model.

Chris Jones, IUA Director of Legal and Market Services, said: “At the outbreak of the Covid-19 pandemic the IUA convened meetings for claims directors across a number of different business classes to help monitor fast-moving developments. This initiative clearly demonstrated the benefit of operating a senior market group and it has therefore been adapted to cover wider claims issues beyond the current crisis.

“Our new Claims Strategy Committee brings together Heads of Claims from across a wide range of IUA member companies and already has a busy agenda. It has expressed a keen interest in providing technical input to the claims workstreams of Lloyd’s Blueprint 2 modernisation reforms.”

A total of 16 companies are already represented on the IUA Claims Strategy Committee. Among other issues the group will be discussing are the use of co-lead claims agreements for binding authorities and the documentation of claims by average adjusters.

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