The International Underwriting Association (IUA) will establish a new London market group that will examine the latest technologies and their impact on insurance.
The industry body’s Developing Technology Monitoring Group will consider how new risks may be written in London and existing insurance policies adapted to account for change.
“The establishment of a Developing Technology Monitoring Group will allow the IUA to better support companies as they work to build on London’s reputation as a centre for insurance invention,” said Chris Jones, IUA director of market services.
Existing representatives from the IUA’s aviation, cyber, casualty treaty, liability, marine and professional lines underwriting groups have volunteered to join the new body.
The new group will distribute information to other IUA underwriting contacts and consider developing its own research papers. It will also respond to any relevant government consultations and proposed legislative changes.
Demand for the creation of a new group has emerged from a number of existing IUA underwriting committees which have been monitoring issues such as the development of driverless cars, aviation drones and autonomous ships.
“Our member companies are deeply focused on insurance innovation and keen to ensure they develop new solutions to meet new customer demands,” Jones said. “Effective responses to such challenges, however, are rarely confined to a single line of business.”
Jones continued: “It is important, therefore, that we are able to draw on a wide range of expertise in order to properly follow the emergence of new technologies that will have far-reaching impacts, not just on the insurance sector but across the economy in general.”
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