The International Underwriting Association (IUA) has announced a review of its core services for London insurers, focusing on the evolving nature of risk transfer.
The organisation’s 2025 business plan includes plans to establish a central risk function to address emerging issues such as sustainability and cyber risk. The review will evaluate the operation of the IUA’s existing underwriting and claims committees, which focus on traditional lines of business.
Commenting on the review, IUA chief executive Dave Matcham said the move is necessary for the organisation to ensure that its members are equipped with the knowledge to respond to modern and changing customer needs.
“We will be looking to foster better cooperation on issues that have widespread impact,” Matcham stated. “A more holistic approach has already been seen in our work on sustainability and cyber risk, but there are many other areas requiring similar discussion.”
The 2025 business plan also outlines the IUA’s focus on education, claims management, regulatory developments and digital transformation.
The organisation plans to expand training opportunities to meet growing demand from companies aiming to develop future talent. It is planning around 40 events, policy wording masterclasses and networking sessions, alongside introductory exams for professional indemnity, directors and officers practitioners.
IUA also intends to publish good practice guides and investigate trends in claims management, such as social inflation, third-party litigation funding and class actions. The association will also monitor regulatory developments, including the finalisation of the Solvency II framework in the UK and the forthcoming policy statement on Consumer Duty regulations.
Additionally, the IUA will focus on the digital transformation of the London Market, particularly through the first phase of the Velonetic Blueprint Two initiative. Being one of the three shareholders in Velonetic, it will participate in key strategic and operational discussions to support the initiative’s delivery.
