The International Underwriting Association (IUA) has added three firms to its membership roster, bringing the total to 81.
The companies joining the IUA are Advent Risk Management, Coverys Limited, and Munich Re Specialty. Additionally, Apex Insurance Company of Uzbekistan has been brought in as an associate member. It was highlighted that the number of firms represented by the IUA has more than doubled over the past decade.
The trade body noted that its ongoing expansion is a reflection of the thriving state of the London company market, which has experienced substantial premium increases in recent years.
According to research released by the IUA, the London company market generated aggregate premiums of £44.071 billion in 2022. This marks a 25% rise from the previous year’s total of £35.654 billion and a 100% increase over the last 10 years from £22.455 billion in 2014.
The announcement of new members coincides with the IUA’s 25th anniversary. The association was established in 1999 through the merger of the London International Insurance and Reinsurance Market Association and the Institute of London Underwriters, consolidating the representative bodies for the marine and non-marine sectors of the London company insurance market.
“The London company market continues to go from strength to strength, and our members are at the forefront of industry responses to emerging risks,” IUA chief executive Dave Matcham (pictured) stated. “Company insurers are, for example, providing more and more cyber coverage and are supporting sustainability projects with protection for green projects across their lifecycle.
“We have seen new firms established in London and a particular growth in the managing general agency business model. Companies are also increasingly keen to benefit from the services we provide as an industry association. More than 1,300 individuals now regularly participate in the dozens of market groups that we run.
“With our members’ support, we look forward to continuing our work to secure an optimal trading environment for London insurance companies.”
As a way of supporting its membership line-up, the IUA recently partnered with the Lloyd’s Market Association to roll out a new resource designed to standardise how underwriters gather sustainability data from clients.
Named the Sustainability Data Standard, the tool comprises 22 questions intended to create a uniform format for insureds to use when submitting sustainability information during the underwriting process.
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