The International Underwriting Association (IUA) has set out five priorities for the London market in 2017, with Brexit as the top agenda.
The industry body said its business plan for this year identifies a “strong representation of London insurers’ views in Brexit negotiations as one key objective.”
Another priority agenda for the IUA is achieving a significant growth in the use of the market’s electronic placing platform and moving towards a user-pays model for the system.
Also on the priority list is the successful upgrading of the Insurers Market Repository, a facility that is relied upon by IUA members as it contains over 60 million documents.
The IUA said the facility’s transfer to a new software system must be completed smoothly and while not causing market disruption.
Companies will also be seeking to improve claims agreement services and develop new arrangements for managing central processing services, according to the IUA.
The association’s 2017 business plan also includes a review of the previous year, model wordings in light of the Insurance Act 2015 and increased international activities.
Dave Matcham, IUA chief executive, admitted that the association’s members are facing “extremely tough” business conditions amid uncertainties surrounding the Brexit process.
“There are, however, a number of reasons to be optimistic as we are, I believe, well placed to meet the challenges ahead,” he said. “Through the London Market Group we have a greater level of market unity than ever before which is helping us discuss effectively our concerns with government.”
“Progress is being made, for example in the introduction of a new regime for insurance linked securities and the refresh of central processing services,” Matcham continued. “Brexit has also pushed the possibility of new trade deals up the government agenda and as one of the most international sectors of the British economy, the London Market should benefit from such developments.”
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