The International Underwriting Association of London (IUA), which works towards securing an optimal trading environment in the London Market, has identified the issues it will be addressing with members this year.
Some of the IUA’s areas of focus for 2023 are inflation, contract clarity, claims processing, cyber, as well as diversity, equity, and inclusion. According to the trade body, it will also be busy monitoring the implementation of a reform package for Solvency II and responding to an imminent review of the Insurance Distribution Directive.
“The IUA’s mission statement is to secure an optimal trading environment for London insurance companies, and all our activities are targeted towards achieving this outcome,” said chief executive Dave Matcham when the IUA outlined its annual agenda. “We are catering for a growing number of members as our sector continues to thrive. We are now proud to represent a record 73 different firms.
“Our business plan this year addresses both market cycles facing different classes of business and regulatory challenges such as the scope of the Financial Conduct Authority’s fair value requirements. 2023 is also a big year for the development of digital processing in the London Market as our joint venture with Lloyd’s and DXC Technology pushes ahead with designing new services.”
Additionally, a new generation placing platform is set for release in February, while the Market Reform Contract will have a new digital version. Meanwhile other key undertakings include a research paper on supply chain risk being developed by the IUA’s cyber underwriting group and the oversight of a review of claims agreement procedures.
Are you a member of the IUA? What industry issues would you like to be addressed?
