The International Underwriting Association (IUA) has established a new London Market committee for construction and engineering claims professionals.
The committee will meet regularly, providing a formal discussion forum for company representatives. It will focus on promoting good practice, hosting educational presentations and sharing industry insights.
Construction and engineering topics were previously addressed by the association’s Property Claims Group but members have agreed that there was sufficient scope for a separate committee to be formed, the organisation said.
“Our Construction and Engineering Claims Committee offers an exciting opportunity for IUA members to focus in detail on claims issues within the London company market,” said Joe Shaw, senior underwriting and claims executive at the IUA.
Shaw said there is growing interest in the new committee from market participants in the sector as it is expected to perform important networking and career development functions.
The committee is set to conduct its first full meeting on February 12 and comes as the IUA expands its oversight across a number of sectors - last year, it established a transactional liability committee for the warranty and indemnity insurance sector. Currently, it operates more than 40 market groups covering underwriting, claims, public policy, digital transformation and social responsibility.
The move also comes amid potential growth opportunities in the construction insurance sector. According to a report from Gallagher Specialty last year, the construction insurance industry has remained stable, but insurers have yet to fully capitalise on the growth and potential for profitability within the sector.
Underwriting capacity remained stable but was pressured by the increasing frequency and contract values of mega construction projects, according to the report.
