IUA business plan for 2017 lists five priorities
The London-based International Underwriting Association says that representing insurers’ views in Brexit negotiations is top of the list.
The London-based International Underwriting Association says that representing insurers’ views in Brexit negotiations is top of the list.
The International Underwriting Association (IUA), which represents insurance companies that trade in the London market outside Lloyd’s, has listed five priorities for 2017.
Over the past 12 months, member firms have faced considerable challenges, said IUA chief executive officer (CEO) Dave Matcham, but the IUA is well positioned to respond to their needs for the coming year. The business plan for 2017 identifies a strong representation of London insurers’ views in Brexit negotiations as one key objective. Another is to grow significantly the use of the market’s electronic placing platform and move towards a user-pays model for the system.
Successful upgrading of the Insurers Market Repository is also on the priority list. This facility contains over 60m documents and is relied upon by IUA members. It is essential, therefore, that its transfer to a new software system is completed smoothly and does not cause market disruption. Elsewhere, companies will be seeking to improve claims agreement services and develop new arrangements for managing central processing services.
The 2017 business plan also includes a review of the previous 12 months which saw two new members join the IUA, a full review of model wordings in light of the Insurance Act 2015 and increased international activities with a link to the Singapore Reinsurers’ Association.