International Underwriting Association identifies 2017 London market priorities
Source: Asia Insurance Review | Feb 2017
Five priorities for the London company market in 2017 have been identified by the International Underwriting Association (IUA).
The IUA’s 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.
The successful upgrading of the Insurers Market Repository is also on the priority list. This facility contains over 60 million 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.
Over the past 12 months, member firms have faced considerable challenges, commented the association’s chief executive Dave Matcham, but the IUA is well positioned to respond to their needs for the coming year.
The IUA’s business plan for 2017 also includes a review of the previous 12 months which saw two new members join the association, 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.