Three key priorities have been identified by the International Underwriting Association to boost the London company market in 2015.
A new business plan drawn up by the association focuses on several initiatives designed to enhance London’s ability to attract international insurance business. The three priorities are a response to the findings of extensive market research projects undertaken in 2014.
“There is a clear demand among member companies for the IUA to expand its services, focus more on international development and speak louder about London’s achievements and opinions, ” said Dave Matcham, Chief Executive of the IUA.
“Our members operate globally, writing £17bn of premium in London, but also a further £7bn in overseas branches subject to London oversight. The growth of the London market is obviously key, however the IUA’s evolution must also take account of the international nature of our members’ business models.
“We look forward to working collaboratively with London brokers and the Lloyd’s market under the banner of the London Market Group to grow the London market and its contribution to UK GDP. 2015 is a year that offers significant opportunities, both for the IUA and the London market.”
1. Increased representation of London companies
The IUA saw a 10% growth in membership during 2014 and expects to expand further this year with a new subscription model. Additional resources will be devoted to support companies operating in international markets and help deal with an increasing weight of local and cross-border regulations and trade barriers.
2. Greater promotion of London market activities
Working with the London Market Group the IUA will help develop a more unified voice for the market where appropriate.
3. Implementation of major market modernisation projects
During 2015 a platform to support electronic placement will be established and the first phase of the London market’s Central Services refresh programme will be implemented.
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that premium income for the company market in 2013 was £17.445bn with a further £6.831bn controlled by London but written elsewhere. These results are based on a comprehensive survey of 57 companies and combined give an overall intellectual and economic premium total of £24.276bn for the London company market.