IUA reports growing membership and increased collaborative effort
A growing willingness by companies to participate in collaborative London Market work projects has been reported by the International Underwriting Association. At its annual meeting, it was noted that seven new firms have joined the association in the past 18 months – a membership increase of 20%.
IUA Chairman Malcolm Newman also described a growing sense of unity between stakeholders within the London Market which has helped attract the attention and support of political leaders.
He commented: “Never in my time in the London market have I seen it be more visible and audible to UK Government. For my own part, I am pleased to chair the new industry/Government ILS Taskforce in which we hope to secure positive changes to the tax and regulatory environment allowing London better opportunities to develop an ILS market.
“We also look forward to our dialogue with Government producing the optimal proportionate regulatory environment for the London market. Too often we hear from our members that the UK regulatory regime is unreasonable in its approach and reach.”
Mr Newman highlighted two other areas where the IUA is currently focussing its attention: promoting innovation through cooperation between underwriters and risk managers and lobbying against protectionist regulatory measures.
He said: “We were pleased to welcome the Airmic Chairman and CEO to our Board earlier this year at which an open invitation to work with risk managers was offered and has since been gladly accepted.
“Meanwhile, if the London Market wishes to grow its share of reinsurance it needs to argue against a worrying protectionist stance by regulators in many emerging economies. This lobbying activity cannot be performed by London in isolation and the IUA works closely with like-minded coalitions such as Insurance Europe and the Global Federation of Insurance Associations.”
The IUA’s annual general meeting was held at its offices in the London Underwriting Centre on 24 June. Attendees heard there are now more than 700 member representatives serving on over 70 different market committees covering underwriting claims, public policy and market modernisation issues.
Around 2, 500 company contacts regularly receive updates from the association which responded to 25 consultation documents on the market’s behalf in 2014.
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.