A new London Market group is being established by the International Underwriting Association to examine the future impact of technology on underwriting. The association’s Developing Technology Monitoring Group will consider how new risks may be written in London and existing insurance policies adapted to account for change.
Demand for the establishment of a new group has emerged from a number of the IUA’s existing underwriting committees which have been monitoring issues such as the development of driverless cars, aviation drones and autonomous ships. Each of these technologies has insurance implications across several classes of business.
Existing representatives from the IUA’s aviation, cyber, casualty treaty, liability, marine and professional lines underwriting groups have therefore volunteered to join the new Developing Technology Monitoring Group. Interest in its establishment has also been shown by professionals working for member companies with general responsibility for product development.
Chris Jones, IUA director of market services, said: “Our member companies are deeply focussed on insurance innovation and keen to ensure they develop new solutions to meet new customer demands. Effective responses to such challenges, however, are rarely confined to a single line of business.
“It is important, therefore, that we are able to draw on a wide range of expertise in order to properly follow the emergence of new technologies that will have far-reaching impacts, not just on the insurance sector but across the economy in general.
“The establishment of a Developing Technology Monitoring Group will allow the IUA to better support companies as they work to build on London’s reputation as a centre for insurance invention.”
The new group will distribute information to other IUA underwriting contacts and consider developing its own research papers. It will also respond to any relevant government consultations and proposed legislative changes. Meetings are initially planned to take place on a quarterly basis.