IUA sees popularity of market groups jump during remote working
Remote working has led to a 40% plus increase in attendance at formal London insurance market meetings, the International Underwriting Association has reported.
Since the sector switched almost entirely to working from home in late March the number of people taking part in committee discussions run by the organisation has rocketed.
Between March and October this year every single one of the IUA’s major underwriting and claims groups saw a jump in average participation, resulting in an overall increase of 42% compared to the same period last year. Throughout that period meetings have been held as online video conferences in order to maintain social distancing rules required to combat Covid-19.
Dave Matcham, chief executive of the IUA, said: “Remote working has made it more difficult for people in the London Market to informally maintain business relationships. As a result the official market networks operated by the IUA have become more important than ever in helping our members keep up to date with developments.
“Throughout the last six months or so all of our groups, dealing with underwriting, claims, public policy and market modernisation matters have continued their normal operations. We have also liaised with Government to help officials understand the impact of the Covid-19 crisis on the insurance industry.”
The IUA’s market briefing presentations for members have also seen a sharp rise in attendance since these moved online in March. More than 2300 people have logged on to a total of 29 events, compared with just over 1300 delegates at 30 physical events hosted during 2019.
Mr Matcham added: “The experience of recent months will clearly have a long-term impact on the way the London Market conducts its business. Many IUA members are London branches of large multinational organisations and moving online with our market briefing events has allowed us to open these up to delegates across the globe. As new operating models are adopted we will be seeking to capitalise on the increased engagement we have witnessed to accommodate both face-to-face and virtual participation in future.”
The IUA operates around 40 groups for the London company insurance market, More than 1,300 individuals currently serve on these committees. The association has 65 member companies.