IUA Chairman addresses Annual Meeting
London’s specialty insurance market will be vital in helping the UK recover economically from the effects of the Covid-19 pandemic, Rob Kuchinski, Chairman of the International Underwriting Association (IUA) stated at the body’s annual general meeting.
He outlined how the IUA has assisted officials, through a growing list of channels, understand underwriters’ risk appetites and levels of existing cover. Over the past year companies have helped discuss future solutions to various risks highlighted by the pandemic.
Mr Kuchinski said: “There is no doubt that the pandemic and previous tough market conditions have heightened Board attention on contract clarity, affirmative declarations of cover and new solutions to reflect a changing, intangible risk profile of clients.
“The technical expertise evident within our market is now much better understood and seen as highly relevant to aid UK commerce as we recover economically. Across the world, the risk landscape is changing rapidly. Long term trends such as climate change and the digitalisation of personal and business life are accelerating.
“Events such as the pandemic do not respect borders. The global attraction of London to provide global solutions for multi-national clients has arguably never been stronger. Our market has unrivalled expertise within its ecosystem to respond effectively, and this is an opportunity which must continue to be seized.”
During the online annual meeting Mr Kuchinski also explained the IUA’s commitment to improving data processing in the London Market. He confirmed company market involvement in the Future at Lloyd’s project and its Transformation Blueprint.
“We fully support and endorse the vision to create structured data at the point of placement for efficient downstream processing,” he said. “We were delighted to work with Lloyd’s and DXC to conclude a single central services template for the market, building on our existing relationship under the joint venture known as Xchanging. We believe this was a great result and the best way to deliver digital transformation for the complex subscription market within London.”
The IUA represents insurers and reinsurers operating in London outside of the Lloyd’s market. Its membership has grown significantly in recent years and jumped by 10% in the last 12 months to a total of 71 companies. The association’s annual meeting also saw publication of its annual review which is freely available to download at www.iua.co.uk/annualreport.