2022 has seen the London company market “return to normal”, Rob Kuchinski, Chairman of the International Underwriting Association (IUA) stated at the body’s annual general meeting. A face-to-face trading environment is once again enabling underwriting teams to share knowledge, mentor and educate, he stated.
At the same time, however, the year has seen a landmark agreement for the digital transformation of the London Market. Mr Kuchinski told IUA members how a new joint venture agreement with Lloyd’s and DXC Technology was a momentous decision that demonstrated the long-term commitment required to deliver much needed digital capabilities.
“We are working closely with Lloyd’s in many areas,” he said. “The major challenge ahead will be to persuade insurers, brokers and software vendors to make their own IT investments to fully benefit from the joint venture’s new digital services. Whilst adoption will take time it will also be arranged such that any firm can become involved to match their own IT strategies. There will be early adopters and their experiences will be vital for the wider rollout in the market.”
During the annual meeting Mr Kuchinski also explained how the IUA has continued working closely with different government departments and organisations to expand understanding of company risk appetites.
“The technical expertise evident within the London Specialty Market is now much better understood and seen as highly relevant to aid UK commerce as we recover economically from the pandemic,” he added.
“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.”
The IUA represents insurers and reinsurers operating in London outside of the Lloyd’s market. Its membership has grown significantly in recent years and now comprises 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.
