IUA establishes commercial crime underwriting group

The International Underwriting Association has established a new group for companies writing commercial crime business.

Among the items on the agenda are cyber risks, the implications of capital withdrawal from the sector and the promotion of education and training resources for specialist practitioners. The new group will also consider how policy clauses tackle issues such as impersonation fraud and the merits of drafting a best practice proposal form.

“In recent years the landscape between crime, cyber and other lines of business have become increasingly blurred by emerging risks such as social engineering fraud,” said director of market and legal services at the association, Chris Jones.

“The commercial crime market is facing some fundamental challenges surrounding capacity and the provision of coverage for an increasing number of different risks. It is, therefore, an ideal time for a new London Market group that can discuss these issues and help companies respond.”

Around a dozen London Market companies were represented at the group’s first meeting this week.

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