Inflation, skills and contract clarity in focus for IUA

Inflation, skills and training, and contract clarity are amongst the issues being targeted by the
International Underwriting Association in its 2023 business plan.

The IUA’s Cyber Underwriting Group is also developing a research paper on supply chain risk, whilst its Claims Strategy Committee will oversee a review of claims agreement procedures that aim to maintain a market-wide standard in claims processing.

Dave Matcham, chief executive of the IUA, said: “The IUA’s mission statement is to secure an optimal trading environment for London insurance companies and all our activities are targeted towards this achieving this outcome. We are catering for a growing number of members as our sector continues to thrive. We are now proud to represent a record 73 different firms.

“Our business plan this year addresses both market cycles facing different classes of business and regulatory challenges such as the scope of the Financial Conduct Authority’s fair value requirements. 2023 is also a big year for the development of digital processing in the London Market as our Joint Venture with Lloyd’s and DXC Technology pushes ahead with designing new services. A new generation placing platform will also be released and a new digital version of the Market Reform Contract.”

Public policy work this year will include monitoring the implementation of a reform package for Solvency II, as well as a review of the Senior Managers and Certification Regime.

A final version is also expected in the year’s first quarter of a supervisory statement on the regulation of branches operated by EU insurance companies outside the trading bloc.

Later in this year, the IUA will be preparing to respond to a forthcoming review of the Insurance Distribution Directive.

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