International Underwriting Association of London

The IUA's governing Board met yesterday and welcomed three guests to provide updates on important digital transformation projects in the London insurance market. Bob James, the new Chief Executive Officer of Velonetic and Shaun Crawford, the company's chairman first discussed progress on phase one of the Blueprint Two programme. They were followed by John Mason who took up the role of Chief Executive Officer of PPL Placing Platform Limited in April. He answered questions posed by senior leaders from the IUA's member companies. The meeting was overseen by IUA Chair Claire McDonald.

Members of the IUA 's Property Underwriting Group yesterday received a presentation from Pool Re, the UK's leading terrorism reinsurer. Jonathan Gray, Chief Underwriting Officer at Pool Re, outlined how the member-owned mutual works with the Government to serve 90% of the UK terrorism property insurance market. He then explained how the scheme is being modernised to help meet the requirements of an increasingly digital marketplace. Daniel Noble of Convex Insurance is the Chair of our Property Underwriting Group and Danny Stock from Allianz Global Corporate & Specialty (AGCS) is the Deputy Chair. The IUA's Joe Shaw and Ela Metalia provide secretariat support.

The International Underwriting Association is holding a roundtable discussion about a review of Consumer Duty regulation announced by the Financial Conduct Authority. The regulator is seeking feedback on plans to streamline burdens the rules place on companies. It has invited views on how to simplify the regime for the commercial insurance sector and whether there should be changes in the way clients are categorised. Members of our Compliance, Prudential and Legal and Regulatory Committees will be meeting to discuss the issue in advance of the IUA submitting a formal response on behalf of the London company market. Helen Dalziel, Director of Public Policy at the IUA, said: “This new review of Consumer Duty rules is a very positive move from the FCA. It clearly recognises the longstanding concerns there have been about the length and complexity of these regulations and is an important step in the right direction to reduce unnecessary costs and increase competitiveness. “Over the past two years the IUA has gathered extensive feedback from its members on how Consumer Duty is operating in practice. We have had regular discussions with the regulator and, working with other London Market associations, have recommended areas to be addressed. We are pleased to see that these are highlighted in the FCA’s new consultation and look forward to concrete plans for reform being developed. “Commercial wholesale insurance is quite different from retail insurance. Clients are generally sophisticated and well-resourced businesses and, therefore, as buyers of coverage they do not require the same level of consumer protection as individuals.” Our roundtable discussion will be hosted by Nafisah H..

Media Release: Treaty reinsurance written in the London company market grew by almost one-third in 2023, new figures from the International Underwriting Association (IUA) have revealed. The sector generated premiums of £10.889bn, up from £8.248bn in 2022. This year’s London Company Market Statistics Report is due to be published later this month, analysing all premium income for IUA members by placement type, class of business and geographical origin. An advance preview of reinsurance data, revealed at the Monte Carlo Rendez-Vous, shows significant growth. The total for direct and facultative contracts written by companies in London was £32.106bn in 2023, an increase of 9% on the previous year (£29.378bn). Treaty business, however, expanded at a much faster pace and now accounts for 25% of the overall market figure. This is the highest proportion for treaty recorded since the IUA began collecting data in 2010. The IUA’s research also measures premium income written in overseas or regional UK offices, but subject to oversight and management by London company market operations. For this ‘controlled business’ direct and facultative placements were also up 9% from £4.455bn to £4.850bn. Treaties here fell from £1.990bn to £0.587bn in 2023. However, the overall London company market total for treaty business was still up by more than £1.2bn or 12% from £9.238bn to £11.476bn in 2023. Scott Farley, IUA Director of Communications, said: “Strong growth has been a dominant feature of recent editions of the London Company Market Statistics Report and the theme continues this year. Many different classes of business continue to benefit from a strong pricing environment. “Whilst indexation of premium due to increases in insured asset values is clearly important, companies are also reporting further selected growth where they have made significant underwriting investments.” The 2023 £10.889bn aggregate total for treaty business written by London companies, represents a tripling of the market’s size since 2010. The first edition of the IUA’s annual statistics survey showed treaty contracts worth an overall £3.216bn. The 2024 London Company Market Statistics Report will be released later this month. In addition to further detailed breakdowns of premium, it will also include a comparison of the sector with the Lloyd’s market and a market commentary compiled from feedback submitted by contributing firms. Copies will be free to download from buff.ly/3MEu5mk. #RVS2024

The IUA is attending this year's Monte Carlo Rendez-Vous and will be publishing tomorrow exclusive data on London company market reinsurance premiums. The figures are an advance preview of our London Company Market statistics report which will be issued on full next week. #iuastatistics

Recording took place yesterday for a video to promote the IUA's forthcoming London Company Market Statistics Report. The 2024 edition of this annual publication will be out later this month. It offers a unique analysis of international and wholesale insurance and reinsurance business in London. IUA Chief Executive Dave Matcham FCII was in the studio to introduce some of the report's highlights. We have surveyed more than 80 companies to compile aggregate premium income for our sector. The data is also broken down by placement type, class of business and geogrpahical origin. Look out for the new edition on LinkedIn and at the IUA website: https://buff.ly/3UDSVbp #iuastatistics

The IUA's Chief Operating Officer Louise Day aill be one of the speakers at #Capacity24 next month on October 10. She will be taking part in a session titled 'With AI inside, what will the future operations team need to look like?' Louise will be sharing her predictions for the Operations team of the future, exploring the skills now needed to solve data challenges and unlock the full potential of artificial intelligence. https://buff.ly/4e6dkw4

Natural catastrophe modelling is the focus for an IUA market briefing on September 10. This online webinar will consider how so-called 'secondary perils' can drive significant global losses. A panel of three expert speakers will discuss the impact of compound events, where perils such as wind, flood and wildfire substantially impact financial markets. The debate will consider how our analysis of these perils to improve underwriting and pricing decisions? Joining us are Andrew Smith, Chief Operating Officer at Fathom, Thomas Loridan, Chief Science Officer for Reask and Sarah Russell, Founder and CEO of Bellwether. For further information and to register please visit the IUA website. This free event commences at 3.30pm and will last approximately 90 minutes. https://buff.ly/3ZaDHgu

The first sitting of the IUA's Professional Indemnity Forum Test for 2024 took place yesterday. Candidates used an online platform for the examination which provides an introductory qualification for the sector. A self-study text looks at key risks for professional indemnity insurers and the structure of the market. Training modules explain the main classes of business, how to understand and draft policy provisions and important legal concepts affecting the market. In total more than 30 candidates will take the examination on several dates over the next two months. The test was introduced by the IUA's Professional Indemnity Forum in 2016 to plug a gap in the provision of industry training. Since its inception several hundred practitioners from underwriting, claims, broking and legal sectors have undertaken the course. For more information please visit the IUA's online Education Hub: https://buff.ly/3UfuUa2

IUA affiliate member Tata Consultancy Services is hosting a market event titled 'Cyber Catastrophes - how can technologists help?' The in-person briefing takes place from 8.30am to 10.30am on October 8 at the firm's 22 Bishopsgate offices. It will bring together cyber insurance and technology leaders for a two hour session of insightful discussion and valuable networking opportunities. Discussions will focus on factors influencing cyber cat exposure, including risk identification and potential mitigations. There will also be a look at the the impact of a client’s digital supply chain and the part hyperscalers and technologists can play. To register for this event please message Annabel Mezou.