The International Underwriting Association (IUA) has established a new contingency working party.
The aim of the group is to help promote contingency insurance for public events such as sports matches, theatre and music concerts and is made up of practitioners from across the London market.
The IUA said underwriters, loss adjusters, lawyers and brokers from London's contingency re/insurance community will meet on a monthly basis to discuss technical issues that are of cross-market concern.
Andrew Duxbury, underwriting manager for financial institutions and contingency at Munich Re and chairman of the new contingency working party, said: “There is clearly a desire among the leading market practitioners to have such a forum and it makes sense for it to operate with the backing of the IUA.
“At the top end of the contingency market now there are huge events with large amounts of money at stake driven by television and advertising revenue. But below that there is a middle field of smaller events that are perhaps operating without insurance.
“Our aim will be to ask why this is and what can be done to improve the market's transparency and efficiency so that more business may be attracted.”
