IUA to carry out review of operations as new risks emerge

The International Underwriting Association (IUA) will undertake a wholesale review of its operations, its chief executive has said.

Dave Matcham said that the IUA “needs to make sure it is equipped to help members respond to modern realities”.

The IUA also said it will review its core services for London insurers “to address the changing nature of risk transfer”.

The review process will assess the operations of existing underwriting and claims committees focusing on traditional lines of business.

The IUA will also look at a range of educational initiatives, claims issues, regulatory developments and operational digital enhancements. 

Matcham said: ”London is at the forefront of developing insurance and reinsurance solutions for these challenges and the IUA needs to make sure it is equipped to help members respond to modern realities and changing customer needs.

“We will be looking to foster better co-operation on issues that have widespread impact.

”A more holistic approach has already been seen in our work on sustainability and cyber risk, but there are many other areas requiring similar discussion.

“For example, artificial intelligence (AI), geopolitical uncertainty, parametrics and insurance distribution models.”