IUA

IUA supports Pandemic Re

Dave Matcham

IUA supports Pandemic Re

The International Underwriting Association is supporting calls to devise a government-supported insurance solution for future pandemic events. The Pandemic Re group is working with UK state-backed terrorism mutual Pool Re in the wake of the Covid-19 crisis.

IUA chief executive Dave Matcham said: “We have been following closely discussions on a number of different possible approaches to providing cover for future losses from pandemic risks.

“I am pleased that...

https://www.allaboutshipping.co.uk/2020/06/01/iua-supports-pandemic-re/

20.05.20 – IUA REMOTE Market Briefing: “COVID 19: Is Insurance Its Next Target in the US?” with Wade Clark Mulcahy LLP and guest speakers

20.05.20 – IUA REMOTE Market Briefing: “COVID 19: Is Insurance Its Next Target in the US?” with Wade Clark Mulcahy LLP and guest speakers

with Robert Cosgrove, Partner, Wade Clark Mulcahy LLP, Joseph D. Zolopsky, Partner, Glast, Philips & Murray PC,Texas André C. Gaudin, Partner, Burglass & Tankersley LLC, Louisiana

IUA Circular 045/20
Event Date:  Wednesday 20 May  2020

Time: 3pm (London/British Time)

Subject: This IUA on-line market briefing will highlight how...

https://www.allaboutshipping.co.uk/2020/05/14/20-05-20-iua-remote-market-briefing-covid-19-is-insurance-its-next-target-in-the-us-with-wade-clark-mulcahy-llp-and-guest-speakers/

IUA establishes new London Market Construction Group

Michael Attwell

IUA establishes new London Market Construction Group

A new London market committee for underwriters providing professional indemnity cover to the construction industry has been established by the International Underwriting Association (IUA). A particular focus for the group will be issues surrounding the use of cladding and fire protection in the wake of the Grenfell fire.

 The Construction Working Group aims to encourage a more technical underwriting approach and address the...

http://www.allaboutshipping.co.uk/2019/10/23/iua-establishes-new-london-market-construction-group/

IUA comment on discount rate announced

Dave Matcham

IUA comment on discount rate announced

The announcement of a new personal injury discount rate of minus 0.25% is a surprising and disappointing outcome for insurers, the International Underwriting Association has stated.

Dave Matcham, IUA chief executive, said: “The new methodology for calculating the personal injury discount rate promised to introduce a much fairer and more realistic assessment of investment strategies. This was widely expected to result in a figure of between zero...

http://www.allaboutshipping.co.uk/2019/07/15/iua-comment-on-discount-rate-announced/

New London Market Data Protection group established

Chris Jones

New London Market Data Protection group established

A new group is being established to tackle data protection issues in the London company market. Members of the International Underwriting Association (IUA) want to discuss the impact of the General Data Protection Regulation (GDPR) and other relevant legislation. The IUA Data Protection Committee will bring together professionals with data responsibility across the market to consider the application of new rules and how best to...

http://www.allaboutshipping.co.uk/2019/06/20/new-london-market-data-protection-group-established/

IUA publishes Cyber Exclusion Clauses

Chris Jones

IUA publishes Cyber Exclusion Clauses

Two new London Market model clauses to help underwriters manage cyber losses have been published by the International Underwriting Association (IUA). The wordings have been developed in order to address issues of non-affirmative or ‘silent’ cover, where traditional insurance policies may unintentionally suggest protection for undefined cyber risks.

Firstly, a Cyber Loss Absolute Exclusion Clause (reference: IUA 09-081) provides market participants...

http://www.allaboutshipping.co.uk/2019/06/05/iua-publishes-cyber-exclusion-clauses/

End confusion around the Prudent Uninsured Test, urges claims expert at spring 2019 seminar of the Association of Average Adjusters

Nigel Rogers (left) and Keith Jones

End confusion around the Prudent Uninsured Test, urges claims expert at spring 2019 seminar of the Association of Average Adjusters

Shipowners dealing with repairs and other essentials after a marine casualty are often asked by their insurer to treat such expenses as carefully as if they were a “prudent uninsured.” How prudent is such a demand?

The wisdom of this approach was closely examined at the latest London seminar organised by the Association of Average...

http://www.allaboutshipping.co.uk/2019/04/03/end-confusion-around-the-prudent-uninsured-test-urges-claims-expert-at-spring-2019-seminar-of-the-association-of-average-adjusters/

IUA calls for new laws on driverless cars

Chris Jones

People using driverless cars should still not take their eyes off the road, if they could be expected to take over the vehicle at short notice in an emergency, the International Underwriting Association (IUA) has stated. Unless a vehicle is highly automated users should be banned from performing other tasks and legally required to monitor their journey.

The association’s views were laid out in response to a consultation exercise on the future of automated vehicles undertaken by the...

http://www.allaboutshipping.co.uk/2019/02/12/iua-calls-for-new-laws-on-driverless-cars/

IUA sets out priorities for London Company Market in 2019

Dave Matcham

The publication of a major official report on the wholesale insurance market is just one of several regulatory issues expected to dominate the International Underwriting Association’s agenda in 2019. The body, which represents the London company market, has issued its annual business plan to members and the fall-out from Brexit is far from the only topic occupying attention.

Sometime in the next few months results from a two-year Financial Conduct Authority study to assess...

http://www.allaboutshipping.co.uk/2019/01/28/iua-sets-out-priorities-for-london-company-market-in-2019/

New IUA appointment to review central processing services

Peter Sammons

The International Underwriting Association (IUA) has appointed a consultant to help its member companies make the most of their use of central London Market processing services. A review of service levels will be conducted and the full range of end-end-end business processes analysed, including the placement of contracts.

The association has agreed a nine month contract with Peter Sammons, a former Business Integration Lead at XL Catlin, to conduct this work. He will consider the...

http://www.allaboutshipping.co.uk/2019/01/17/new-iua-appointment-to-review-central-processing-services/

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