Reinsurance News

IUA forms underwriting group for commercial crime business

12th March 2020 - Author: Matt Sheehan

The International Underwriting Association (IUA) has established a new London Market underwriting group for companies writing commercial crime business.

International-Underwriting-Association-2The Commercial Crime Underwriting Group will initially focus on dealing with cyber risks by either affirmation or exclusion, the implications of capital withdrawal from the sector, and the promotion of education and training resources for specialist practitioners.

It will also consider how policy clauses tackle issues such as impersonation fraud and the merits of drafting a bet practice proposal form.

In addition, claims trends will be monitored and regulatory updates issued to members.

“In recent years the landscape between crime, cyber and other lines of business have become increasingly blurred by emerging risks such as social engineering fraud,” commented Chris Jones, IUA Director of Market and Legal Services.

“The commercial crime market is facing some fundamental challenges surrounding capacity and the provision of coverage for an increasing number of different risks,” Jones went on.

“It is, therefore, an ideal time for a new London Market group that can discuss these issues and help companies respond.”

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