Rob Kuchinski, Chairman of the International Underwriting Association (IUA), has asserted that London’s specialty insurance market will be “vital” in helping the UK recover economically from the effects of the COVID-19 pandemic.
Speaking at the IUA’s annual general meeting, Kuchinski outlined how the body has assisted official in underwriting underwriters’ risk appetites and existing levels of cover, while discussing future solutions to various risks highlighted by the pandemic.
“There is no doubt that the pandemic and previous tough market conditions have heightened Board attention on contract clarity, affirmative declarations of cover and new solutions to reflect a changing, intangible risk profile of clients,” the Chairman told attendees at the virtual AGM.
“The technical expertise evident within our market is now much better understood and seen as highly relevant to aid UK commerce as we recover economically. Across the world, the risk landscape is changing rapidly. Long term trends such as climate change and the digitalisation of personal and business life are accelerating,” he continued.
“Events such as the pandemic do not respect borders. The global attraction of London to provide global solutions for multi-national clients has arguably never been stronger. Our market has unrivalled expertise within its ecosystem to respond effectively, and this is an opportunity which must continue to be seized.”
During the online annual meeting Kuchinski also explained the IUA’s commitment to improving data processing in the London Market and confirmed company market involvement in the Future at Lloyd’s project and its Transformation Blueprint.
“We fully support and endorse the vision to create structured data at the point of placement for efficient downstream processing,” he said.
“We were delighted to work with Lloyd’s and DXC to conclude a single central services template for the market, building on our existing relationship under the joint venture known as Xchanging. We believe this was a great result and the best way to deliver digital transformation for the complex subscription market within London.”
The IUA represents insurers and reinsurers operating in London outside of the Lloyd’s market. Its membership has grown significantly in recent years and jumped by 10% in the last 12 months to a total of 71 companies.
