International Underwriting Association (IUA) News

Driverless Ships Could Offer Significant Growth Area for London Market: IUA Survey

Autonomous ships could offer significant growth potential for the London market, according to the findings of a survey conducted by the International Underwriting Association (IUA). Indeed, 25 percent of IUA members who responded to the survey stated they are considering …

International Underwriting Association Issues 2nd Brexit Contract Continuity Clause

A second Brexit contract continuity clause has been published by the International Underwriting Association (IUA). The association in June issued a policy clause to help companies manage insurance contracts as the UK leaves the European Union and this has now …

Brexit Is Greatest Structural Challenge Facing London Company Market: IUA Chairman

Brexit is the greatest structural challenge facing the London company market, said the chairman of the International Underwriting Association, Malcolm Newman. The UK’s break from the EU is affecting insurers, brokers and clients in varying ways, but none felt as …

U.S. Sanctions Likely to Ban Use of Lloyd’s IT Platform for Processing Iran Insurance

New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. European insurers, reinsurers, brokers and shipping firms have been …

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who …

International Underwriting Association Publishes Brexit Contract Continuity Clause

A Brexit clause has been published by the International Underwriting Association (IUA) to help companies manage insurance contracts as the UK leaves the European Union. The Brexit Contract Continuation Clause aims to clarify how firms will continue to pay claims …

Cyber Reinsurance Underwriting Group Formed for London Market

The International Underwriting Association of London (IUA), representing carriers operating in or through London, has formed a group on cyber underwriting specifically for reinsurers. The organization said the move follows a growing interest amongst reinsurance practitioners in the activities of …

London Market Single Claims Agreement Launched to Improve Claims Handling

The London market has launched a simplified system for claims handling in an effort to improve client service and streamline claims agreement across the London market. The Single Claims Agreement is designed “to enable quick and efficient authorization of claims …

International Underwriting Association Calls for EU Registry of Cyber Claims Data

A more coherent, consistent recording of cyber incidents would help the insurance industry better understand the frequency and cost of cyber claims, according to a report published by the International Underwriting Association (IUA) in London. To help raise awareness of …

General Liability Underwriters to Play Vital Role in Drone Insurance: IUA Report

Traditional aviation insurance policies are unlikely to address all elements of emerging risks from the rapidly increasing use of drones, according to a report from the International Underwriting Association (IUA). As a result, general liability underwriters will have an important …