Context
Rob Kuchinski, Chairman of the International Underwriting Association (IUA) stated at the body’s annual general meeting that 2022 has seen the London company market ‘return to normal’ with a face-to-face trading environment once again enabling underwriting teams to share knowledge, mentor and educate.
Key points to note
Mr Kuchinski told IUA members how a new joint venture agreement with Lloyd’s and DXC Technology was a big decision that demonstrated the long-term commitment required to deliver much needed digital capabilities.
“We are working closely with Lloyd’s in many areas,” he said. “The major challenge ahead will be to persuade insurers, brokers and software vendors to make their own IT investments to fully benefit from the joint venture’s new digital services. Adoption will take time, but it will be arranged such that any firm can become involved to match their own IT strategies. There will be early adopters and their experiences will be vital for the wider rollout in the market.”
During the annual meeting Mr Kuchinski also explained how the IUA has continued working closely with different government departments and organisations to expand understanding of company risk appetites. “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. Events such as the pandemic do not respect borders. The 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.”
The IUA represents insurers and reinsurers operating in London outside of the Lloyd’s market and its membership now comprises a total of 71 companies. The association’s annual meeting also saw publication of its annual review which is freely available to download from its website.
Next actions
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