IUA forms group to monitor underwriting technologies
The International Underwriting Association (IUA) has established a London Market group to examine the future impact of technology on underwriting.
The Developing Technology Monitoring Group has been created to consider how new risks may be written in London and how existing insurance policies adapted to account for change.
The establishment of this this group emerged from a number of existing underwriting committees which have been monitoring issues such as the development of driverless cars, aviation drones and autonomous ships, which all have insurance implications.
Representatives from the IUA’s aviation, cyber, casualty treaty, liability, marine and professional lines underwriting groups have therefore volunteered to join the group.
Chris Jones, director of market services at IUA, said: “Our member companies are deeply focussed on insurance innovation and keen to ensure they develop new solutions to meet new customer demands. Effective responses to such challenges, however, are rarely confined to a single line of business.
“It is important, therefore, that we are able to draw on a wide range of expertise in order to properly follow the emergence of new technologies that will have far-reaching impacts, not just on the insurance sector but across the economy in general.
“The establishment of a Developing Technology Monitoring Group will allow the IUA to better support companies as they work to build on London’s reputation as a centre for insurance invention.”
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