5 January 2015 Insurance

IUA identifies 3 key priorities to boost market

The International Underwriting Association (IUA) has identified three key priorities to boost the London company market in 2015 in response to the findings of market research projects.

A new business plan drawn up by the association focuses on several initiatives designed to enhance London’s ability to attract international insurance business.

“There is a clear demand among member companies for the IUA to expand its services, focus more on international development and speak louder about London’s achievements and opinions,” said Dave Matcham, chief executive of the IUA.

“Our members operate globally, writing £17 billion of premium in London, but also a further £7bn in overseas branches subject to London oversight. The growth of the London market is obviously key, however the IUA’s evolution must also take account of the international nature of our members’ business models.

“We look forward to working collaboratively with London brokers and the Lloyd’s market under the banner of the London Market Group to grow the London market and its contribution to UK GDP. 2015 is a year that offers significant opportunities, both for the IUA and the London market.”

The IUA saw a 10 percent growth in membership during 2014 and expects to expand further this year with a new subscription model.

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