New London Market group to tackle claims issues beyond COVID-19 crisis

A new group for senior claims managers in the London insurance market has been established by the International Underwriting Association (IUA) to address wider claims issues beyond the current COVID-19 crisis.

The association stated that the group has been set up after work to monitor the development of pandemic claims highlighted the need for a high level members’ forum.

The new Claims Strategy Committee will oversee and coordinate all claims-related issues discussed by companies.

The committee recently met for the first time and aims to take an active role in representing company market views on the planned London Market digitisation of claims processes outlined in the Future of Lloyd’s modernisation project.

A total of 16 companies are currently represented on the IUA Claims Strategy Committee. Among other issues the group will be discussing are the use of co-lead claims agreements for binding authorities and the documentation of claims by average adjusters.

Chris Jones, IUA director of legal and market services, said: “At the outbreak of the COVID-19 pandemic the IUA convened meetings for claims directors across a number of different business classes to help monitor fast-moving developments. This initiative clearly demonstrated the benefit of operating a senior market group and it has therefore been adapted to cover wider claims issues beyond the current crisis.

“Our new Claims Strategy Committee brings together Heads of Claims from across a wide range of IUA member companies and already has a busy agenda. It has expressed a keen interest in providing technical input to the claims workstreams of Lloyd’s Blueprint 2 modernisation reforms.”