New London Market underwriting group to tackle cyber crime and fraud

A new London Market underwriting group has been established by the International Underwriting Association (IUA) for companies writing commercial crime business.

Some of the main agendas of the Commercial Crime Underwriting Group will include dealing with cyber risks by either affirmation of cover or exclusion, the implications of capital withdrawal from the sector and the promotion of education and training resources for specialist practitioners.

The group will also consider how policy clauses tackle issues such as impersonation fraud and the merits of drafting a best practice proposal form. Claims trends will be monitored and regulatory updates issued to members.

The group met for the first time on March 10, following requests from a number of the association’s members to establish such a forum.

“In recent years the landscape between crime, cyber and other lines of business have become increasingly blurred by emerging risks such as social engineering fraud,” said Chris Jones, IUA director of market and legal services. “The commercial crime market is facing some fundamental challenges surrounding capacity and the provision of coverage for an increasing number of different risks. It is, therefore, an ideal time for a new London Market group that can discuss these issues and help companies respond.”

The IUA represents international and wholesale insurance and reinsurance companies operating in or through London.