The latest from the IUA;
A new Chief Underwriting Officers Council has been established for the London company market by the International Underwriting Association (IUA). The group will provide leadership and guidance for all of the association’s work supporting the underwriting operations of its members. It will offer input for research projects and explore the impact of emerging risks.
The Council met for the first time today (10 December) and reviewed the results of a recent survey of senior underwriting executives undertaken by the IUA. The results of this exercise identified three top challenges for the year ahead: market conditions and profitability; attracting and retaining underwriting talent and implementing new technologies into the underwriting process.
Respondents were also asked to rank the importance of emerging risks. Geopolitical instability was identified as the biggest threat, followed by social inflation and increasing natural catastrophes.
Elsewhere the survey highlighted opportunities for underwriters to focus on in the next five years. These included harnessing artificial intelligence and data, promoting risk resilience and sustainability and closing the insurance protection gap.
The IUA’s Director of Underwriting, Tom Hughes, has been responsible for convening the new Chief Underwriting Officers Council. He said: “I’m excited to be developing this new group which will ensure the IUA’s strategic objectives are tightly aligned with the underwriting priorities of our members.
“By engaging with companies at a senior level we will be well placed to lead debate and promote innovative solutions to the key underwriting challenges facing our sector.”
The IUA Chief Underwriting Officers Council will include at least one representative who is also a member of the association’s Board, enabling direct input into the IUA’s senior governance body. Currently this is Rob Wilson, Chief Underwriting Officer at Chubb Global Markets. The group is scheduled to meet formally twice a year and will maintain regular contact between these dates.
Be the first to comment