This is a timely move as the number of cyber attacks is rising, here’s the word;
A new group for cyber claims professionals in the London Market is being launched by the International Underwriting Association (IUA). The Cyber Claims Committee will hold its first meeting on October 15 and is open to senior leaders working within cyber claims teams at London insurers and reinsurers. It will provide a forum for members to discuss market issues and emerging trends.
The IUA already runs committees for cyber underwriters and cyber reinsurers. It has recently published research reports analysing cyber business interruption claims and cyber cover for warranty and indemnity risks.
The new Cyber Claims Committee will aim to strengthen collaboration between claims and underwriting functions and promote best practices in the London company market. It will share insights to support underwriting strategy, product development and risk management approaches. The group will also seek to address operational, regulatory and legal developments affecting cyber claims handling.
Joe Shaw, Director of Claims at the IUA, said: “Cyber risks are changing rapidly and claims activity is influential in shaping the London Market’s response to risk management demands.
“Our new committee will help facilitate an effective feedback loop between claims and underwriting, ensuring IUA members are well-placed to respond effectively to emerging cyber threats.”
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