International Underwriting Association
The International Underwriting Association (IUA) of London, better known as the IUA, represents companies that trade in the London insurance market outside Lloyd's. They include branches or subsidiaries of nearly all the world's largest international insurance and reinsurance companies.
The exact size of IUA members’ contribution to the London market is not known. They wrote a total of at least £10 billion
Aims and priorities
The IUA's mission is “To promote and enhance the business environment for international insurance and reinsurance companies operating in or through London”.[6] How this mission is interpreted has evolved over the years. From being a mainly strategic and lobbying organisation, it has become more concerned with activities that provide direct support to market professionals in their work. In 2009, the association set itself four strategic priorities:[7]
- Improving the efficiency of doing business in London;
- Advancing the development of market expertise and innovation;
- Influencing public policy and compliance developments;
- Fostering relationships with the broking community and other client-related stakeholders.
Committee structure
The IUA board is elected by the membership. Reporting to the board are the committees, sub-committees and working parties, which provide the backbone of the association. These are populated overwhelmingly by market practitioners with the full-time IUA secretariat providing administrative support and implementing decisions (see chart).
These committees responsibilities include for overseeing and supporting: the IUA's contribution to the London market modernisation programme; discussion with regulators and legislators and communicating the implications of regulatory changes to the membership; education, training and research; and technical matters relating to underwriting and claims, including specialist classes of insurance and reinsurance.
IUA committees co-operate regularly with their counterparts at the Lloyd's Market Association and the two organisations jointly run a number of marine insurance committees. Although most of its committees and sub-committees are populated by people working for IUA companies, some such as Digital Risk and Rehabilitation have cross-market membership.
Other activities
The IUA holds regular lunchtime briefings and organises a number of events, most notably an annual
IUA membership
IUA member companies come overwhelmingly from overseas, reflecting the
As well as Ordinary Membership, there are two other categories: Associate (for active insurance companies that do not operate in London but wish to have an association with the IUA); and Affiliate (for other organisations with an interest in the insurance and reinsurance market). Membership is always granted on a corporate rather than individual basis.
The number of Ordinary member companies dropped by around 50% in the first five years of the association's existence even as their aggregate premium income increased, reflecting the consolidation of the company insurance market into fewer, larger players. Numbers have remained stable for several years with departures from the market being balanced by new arrivals.
References
- ^ "Insurance 2010" (PDF). TheCityUK. December 2010. Retrieved 10 December 2012.
- ^ "Clarity in the midst of uncertainty: Annual Report 2010". IUA of London. Retrieved 10 December 2012.
- ISBN 978-0230219649.
- ISBN 9780900886911.
- ^ "Challenging the status quo to keep London relevant and efficient". Insurance Day. 5 January 1999. Retrieved 10 December 2012.
- ^ a b "What is the IUA?". International Underwriting Association. The International Underwriting Association of London Limited. Archived from the original on 2 July 2011. Retrieved 10 December 2012.
- ^ "Planning for the future: Group Report and Accounts 2009". IUA of London. Retrieved 10 December 2012.