London market lobby IUA puts inflation, talent & contracts tops for ‘23

London Market insurer lobby  International Underwriting Association (IUA) will focus on counteracting inflation, helping the industry recruit and train talent plus improvements to contract clarity as it attacks its top priorities for 2023, the group said of its just-approved business plan.

“Our business plan this year addresses both market cycles facing different classes of business and regulatory challenges such as the scope of the Financial Conduct Authority’s fair value requirements,” the IUA’s chief executive Dave Matcham said.

2023 may also prove to be a big year for the development of digital processing in the London Market, Matcham said. A joint venture with Lloyd’s and DXC Technology will press forward in designing new services. A new placing platform will also be released and a new digital version of the Market Reform Contract, he indicated.

Public policy work will include monitoring the implementation of a reform package for Solvency II and following a review of the Senior Managers and Certification Regime. Regulations governing oversight of EU insurance branches in the UK are expected Q1. Later in 2023 the IUA will be focus on a pending review of the Insurance Distribution Directive.

The plan will offer steps towards diversity, equity and inclusion policies. A charter document formalising inclusive behaviours and principles for market committee participants is planned.

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