Chris Jones, chief executive of the International Underwriting Association (IUA), said geopolitical uncertainty and testing market conditions will create a challenging environment for insurers in 2025, and it is vital that members come together to share expertise, noting that strong relationships, open communication and a shared sense of purpose are vital.
His comments came as the IUA’s annual review also revealed membership had more than doubled over the past decade.
More than 3,500 people are currently registered on the marketing committees run by the association, and about 2,500 people participated in its training and education events last year.
“Amid geopolitical uncertainty and challenging market conditions, it is important that members are able to come together and share expertise. Our services are designed to support companies in their efforts to grow, incorporate responsible underwriting and deliver the claims and risk management services that clients increasingly value,” Jones said in the annual review.
Jones noted that staying relevant in the coming years will require widespread adjustments to help businesses cope with new challenges.
Jones said the most important area in developing its service and continuing to meet members’ expectations was recognizing that London’s survival as a global hub depends on its underwriting and claims expertise.
He continued: “We will therefore further strengthen our engagement with our members to identify and promote technical expertise.
“This may include looking at how we can assist companies to manage market cycles, sustain growth and improve risk management. More than 70% of our registration committee members work in the underwriting and claims groups.
“Influencing the future regulatory environment and improving operational efficiency are two other strategic priorities for IUA that remain important.
“But we must not lose sight of how these other workflows support London’s world-class underwriting and claims services.
“With strong relationships, open communication and shared goals, I look forward to continuing to work towards the future success of the London corporate market.”
In addition to its strategic focus, the IUA continues to develop its governance and market engagement.
The association, which represents companies in London’s insurance market, appointed Jones as its chief executive in March.
Recently, the IUA established a new Chief Underwriting Officer Council for the London corporate market.
The newly formed group is designed to provide leadership and guidance to the IUA’s underwriting-focused initiatives, while also contributing to research projects and examining the impact of emerging risks, reinforcing the Association’s focus on technical excellence amid increasing market complexity.
