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IUA’s 2025 Plan: Tackling Technology, Sustainability & Digital Transformation in the London Market

IUA's 2025 Plan: Tackling Technology, Sustainability & Digital Transformation in the London Market

The International Underwriting Association (IUA) has prioritized technology and sustainability risks as part of its 2025 business plan for London insurers. It plans to establish a central risk function to address challenges such as sustainability and cyber risk.

The IUA will also review the operations of its underwriting and claims committees, which focus on traditional business lines. These committees, comprising senior company market representatives, currently number over 30.

Dave Matcham, CEO of the IUA, highlighted the need to address new risks driven by technological advancements, which increasingly span traditional insurance classes. He emphasized London’s leadership in creating insurance and reinsurance solutions for these evolving challenges. The IUA, he stated, aims to support its members in adapting to changing customer needs and modern realities.

Recent years have seen the emergence of new risks, often driven by technological change, that span traditional classes of insurance business

“London is at the forefront of developing insurance and reinsurance solutions for these challenges and the IUA needs to make sure it is equipped to help members respond to modern realities and changing customer needs” Dave Matcham, chief executive officer, IUA, said in a statement (see largest Reinsurance Companies in the UK).

IUA's 2025 Plan: Tackling Technology, Sustainability & Digital Transformation in the London Market

Matcham also called for better collaboration on widespread-impact issues, citing the IUA’s ongoing efforts in sustainability and cyber risk. He identified artificial intelligence, geopolitical uncertainty, parametric insurance, and new distribution models as areas requiring further attention.

The IUA’s 2025 plan includes initiatives on education, claims management, regulatory changes, and operational digital advancements. To meet rising demand for workforce development, the IUA plans to expand training programs, offering 40 events, masterclasses on policy wordings, and networking sessions. It will also introduce introductory examinations for professional indemnity and directors and officers insurance practitioners.

Claims-related efforts include publishing good practice guides and examining trends such as social inflation, third-party litigation funding, and class actions.

The IUA is also monitoring the UK’s finalization of the Solvency II framework and new consumer duty regulations.

Digital transformation remains a key focus. The IUA stressed the importance of Velonetic Blueprint Two’s phase 1 implementation for London Market digital services. As one of three shareholders in Velonetic, alongside DXC and Lloyd’s, the IUA will play a strategic role in digital transition discussions.

Following delays in the Blueprint Two project, the IUA has launched a support program to assist members in adopting digital services safely and effectively. The program ensures adequate training and testing before the transition to phase 1 of the platform, aligning with the market’s broader modernization goals.