Annual Review 2019/20

Navigating the changing nature of Risk

Culture Climate Cyber Covid-19 Brexit Annual Review in numbers

£28.437bn 4 overall premium income for the new IUA member companies company market

13 30 official consultation responses market briefing events, submitted to regulators up from 26 the previous year

1,324 1,311 individuals serving on IUA attendees at IUA market briefings, market committees up from 925 the previous year

15,701 42,827 links clicked in IUA member visitors to the IUA website circulars and newsletters

England Annual Review 2019/20 1

Chairman’s statement

One of the highlights of the IUA’s 20th anniversary celebrations was an after dinner speech by the futurist Graeme Codrington, an expert on the future of work and the disruptive forces shaping it. He delivered a fascinating presentation looking at the implications of medical advances that will enable 130-year plus lifespans to become commonplace. Such a development has obvious consequences for the life assurance sector of our industry, of course, but will also change attitudes to career development and working practices in general – affecting the way all companies operate.

Graeme also spoke insightfully Covid-19 has forced the adoption We should not, however, just seek on quantum computing and of levels of remote working, to address the issues raised by a the effect this is going to have electronic trading and online pandemic. There is a need also to on every industry and job, with videoconferencing that, at the develop a more comprehensive the deployment of artificial start of this year, many would have solution that will be ready for the intelligence, robotics and machine dismissed as fanciful. Deployment risks of the future. The changing learning. Systems, algorithms and of electronic signatures, so long nature of risk is the common data are set to streamline decision delayed by legal and compliance theme throughout this report. The making and take away some of concerns, became commonplace IUA is at the centre of the debate the more mundane tasks that our almost overnight. The London and helping members to develop work requires. This should free Market has continued to operate answers that will shape our up staff to focus on creativity and effectively throughout lockdown industry for decades to come. innovation. restrictions and the experience is leading companies to reassess At the time it felt like a privileged the way in which they will conduct glimpse into an ultramodern and Malcolm Newman business when we return to a new Chairman somewhat distant future. Little did normal. International Underwriting we know then that within a matter Association of months our industry, along with Insurers have rightly emphasised the rest of the world, would be the social good we bring, confronted with a challenge that underpinning commerce has done much to accelerate some and helping individuals and of these trends. corporations manage their risks. Covid-19 has reminded us there is a limit. As with terrorism in the UK in the 1990s, this new crisis has again shown the need for a partnership between insurers and governments. Solutions have been developed for certain lines of business, such as trade credit, and the IUA continues to work on other specific issues where cover may not be as freely available as it was. Photo Ryan Searle. Front cover photo (Romania) Calin Stan. All photos sourced from Unsplash or IUA from All photos sourced Calin Stan. photo (Romania) cover Searle. Front Photo Ryan 2 The International Underwriting Association

Chief Executive’s report

The past 12 months have been remarkable for both the International Underwriting Association and the London company market. Covid-19 has, of course, had a dramatic impact on the underwriting and claims profiles of IUA members. It has also fundamentally altered our business operations with a sudden, and largely successful, switch to remote working.

2019 was a This year’s annual review marks a 2019 was a landmark year for the More and more companies are departure from previous editions IUA as we celebrated the 20th recognising the benefits of IUA landmark year as we have focussed on a series anniversary of our formation, membership. We have seen a of industry themes that developed through the merger of the large number of new firms join for the IUA as we significantly. Instead of the usual Institute of London Underwriters in recent years and this trend run down of IUA activities, you and the London International has continued into 2020. A celebrated the will find throughout this report Insurance and Market loss of some members through a discussion of the issues that Association. The occasion was merger and acquisition and 20th anniversary have been at the forefront of our marked with a special dinner at Brexit restructuring has been industry’s attention. The Covid- Southwark Cathedral, attended outweighed by new additions and of our formation 19 crisis is certainly the most by representatives from across the total number of companies prominent, but this has also our member companies together under the IUA banner has been an important year for the with senior figures from other increased again. We are now way in which we are addressing sectors of the London insurance proud to represent a record 63 climate risk and responding to market. An anniversary booklet London Market operations. the challenge of providing cover was also produced detailing the Our engagement with members for cyber risk. Indeed, across association’s achievements over has also continued to grow, with multiple business classes we are the last two decades, alongside a more than 1000 individuals from seeing changes in the risk profiles timeline of major world events. IUA companies serving on our presented by clients. market committees. An additional More than four years since the 300 practitioners from across the UK’s referendum vote to leave wider London Market are also the European Union, Brexit active participants. We hosted continues to occupy a great deal 30 market briefing events during of resources for international 2019 which were attended by insurers as they prepare to more than 1300 people, a jump of conduct cross-border business over 40% on the previous year. in a new, still to be finalised, Given the ever-changing business trading environment. Finally, needs of our members, however, there has been much attention we feel it necessary to review recently on the business culture our own operations to ensure surrounding the London Market they remain relevant and useful. as efforts to improve diversity and Consequently, in 2020 we combat unacceptable behaviour initiated a strategic review of the accelerate. Each of these IUA’s objectives and structure. fascinating topics is examined in The timing was appropriate detail over the following pages. following our 20th anniversary and the conclusion of several years of major investment by the association to help establish the London Market’s e-placing system, PPL. Annual Review 2019/20 3

London Matters 2020

This exercise has involved market only players has remained interviews with the chief executives relatively stable at 20-25%. of all our 63 member companies. The proportion of total income It has been a fascinating process recorded by Lloyd’s only vehicles, enabling a unique insight into meanwhile, has dropped from the priorities and concerns of the 41% to just 12%. insurance sector. I am pleased to London Matters 2020 also report a widespread support for showed the continuing the IUA’s business aims and strong internationalisation of our backing for our secretariat services. sector, with the amount of capital We have explored a number of invested by just about all regions exciting new initiatives and these outside the UK growing. This will be pursued in the months reflects general globalisation ahead. trends, but also shows how One noticeable discussion point international insurers have sought across a number of different Southwark Cathedral was the spectacular venue for our to widen their portfolios to include 20th anniversary celebrations interviews was the increasing more exposure to the specialist flexibility of dual platform risks that come to London. IUA companies in allocating business membership has for a number of between either Lloyd’s or company years now been truly international, market platforms. There are many as can be seen from the map of factors that may influence such parent company locations at the decisions, but it is clear that a back of this report. number of firms are writing more I would like to thank IUA members premium on a company stamp for their support and hope that because of the greater freedom of readers of this report find the operation that this allows. A strong discussions over the following desire to reduce costs is also pages useful. The association’s driving this trend. first 20 years have seen the A further intriguing analysis of London company market the London company market was substantially transformed, but published this year in London remain the world’s leading Matters 2020, a unique statistical international insurance and Past and current chairmen of the IUA: (Left to right) Tim Carroll, Stephen Cane, document issued by the London reinsurance marketplace. Our Tony Medniuk, Stephen Riley and Malcolm Newman (current chairman) Market Group. It also highlighted aim is to continue this role whilst the growing importance Lloyd’s/ supporting companies meet the company dual platform insurers challenges ahead. which now account for 67% of overall market premium compared Dave Matcham to 35% 10 years ago. Over the Chief Executive same time period, however, International Underwriting the premium share of company Association 4 The International Underwriting Association

Changing risk profiles

One of the IUA’s most important services to members is the running of market underwriting committees that encourages innovation, education and a sharing of best practices. The nature of these groups is continually evolving. New committees have been established to cater for emerging business sectors and, in traditional classes, clauses are developed to address developing aspects of risk.

The IUA was 20 years old in 2019 providers and other road users. Top 5 companies and the London company market The association expressed its (by market capitalisation) is a very different place now members’ views that e-scooters compared to when it was first should be restricted to use on 2000 2020 formed. The development of digital roads and not permitted on technology has been so pervasive pavements, but has not called for that it has impacted all areas of a compulsory insurance regime. insurance. Cyber risks are to be Photo (Prague) Marek Rucanski Marek Photo (Prague) The deployment of 5G wireless found everywhere with critical networks, however, is likely to be business systems increasingly An interview on unmanned aerial the single biggest technological reliant upon online networks and vehicles explored the risks they change for society over the artificial intelligence software present to various industries next few years, according to a on the verge of widespread and the capabilities of counter report published by the IUA. In deployment. technology to bring down any ‘New Year, New Tech: what will drone being used with malicious For many multinational insurers be asked to cover in intent. At the end of 2019 the IUA companies today their biggest 2020?’ we looked into the future also welcomed the introduction risk management focus is on the with Amelia Kallman, a leading of new registration requirements protection of their brand image futurist, speaker and author who and an online test for UK drone and the maintenance of complex regularly advises business and operators – safety measures which supply chains. Twenty years ago government on the impact of we have promoted for a number the world’s largest businesses new technology. She explained of years. were generally energy companies how 5G will act as an enabling and motor manufacturers with Another recent technological technology, laying the foundations enormous physical assets to development with significant for widespread adoption of insure. Today the world’s top potential implications for many other developments – firms are increasingly technology the insurance industry is the from communication using 3D providers with more intangible proliferation of e-scooters. Plans holograms to augmented reality assets and revenue models to legalise such vehicles on public glasses. requiring protection from business roads have been drawn up as part Insurers will be faced with many interruption. of a green transport strategy and new potential risk exposures their popularity could be further A key focus for the IUA in arising from, for example, a rush to boosted by a reluctance to use supporting member responses to market of products with minimum public transport post-Covid-19. these new trends is the work of our cybersecurity standards, privacy Developing Technology Monitoring Here the IUA has responded to concerns around the growing Group. Over the past year it has calls for evidence from Parliament use of biodata, and addiction published a number of articles, and the Government, calling to electronic sports. The pace of hosted events with speakers for regulations that clearly spell change can be quite dizzying, but from firms building cutting edge out the obligations of users, for the London company market technology and engaged with manufacturers, rental scheme it is vital to stay on top of new government officials concerned developments that may transform with regulating its use. the business we write. Photo Xiang Ji Hong Kong 6 The International Underwriting Association

Covid-19

The impact of the Covid-19 crisis on the London company market has been widespread and profound. IUA members have supported their clients, making claims payments across a range of business classes, but most notably on contingency and business interruption policies. Lloyd’s has already published an estimated pay out of $3-4.3bn, on a par with the September 11 terrorist attack, and company market contributions are expected to be comparable. The IUA is undertaking its own Covid- 19 loss survey which will attempt to quantify aggregate claims paid by its members.

Operations Claims services Underwriting Operationally, our sector appears Claims services have, of course, Within the IUA’s underwriting to have adapted well to a remote been a major topic of discussion groups debate has generally working environment, with IUA throughout the crisis and the IUA focussed on three areas: existing members and the association established a new market steering policy coverage implications; the itself continuing to provide committee for senior claims continuation of cover; and future services with little interruption. practitioners to monitor trends. market sustainability. Contingency Meeting on a fortnightly basis, business has, course, seen the Working from home has, of Photo Edwin Hooper this group has been assessing greatest impact with the sheer course, meant that our market the capability of adjusters to cope scale of lockdown responses groups have had to move their Lockdown has also seen a with additional workloads and triggering a vast number of event regular meetings online. This has, remarkable increase in the use has remarked on a growing use of cancellation policies. however, resulted in a significant of the market’s e-trading system, technology employed within the increase in participation. PPL. The first week of remote Other classes of business, loss-adjusting process. Drones, Unconfined by the limits of a working at the end of March saw however, have also had to address Go-Pro cameras and satellite physical meeting room size, our a record for the volume of trades other, perhaps less obvious, imagery have all proved useful. At Contingency Working Party, for with 5,600 risks placed, around underwriting issues. Members the same time claims experts have example, recorded 50 participants 2,000 more than the previously of the IUA, Aviation Technical been hampered by supply chain at one monthly meeting held via weekly high. Meanwhile the Committee, for example, have disruption, limiting materials videoconference. Our programme number of unique users on the debated the aggregation of risks available for repairs and travel of market briefings too has platform has risen by 40%, the with much of the global airline restrictions. boomed, with 263 attendees number of submissions has fleet grounded in a limited number logging onto one event. As doubled and the number of users of locations. Product liability companies have accommodated registered for training more than insurers, meanwhile, have had working from home, on what may tripled compared to the same to review policy coverage for well be a semi-permanent basis period in 2019. manufacturing firms that have for some staff, the formal contact switched from their usual output networks fostered by the IUA have to focus on producing medical proven to be a vital network of supplies. Many underwriting communication. groups have also reviewed the substantial number of new model clauses that have been developed in response to the risks presented by Covid-19. Annual Review 2019/20 7

Government liaison Charitable donation Since the outbreak of the crisis In addition to the support the the IUA has been in regular IUA has provided to its member contact with the UK Government, companies throughout the Covid- answering questions about the 19 crisis, the association has impact of the crisis on insurers also made a donation of £1m and highlighting possible future towards an industry charitable developments. We have helped fund. This has been established in officials understand the nature of partnership with the Charities Aid policy coverage and liaised with Foundation and will be working to regulators to help swiftly resolve support those hardest hit by the disputes. In a number of areas emergency. It will help in three the availability of new insurance core areas: community-based Souza Sergio Photo (Brazil) contracts has been severely charities under unprecedented constricted. Trade credit is an strain; families and children Since the outbreak of obvious example and here the IUA living in the greatest poverty cooperated with other industry and older people in isolation; the crisis the IUA has been bodies to review and develop and businesses assisting their plans for a reinsurance backstop employees with wellbeing and in regular contact with the guaranteed by the Government. mental health. UK Government Clearly, total economic losses from a widespread pandemic event, such as we have seen with Covid-19, cannot be adequately underwritten by the private sector alone. A number of publicly- backed partnership schemes have, therefore, been proposed to deal with future incidents. The IUA has monitored these developments and is actively assisting research into perhaps the most prominent, Pandemic Re. The chief executive of Pool Re, an existing state-supported terrorism backstop upon which the proposal is based, attended a meeting of the IUA Board and our members are helping to establish workable plans. A free flow of business between the UK and EU enables a more efficient marketplace and better service for clients

Switzerland Annual Review 2019/20 9

Brexit

Much effort has been expended by IUA members preparing for the possibility of a UK withdrawal from the EU and reversion to a trading relationship based on World Trade Organisation (WTO) rules. Firstly, in anticipation of a 2019 March 29 deadline, then October 31 and now the end of 2020.

Such prevarication has, of course, Publication of the UK’s draft teams. Yet given the intensely been frustrating, but the extended comprehensive free trade political nature of this process, it timeline has at least meant that agreement with the EU raised is difficult to predict exactly what firms are well positioned to react other questions about the future influence our discussions will to whatever outcome arises from treatment of London market have ultimately. the trade negotiations conducted companies. Most EU countries There is, however, another during 2020’s Brexit transition take a risk-based approach, benefit in cultivating government period. requiring a licence to write relationships as Brexit comes into insurance risk even if a firm A free flow of business between full effect. A clearly stated aim does not conduct any business the UK and EU, however, enables of the UK is to actively promote locally, whereas the UK permits a more efficient marketplace and trading relationships across the EU companies to insure UK risks better service for clients. The globe and the Government is as long as they do not undertake IUA has consequently argued driving to sign new trade deals any activity in the UK. Allowing strongly for an arrangement that will boost UK exports. EU member states to define the that encourages, as much as concept of ‘doing business’ would The international nature of our possible, cross-border trade in be unlikely to lead to any change sector means it is ideally placed insurance services. Cooperating to this imbalance. to take advantage of such with Lloyd’s and brokers through opportunities and the IUA believes the London Market Group we Similarly, EU countries currently in taking an ambitious approach. have, for example, highlighted provide their own definitions of Our members have worked closely the importance of equivalence ‘solicitation of business’, which with officials, identifying priority rules under Solvency II which are usually highly restrictive areas and existing barriers to would give UK-based reinsurers and ban brokers from doing any trade that could be removed. some confidence that they could marketing unless licensed. These We will continue seeking to continue to operate in the EU may even limit the ability to renew liberalise international markets on a level playing field, without existing business, while EU firms and focus attention on how the having to navigate a patchwork of are offered much greater access to insurance industry can support different national jurisdictions. the UK market. economic growth and resilience There are mutual benefits for In recent years the London Market across the world. the UK and EU to find each other has worked hard to establish equivalent under Solvency II close working relationships with provisions for reinsurance, group HM Treasury, other key branches supervision and group solvency. of the Government and a broad Given that there is no equivalence range of Parliamentarians. This regime for broker activity, it is effort has been vital in ensuring also important that a legally our arguments about the nature certain method is found for EU of the future UK-EU trading policyholders to continue having relationship are heard and clearly their contracts serviced by UK understood by the negotiating insurance brokers. Photo Willian Justen de Vasconcellos Justen de Willian Photo 10 The International Underwriting Association

Culture

Over the past year a searching spotlight has focussed on the working culture of the London Insurance market, highlighting both work that many IUA members are supporting to improve the business environment and problems that remain. The IUA launched a new market group for Human Resources and Training professionals in October 2018 and over the past year this forum has gone from strength to strength. It has enabled members to access information and resources on a wide range of industry initiatives aimed at reducing inequality and making our sector a more attractive place to work.

The group has formed a strong expert advice and ensure effective Clearly there are opportunities Only a quarter connection with the City HR change is delivered. IUA chief for IUA members in a better Association, the professional executive Dave Matcham is a promotion of our industry as an of top earners body for human resources member of this advisory group. exciting place to work, and the practitioners in financial services. Among its aims are to improve the London Market has a compelling are female It has also hosted an exciting representation of women at senior story to tell. Our support for programme of events, bringing levels within the market and business, encouraging enterprise issues of culture and diversity to seeing the establishment of clear and innovation around the members’ attention and allowing standards of business conduct. world, and insurance’s inherent them to discuss good practice sense of social purpose are Progress towards a more diverse in this area, with high profile attractive to young jobseekers. market, capable of attracting the speakers offering unique insights. People switching jobs mid-career very best talent, was analysed this Disability in the workplace, for can also bring valuable skills year in the London Matters 2020 example, was discussed with from other industries. Through report, published by the London stand-up comedian Tanyalee the IUA, member companies Market Group. This showed that Davis, the gender pay gap with can contribute to and ensure overall gender diversity has supermodel Caprice and diversity maximum benefit from industry improved slightly in recent years with transgender ex-army officer initiatives that will encourage a and is above the national average. Julie Miller. new generation of talent. But the gender pay gap is higher Many initiatives aimed at in the London Market compared improving the culture of our sector to the UK overall and only a are cross-market in nature and quarter of top earners are female. participation in the IUA’s activities The report also revealed that is an excellent way for companies the proportion of the workforce to engage with this issue. We over 50 has increased quite are working closely with Lloyd’s significantly in recent years and which has taken a lead in this that there are fewer employees area following the completion of with digital and analytical skills a market survey set up to address than in other comparable sectors. complaints of sexual harassment. One element of a subsequent action plan was to establish a Culture Advisory Group to provide Annual Review 2019/20 11

Cyber

The management of cyber risks is at the forefront of debate right across the IUA’s underwriting communities. As regulatory interventions have increased, all lines of business have been impacted by the issue and are responding with a variety of different actions. Lloyd’s of London has mandated that managing agents provide clarity by either excluding such risks, or providing affirmative cover. A number of IUA member companies have made public statements declaring a future intention to be affirmative in all policies. Importantly, there has also been an increasing attention from brokers.

Reviews In order to help members keep reveal quite differing approaches Such is the current focus on track of this proliferation in to cyber risks in different sectors non-affirmative cyber coverage, conducted by activity the IUA now publishes a of the insurance industry. General the IUA established a dedicated non-affirmative cyber summary liability, for example, has often market group in the first quarter the IUA reveal document that details the latest been silent on cyber risks and, of 2020 to coordinate activity in developments. It describes all for contingency business, cyber this area. The association already quite differing activity across a wide range of is generally covered as part of all runs a number of established our market underwriting groups risks policies. Property policies, cyber forums for members, approaches to that have examined the issue. meanwhile, have long-established focussing on dedicated cyber risk The summary also includes a data and virus exclusions which underwriting, cyber reinsurance cyber risks in Cyber Clause Library listing all are widely used across the market. and cyber legal and claims issues. market clauses published by the Now the Non-Affirmative Cyber different sectors A number of new market clauses IUA, Lloyd’s Market Association Risk Committee is developing have been drafted by IUA and other bodies since the a more detailed understanding of the insurance committees in response to the Prudential Regulation Authority’s of the subject, supporting the challenge highlighted by the (PRA) supervisory statement work of other underwriting industry regulator. A data event clause SS4/17. This statement focussed groups. It is collating and sharing excluding claims for mental principally on the so-called ‘silent publicly-available information, anguish arising out of a data cyber’ risks of policies that do considering the impact of model breach has been issued by our not explicitly include or exclude clauses when applied to different Aviation Technical Committee, for cyber coverage and laid out the lines of business and analysing example. Meanwhile, the Liability regulator’s clear expectations that interactions between standalone Underwriters’ Group developed firms should act to reduce such cyber and other insurance an extension clause to enable exposure. policies. The aim of the new the provision of data protection committee is to assist members The task imposed by the PRA cover in public liability policies. by identifying areas of complexity was a significant one, essentially And various cyber exclusion and and promoting best practice requiring company boards to writeback wordings have been across the London company supervise a review of all classes published for the marine sector by market. of business in order to identify joint company market and Lloyd’s any silent cyber risks and then underwriting committees. reframe them in line with the firm’s stated risk appetite. Reviews conducted by the IUA When it was launched, the Climate Risk Committee quickly proved to be our most popular new initiative ever

Iceland Annual Review 2019/20 13

Climate risk

Insurers have long been concerned with the impact of climate change on property and assets that they protect. The industry has played a leading role in supporting research into the implications of various potential climate trends. For IUA members the issue was brought into sharper relief in 2019 with the publication of a supervisory statement by the Prudential Regulation Authority (PRA) that required them to develop a strategic plan for managing the financial risks of climate change.

The IUA is supporting companies The PRA’s climate change very uncertain and complex in responding to this challenge supervisory statement, however, changes to the climate will have through a Climate Risk Committee recognises that both the insurance a financial effect on an insurer’s which met formally for the first industry and its regulator need to operations. time in January 2020. When learn how to address these issues The Climate Risk Committee is also it was launched this group and develop effective approaches establishing useful contact with quickly proved to be our most to managing them. Over the other organisations operating in popular new initiative ever with next few years the supervisory this field in order to keep members over 30 companies nominating perspective will undoubtedly up to date with the latest research representatives. Typically the evolve significantly as best and analysis. The influence of responsibility for addressing the practices emerge and industry changing physical risks is clear financial risks of climate change feedback is taken on board. and obvious, with new weather is expected to fall to chief risk The IUA’s role is to establish an patterns affecting the incidence officers. Our new member forum effective dialogue that enables our of catastrophic loss events. is indeed largely populated by members to collectively participate Increasingly, however, attention is practitioners in this role, but such in and influence the debate. also turning to transition risks as is the level of interest it has also Reporting to the IUA’s main public opinion, government policy, been able to draw on expertise public policy group (the Legal technological developments and from underwriting, claims and and Regulatory Committee), reputational issues all combine compliance teams.Insurers are our Climate Risk Committee has to alter the risk landscape expected to consider the financial already engaged substantively and subsequent insurance risks from climate change as an with the regulator. We welcomed requirements. integrated part of their existing PRA representatives to the risk management frameworks and Climate risk may be a relatively group’s second meeting for align them to their board-approved new area of focus for the IUA’s a detailed debate about the risk appetite. They are also tasked public policy work, but it is one authority’s biennial exercise to with undertaking scenario analysis that will be around for some time stress tests financial risks from to test their business models to come. climate change. This allowed against a range of different climate us to highlight the unreliability change outcomes. And more of making assessments over detailed reporting of their actions a timeframe stretching many in this area is likely. decades into the future and the difficulties for firms in obtaining data. Whilst in the short term impacts may be relatively minor, there is considerable difficulty in predicting accurately just when Photo Matheo JBT 14 The International Underwriting Association

Committees

Property & Casualty Aviation Marine Technical Committee Technical Committee Technical Committee Chair: Joanne Hills Chair: Jette Varnals Chair: Kristof De Bremme RSA Insurance Group plc Catlin Insurance Company UK Ltd AIG UK

Subcommittees Subcommittees Subcommittees

Liability Underwriting Group Aviation Insurance Clauses Joint Hull Committee Group Casualty Treaty Group Joint Cargo Committee Aviation Liaison Forum Property Underwriting Group Joint Liability Committee Joint IUA/LMA Aviation Delegated Authority Committee Joint Rig Committee Underwriting Group Joint War Committee Personal Accident & Health Underwriting Group Joint Excess of Loss Committee

Political Risks Committee Joint Specie Committee

Banks Underwriting Group

Professional Indemnity Forum

Clauses Committee

Directors & Officers Underwriting Group Developing Technology Professional Lines Monitoring Group Underwriting Group

Contingency Working Party

Non-Marine Environmental Process Committee Efficiency Group Chair: Peter Houston Cyber Underwriting Group Chubb European Group Limited

Cyber Reinsurance Committee Subcommittee Cyber Legal and Claims Sub- Technical Accounts User Group Human Resources Group & Training Committee Non-Affirmative Cyber Committee Annual Review 2019/20 15

Market committees with IUA representation Key organisations monitored

by IUA Legal & Regulatory Committee London Market Group

HM Treasury central Services Refresh (CSR) Steering Group the Message Exchange Limited (TMEL) Board Legal & Prudential Regulation Authority Regulatory Committee Financial Conduct Authority Placing Platform Limited Board Chair: Currently vacant Confederation of British ruschlikon UK Implementation Group Industry London Insurance Market Operations and Strategic European Insurance and Sourcing (LIMOSS) Subcommittees Occupational Pensions Authority Compliance Committee Central Service Management Committees Geneva Association Indirect Tax Working Group associations Executive Board Insurance Europe associations Services Committee Direct Tax Working Group International Association of associations Transformation Committee Prudential Working Group Insurance Supervisors associations Risk and Compliance Committee Americas and Worldwide National Association of Licensing Committee Insurance Commissioners ferN Transition Executive Board

Climate Risk Committee Organisation for Economic Co-operation Public Policy Brexit Working Group and Development British Insurers’ European Panel global Federation of Insurance Associations Liberalisation of Trade in Services Committee insurance Europe

Developing Technology Training and Education Monitoring Group Lloyd’s Education Committee

London Market Education Group (Chartered Claims Insurance Institute) Steering Group Marine Insurance Education Council insurance Institute of London Research Studies Committee Subcommittees

Aviation Claims Committee; institute of London Underwriters Board Aviation Claims Liaison Forum ins-sure Shareholder Committee Human Resources Joint Marine Claims Committee ins-sure Services Board & Training Committee Energy Claims Committee islamic Insurance Association of London Board acorD Board Contingency Claims Committee

Non-Marine Claims Group 16 The International Underwriting Association

Members of the IUA as at 30 June 2020

Ordinary Members Royal & Sun Alliance Insurance plc RSA Luxembourg S.A. AIG UK SCOR UK Company Limited Global Corporate Specialty SE Sirius International Insurance Corporation (publ) Allied World Assurance Company (Europe) DAC Sovereign Risk Insurance Ltd Arch Insurance Company (Europe) Limited Starr International (Europe) Limited Aspen Insurance UK Limited Starstone Insurance SE S.p.A. (UK Branch) Europe S.A. UK Branch Assuranceforeningen Skuld (Gjensidig) UK Branch Swiss Re International SE Insurance Limited XL Kiln Insurance Limited Axis Specialty Europe Plc TransAtlantic Reinsurance Company Barents Reinsurance SA Trans Re London Limited Berkley Re UK Limited Travelers Insurance Company Berkley Offshore Underwriting Managers UNIQA Osterreich Versicherungen AG Chaucer Insurance Company DAC Zurich Insurance Plc Chubb European Group SE CNA Insurance Company Limited Convex Insurance UK Limited Associate Members Endurance Worldwide Insurance Limited Eurasia Insurance Company JSC Euler Hermes UK Kafolat Insurance Company Everest Insurance (Ireland) DAC Spain Everest Reinsurance (Bermuda) Ltd Millî Reasürans TAS Fidelis Underwriting Limited Mitsui Sumitomo Insurance Co. Ltd Gard Marine and Energy Europe AS Pool Reinsurance Company Limited Corporation of India Samsung Fire & Marine Insurance Company (GIC Re- UK London Branch) of Europe Ltd General Reinsurance Company Taiping Reinsurance Co Ltd Global Aerospace Underwriting Managers (GAUM) Great Lakes Insurance SE (UK Branch – a company) Affiliate Members Hannover Rueck SE Davies Group HDI Global SE – UK DMW Group Limited HDI Global Specialty SE DOCOsoft Helvetia Insurance Company Exari Houston Casualty Company London Underwriter Insurance Company Limited HSB Engineering Insurance Limited Weightmans LLP International General Insurance Co Ltd (Bermuda) International General Insurance Company (UK) Ltd Korean Reinsurance Company La Reunion Aerienne London Ltd Lancashire Insurance Company (UK) Limited Insurance Europe SE Markel Insurance SE Markel International Insurance Company Limited MS Amlin Insurance SE New India Assurance Company Limited Norwegian Hull Club Qatar Reinsurance Company Limited QBE Insurance (Europe) Ltd Renaissance Re Europe AG, UK Branch Annual Review 2019/20 17

Parent Company locations of IUA Ordinary Members

United States (15) Dubai (2)

Bermuda (13) India (2)

Germany (7) Australia (1)

United Kingdom (4) Austria (1)

Switzerland (4) Cayman Islands (1)

France (3) China (1)

Japan (3) Italy (1)

Norway (3) Qatar (1)

Sweden (1) Members of the Board and Officers

Members of the Board Malcolm Newman, scor UK Company Limited Chairman Dave Matcham, international Underwriting Association Chief Executive Paul Bonny Transatlantic Reinsurance Company John Cadman Lancashire Insurance Company (UK) Limited Mark Chapman global Aerospace Underwriting Managers Geoff Godwin aig UK Tim Hennessy aXIS Insurance - International Division Philip Hobbs Liberty Global Group Geoff Jones Royal and Sun Alliance Insurance Group plc Rob Kuchinski Zurich Global Corporate UK Nick Parr HDI Global Specialty SE Kashe Sambhi swiss Re Corporate Solutions William Stovin Markel International Insurance C company Limited Hugh Sturgess arch Insurance Europe Patrick Tiernan aviva Plc Robert Wilson chubb Global Markets Paul Woods Great Lakes Insurance SE

Management Dave Matcham chief Executive Louise Day Director of Operations Scott Farley Director of Communications Chris Jones Director of Legal and Market Services

Committee Chairs Legal and Regulatory Committee Currently vacant Process Efficiency Group Peter Houston chubb Insurance Company of Europe SE Property and Casualty Technical Committee Joanne Hills RSA Insurance Group plc Marine Technical Committee Kristof De Bremme aig UK Aviation Technical Committee Jette Varnals AXA XL Financial and Audit Committee David Radford transatlantic Re

International Underwriting Association Ltd London Underwriting Centre, 1 Minster Court Mincing Lane, London EC3R 7AA

tel +44 (0)20 7617 4444 email [email protected]

www.iua.co.uk Australia Tadepalli Vinay Photo