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International Underwriting Association News

18 May 2021

Designated Risk Areas: Arbitrary Lines or Useful Tool for Illustrating Risk?

© Wojciech Wrzesień / Adobe Stock

The art of drawing lines on maps is fraught with contention. Sir Mark Sykes and François Georges-Picot are likely unfamiliar to many, but their names and actions live on. Their role in carving up the Ottoman Empire toward the end of the of World War I created artificial borders in the Middle East—determined arbitrarily with a ruler and with no regard to ethnic or sectarian characteristics—highlights the unintended cartographic consequences that can arise when applying rigid models of expression to inherently dynamic areas.Designated areas of maritime risk…

09 Apr 2015

Who Should Pay to Prevent Further Damage of Stricken Ships?

Keith Jones (left) and Richard Cornah

Who – shipowner or insurer – should bear the costs of any action taken to prevent a stricken vessel from getting into further costly difficulties? A seminar organized jointly by the Association of Average Adjusters and the International Underwriting Association heard that the market had long wrestled with the arguments, and that considerable uncertainties remain. The London event was given an outline of the main provisions of what could count as ‘sue and labor’ – a clause in marine policies under which the assured can recover reasonable expenses for minimizing or averting an insured loss.

09 Sep 2003

IUA: Market Reform Will Be Theme Of Renewal Season

Further important advances will be made in efforts to reform business processes in the London insurance market during this year's renewals season, according to the International Underwriting Association (IUA). A number of projects within the London Market Principles (LMP) reform program will be reaching new stages of development in the coming months, making 1.1.04 renewals another potential landmark for modernization. Work is now under way on an implementation outline for proposals to improve the speed and efficiency of accounting processes. The plans promise faster processing of premiums and claims and much improved customer service.

11 Nov 2003

IUA supports market reforms

members in the London company market. mandate slip usage. encourage the initiative within the company market. standard. slips used for business incepted in London. LMP slip evolved to its present form. the LMP programme are built," says Stephen Cane, chairman of the IUA. insurance market as a whole. to increase acceptance. and shared market repositories. for the communication of data. outline for the proposals. reform programme," says Cane. insurance centre. insurance and reinsurance companies. association supporting the business environment in London. market. process of reform, to create an efficient and streamlined marketplace with improved service provided to clients.

04 Jan 2002

Simon Beale Elected Chairman of Joint Hull Committee

Simon Beale, underwriter of the KJ Coles syndicate at Lloyd's, has been elected chairman of the Joint Hull Committee (JHC). The JHC is a joint initiative by the International Underwriting Association of London and Lloyd's Underwriters' Association. Its role is to support and develop the role of the London hull insurance market. The JHC acts as a focal point for hull insurance issues while providing advice and representation to members on technical, legal, promotional and educational issues. Simon Beale says he intends to build on the work that the JHC has been undertaking over the past twelve months by establishing a series of subcommittees to address technical issues and wordings, statistics and information, education and market information, liaison, and finance.

29 May 2002

London Underwriters to Host Hull Market Seminar

Underwriters from the hull insurance market in London will hold a seminar in Greece later this year to debate issues of current interest to shipowners and insurers. In recent years, Lloyd's Underwriters Association has hosted a reception at the Piraeus Yacht Club during the week of the Posidonia exhibition and congress. This year, however, Lloyd's Market Association and the International Underwriting Association of London (IUA), under the auspices of the London Joint Hull Committee, have instead combined to host the seminar, which will take place either in October or November. This departure from custom reflects a feeling by London hull…

20 Nov 2000

Insurance Market To Back Reform

The International Underwriting Association, Lloyd's and the Lloyd's Insurance Brokers' Committee have unveiled a jointly agreed program to reform business processes in the London insurance market. More than 350 organizations that form the market - insurance and reinsurance companies, Lloyd's syndicates and brokers - will now be asked to sign up to a document indicating support for the principles of the program. The report, London Market Principles 2001 (LMP2001), is based on a consultation document published in May, amended to accommodate the extensive feedback received. Ownership of the reforms extends widely across the market, with the common aim to improve customer service, speed up the way the market operates, and create long-term cost savings.

27 Sep 2002

IUA Supports LibDem Call For Action on Piracy

Marie-Louise Rossi, chief executive of the International Underwriting Association of London (IUA), has applauded a call by politicians in the U.K. to support measures to crack down on piracy and armed robbery at sea. being undertaken by IMO to address this issue. bilateral and multilateral agreements between maritime nations and coastal states, by providing assistance to coastal states, and by pressing for flag states to make adequate relevant checks in connection with crew documentation, vessel registration and transparency of information. also advocated working through IMO to ensure that seafarers received proper training under a strengthened STCW Convention.

13 Jan 2003

Heinz-Werner Hof Joins IAU Board

The International Underwriting Association of London (IUA) has announced that Heinz-Werner Hof, CEO of Allianz Marine and Aviation, has joined its board. Hof was co-opted to the board at its meeting in December. Prior to his current role, Hof was a board member at Allianz-Elementar in Austria, responsible for the property & casualty division. From 1993-2000, he was a board member of Allianz Hamburg and Allianz Globus MAT, holding the chairman's position from 1999-2000. Before that, Hof held various senior management positions within the Allianz Group in Munich, which he joined as an underwriter after graduating in 1977.