Autonomous aviation issuance demands innovation in insurance policies, according to the Insurance Underwriting Association
The International Underwriting Association (IUA) has recently unveiled an innovative online library of model insurance and reinsurance clauses, designed to improve accessibility and standardization within the insurance and reinsurance industries.
This new digital repository, launched in collaboration with the Lloyd’s Market Association (LMA) and London & International Insurance Brokers’ Association, provides a centralised hub for underwriters, brokers, and other market participants to find and utilise standardised model clauses.
The IUA's move aligns with previous LMA initiatives, such as the launch of model clauses focused on specific areas like sanctions compliance and profit commission clauses for binding authority agreements. This ongoing modernisation of contract terms and compliance tools in the London insurance market underscores the commitment to promoting clarity and standardisation across the industry.
Additional updates related to this development include the joint release of global trade credit insurance claims surveys and the establishment of strategic groups within the LMA to support innovation and collaboration, including the Treasury & Investments Group.
Apart from this initiative, the IUA has also published a report on cyber insurance, jointly researched with cyber risk analytics firm CyberCube. The report focuses on supply chain risks within the cyber insurance market and offers a checklist for underwriters to consider when assessing such risks. However, it does not provide specific details about the checklist.
In a separate development, the IUA is sponsoring two CII Marine unit prizes, with the sponsorship beginning this year for the M90 and M98 units.
The online library, freely accessible to users, is expected to contribute significantly to standardising certain aspects of insurance and reinsurance policies. By providing a comprehensive and authoritative collection of clauses, it aims to enhance compliance, efficiency, and transparency in underwriting documentation for the international insurance community.
For ongoing updates on this development and new clause releases, interested parties are encouraged to monitor the official LMA and IUA websites and their press releases.
- The IUA's recent launch of a digital repository for model insurance and reinsurance clauses also includes a report on cyber insurance, a joint research with CyberCube, focusing on supply chain risks in the cyber insurance market.
- As technology advances, artificial-intelligence might play a role in assessing cyber risks within the insurance and reinsurance industries, considering the IUA's emphasis on standardization and the CyberCube report's focus on underwriter checklists.
- The ongoing collaboration between the IUA, LMA, and London & International Insurance Brokers' Association not only aims to standardize model clauses for traditional events like sanctions compliance and profit commission clauses but might also expand to address emerging risks, like cyber risks, in the insurance and reinsurance market.
