IUA FORMS TECHNOLOGY IMPACT WORKING GROUP

The International Underwriting Association (IUA) has formed a working group to examine the future impact of technology on underwriting. The new developing technology monitoring group will consider how new risks may be written in London and how existing insurance policies can be adapted to account for new technology. The insurance industry is currently grappling with a raft of new technologies such as driverless cars, aviation drones and autonomous ships. These technologies have potentially profound implications for the insurance industry and raise issues across several classes of business. As a result, the group will have representatives from the IUA’s aviation, cyber, casualty treaty, liability, marine and professional lines underwriting groups. The group will distribute information and consider developing its own research papers. It will also respond to any relevant government consultations and proposed legislative changes, the IUA said. Meetings are initially planned to take place on a quarterly basis.