Dave Matcham

Taking Stock of Recent Developments

Taking Stock of Recent Developments

After a break of a few weeks, it’s time to rejuvenate the blog. A touch of writers’ block, some holiday and busy work periods curtailed the entries.

So it may be best to take stock of the events of the last few weeks. The Insurance Day Summit was good this year, sometimes controversial but a worthwhile exercise to reflect on the big issues in the market. As always regulation and technology reform were at the forefront of discussion, both of which are relevant to IUA’s agenda.

A big cause for excitement for us was a second new member who joined on 1 May. Having secured Catlin in April, Axis Specialty has also joined. These two companies were the two biggest non-members and their joining is a massive endorsement of IUA’s work for member companies.

There was also much furore over the Swine Flu outbreak and consequent business continuity or insurance implications. Doesn’t seem to have come to much though – thankfully. The build up to the final of Britain’s Got Talent seems to have assumed all the national headlines.

The European Commission has pronounced on systemic regulation for the future. A stronger system of financial supervision at the EU level will result through a new European Systemic Risk Council and System of Financial Supervisors. The European Insurance Industry strongly supports the proposals adding that it is vital that separate European authorities are maintained for insurance, banking and securities supervision.

Finally, perhaps one of the most influential regulators, the New York Superintendent of Insurance has resigned, leaving a significant vacancy in these times of regulatory reform.

Looking ahead we have our AGM this month with the publication of our new annual report and our 10th Anniversary Dinner on 1 July 2009. Let’s not forget the dawning of another hurricane season. It starts again today and the names of Anna, Bill and Claudette are already available for use but hopefully will never be mentioned. A “near normal” season is predicted but that still means four to seven likely hurricanes. Many underwriters will have the national hurricane website minimised on their screens over the summer.

A New Member Company

During the recent turmoil, IUA received some very positive news. Torus, a new entrant to the market, agreed to join IUA. Anyone involved in association life will know that securing new members is both essential and exciting. This result doesn’t happen overnight – much preparatory work and discussion takes place with the prospective applicant to persuade and encourage them to join. Once they have made that decision it demonstrates a real test and vindication that our service offering is seen as valuable.

We often describe ourselves as “that extra member of staff” albeit a highly versatile and knowledgeable resource. We have already begun to work with Torus and look forward to a long and productive relationship.

Whilst we have well over 80% of London market companies, measured by premium volume in our membership, the job of securing members is, I suspect, never complete. We continue to talk to 5 or 6 more companies and remain optimistic that they will join. Our Board recently revalidated our strategic priorities and our Secretariat is very well placed to deliver cost effective services. And, we will soon have the results of our comprehensive member survey. This may well change our offering further – more news soon.