The three most pressing issues facing underwriters in the London company insurance market are regulation by the U.K. Financial Conduct Authority and Prudential Regulatory Authority, reform of U.K. insurance contract law and international trade sanctions, according to a survey of members of the International Underwriting Association.
The London-based IUA surveyed 137 representatives from its 42 member companies to assess the relevance of its activities to members and published the results Monday.
The IUA represents companies in the London insurance company market and lobbies authorities and produces information and guidance on their behalf.
The study found that a focus on regulation by the FCA and PRA was considered a very important activity of the IUA by 45% of those questioned and important by 28%.
More than one-third of respondents — 35% — said reform of contract law in the United Kingdom was a very important area for the IUA to focus its efforts, while 37% deemed it important and 26% quite important.
And 36% of respondents said the issue of international trade sanctions was very important, 37% said it was important, and 24% said it was quite important.
The results of the survey were “very interesting” and would help the association evaluate the success of its research projects and provide suggestions for new areas of work, Dave Matcham, CEO of the IUA, said in a statement.
The U.K. government has launched a cyber security certification framework for businesses to demonstrate that they have taken steps to improve their security against cyber threats.