The International Underwriting Authority has established a new group for cyber claims professionals in the London Market – the cyber claims committee. It will convene for the first time on 15th October and seeks to bring together senior cyber claim team leaders from both reinsurers and insurers.

The IUA says the intention is to create a forum in which market practitioners can discuss emerging trends and ongoing issues. It hopes shared insights will feed into underwriting strategy, product development and risk management approaches across the market and help address operational, regulatory and legal developments associated with cyber claims.

Joe Shaw, director of claims at the IUA, said: “Cyber risks are changing rapidly and claims activity is influential in shaping the London Market’s response to risk management demands.
“Our new committee will help facilitate an effective feedback loop between claims and underwriting, ensuring IUA members are well-placed to respond effectively to emerging cyber threats.”