The London market has established a new committee aimed at tackling the issues around the growing levels of commercial crime impacting their clients.
The London Market Commercial Crime Underwriting Group has been established by the International Underwriting Association for companies writing commercial crime business. It met for the first time this week following requests from a number of the association’s members to establish such a forum.
“In recent years the landscape between crime, cyber and other lines of business have become increasingly blurred by emerging risks such as social engineering fraud,” commented Chris Jones, IUA Director of Market and Legal Services. “The commercial crime market is facing some fundamental challenges surrounding capacity and the provision of coverage for an increasing number of different risks. It is, therefore, an ideal time for a new London Market group that can discuss these issues and help companies respond.”
Among the items on the agenda of the Commercial Crime Underwriting Group are dealing with cyber risks by either affirmation of cover or exclusion, the implications of capital withdrawal from the sector and the promotion of education and training resources for specialist practitioners.
The group said it will also consider how policy clauses tackle issues such as impersonation fraud and the merits of drafting a best practice proposal form. Claims trends will be monitored and regulatory updates issued to members.
Around a dozen different London Market companies were represented at the first meeting, with the expectation that more firms will join the group as it becomes established.