Geopolitical factors, including war in Ukraine, global sanctions, and shifting trade dynamics, are intensifying the volatility insurers must navigate, according to Chris Jones (pictured), CEO of the International Underwriting Association (IUA).
Representing around 80 member firms, including MGAs, monoline carriers, and global corporate insurers, the IUA is a London-based trade association that plays a central role in shaping the technical, legal, and operational landscape of the company insurance market. Together, its members generated £48 billion in premium income last year, comparable to the Lloyd’s market.
Jones, who started the post in May, noted that a softer pricing environment, exacerbated by international uncertainty and evolving risk patterns, is putting new demands on insurers’ operations. Speaking to Insurance Business, he laid out the IUA’s strategic response to mounting market pressure.
“Market conditions are soft. We’re seeing more of a buyer’s market in many lines of business,” said Jones. “At the same time, insurers are striving for growth while focusing heavily on contract clarity and improving risk management.”
Jones also commented on the operational impact of global trade tensions and social inflation. Tariffs, while not directly curbing capacity, are adding unpredictability to claims costs, particularly in sectors like property, motor, and aviation.
“The bigger issue is volatility,” he said. “If you know what tariffs are, you can price them in. But it’s the constant uncertainty that’s difficult.”
He added that tariffs can also delay repairs and inflate claims, especially in aviation, where supply chains are fragile. Meanwhile, in the US, social inflation, driven by litigation funding and so-called nuclear verdicts, is pushing up casualty claims, with early signs of this trend spreading to Europe and beyond.
Despite these pressures, Jones said insurers are not retreating from major business lines. Instead, they are adjusting pricing models and risk appetites to remain competitive.
“The insurance industry is adapting,” he said. “And part of our job at the IUA is to make sure the market has the tools, knowledge, and talent to do that effectively.”
To support members in this challenging environment, the IUA is refocusing its efforts on underwriting and claims technical expertise, a move Jones describes as critical to maintaining London’s edge as a global risk hub.
“We want everything we do, from legal frameworks to operational efficiency, to feed into underwriting and claims,” he said. “Ultimately, that’s what sets London apart. It’s the technical knowledge and ability to handle complex, bespoke risks.”
While underwriting has long been a focus of industry resources, Jones highlighted the need to elevate the role of claims within the association. Plans are underway to appoint a dedicated Director of Claims and expand technical education initiatives, such as market briefings and committee-led training sessions for junior professionals.
Another top priority for the IUA is tackling systemic and cross-class risks. Issues such as artificial intelligence, cyber exposure, and sustainability do not confine themselves to traditional insurance silos, and the IUA aims to provide a more holistic forum for developing market-wide solutions.
“We’re trying to move beyond a class-by-class approach,” said Jones. “Cyber, AI, and ESG issues are risks that cut across multiple business lines. We need coordinated leadership and insight to help insurers respond effectively.”
The third major concern raised by Jones is the demographic imbalance in the insurance workforce. With an aging talent base and fewer new entrants, the sector faces a long-term retention and succession risk.
In response, the IUA has launched IUA Futures, a development program targeting professionals with up to five years of experience. It includes technical briefings, entry-level exams, and peer networking events to create a sense of belonging and purpose for new joiners.
“There’s a challenge in attracting and keeping people,” Jones said. “The market is more diverse and technically rewarding than people think, but we need to do more to communicate that.”
