The International Underwriting Association of London (IUA) has published its latest statistics report for the London company market, detailing the market’s performance last year in terms of premium figures.
Compiling information from 79 insurance and reinsurance companies operating in London, the trade body reported that total premium income for the London company market in 2022 amounted to £44.07 billion – an increase from £35.65 billion previously.
Of the above sum, £37.63 billion represents premium written in London while the remaining £6.44 billion was written in other locations but was overseen and managed by London operations. Both went up from the corresponding amounts in 2021.
The IUA’s annual research project also found that the largest class of business for premium written in London was still property (27%). Liability and professional lines, meanwhile, each accounted for 15% of the £37.63 billion total. There was no class of business analysis for the £6.44 billion portion.
Source: International Underwriting Association
The IUA’s 25-page report also included analyses by placement type and geography, as well as comparison with the Lloyd’s market.
“Our research this year once again provides concrete evidence of a thriving and unique community of insurers and reinsurers,” IUA chief executive Dave Matcham said in a release. “IUA members continue to grow their operations across a wide range of business classes and geographies.
“This report shows the full extent of international speciality and wholesale coverage provided by companies in London. The income generated by such firms is significant, and an important contributor to the UK economy.”
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