IUA reports 10% increase in London company market premium income

Recent data from the International Underwriting Association (IUA) shows that overall premium income for the London company market increased by approximately 10% in 2023, reaching £48.4 billion.

This figure includes nearly £43 billion underwritten in London and an additional £5.4 billion from “controlled business” — premiums written elsewhere but overseen and managed by London operations.

The IUA reports a 14% increase in premiums underwritten in London, while controlled business saw a 16% decline.

When combined with Lloyd’s market income, the total premium income for 2023 exceeded £100 billion for the first time. Lloyd’s premium income was around £52.1 billion, adding to the London company market’s £48.4 billion, bringing the combined total to around £100.6 billion.

The IUA notes that property remains the largest class of business for London premiums, totaling just over £12 billion. Liability ranks second at £6.2 billion, while marine has moved ahead of professional lines to take third place.

Other sectors are also showing strong growth, with motor, accident and health, renewable energy, political risks, and cyber insurance premiums all increasing by over 15% year-on-year.

The IUA’s geographical analysis shows that North America is becoming a more significant source of income for premiums written in London, now representing 23% of the market, while continental Europe’s share has decreased to 9%.

For ‘controlled premiums’ written outside of London, however, continental Europe has grown to represent 35% of this market.

Dave Matcham, Chief Executive at IUA, commented, “The London Company Market Statistics Report offers a unique insight into the specialist insurance and reinsurance business that is a major contributor, both to London’s position as a global financial centre and the UK economy.

“The IUA recently celebrated its 25th anniversary and we are proud to have seen our membership grow in recent years. Companies continue to invest in London operations and our sector is able to find creative solutions for even the most complex and unusual liabilities.

“Cyber premiums, for example, have risen again this year. We have also recorded an increase in renewable energy business, reflecting the vital role insurers have to play in supporting sustainability goals.”

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