The International Underwriting Association has reported that the total premium income in 2022 for the London company market was £44.071 billion.
Figures released by the association showed an increase of around one quarter on the previous year when an aggregate of £35.654 billion was recorded.
The overall intellectual and economic premium for 2022 comprises £37.626 billion written in London (up from £30.114 billion in 2021), plus a further £6444 billion (£5.540 billion in 2021) written in locations outside the city, but overseen and managed by London operations.
It noted that premium growth has been largely driven by inflationary price increases, although new business acquisitions have also been a significant driver.
The invasion of Ukraine has led to risk-adjusted price increases in certain classes such as political violence, but has also reduced income for other accounts due to a cessation of Russian-exposed business.
Property remains the largest class of business for premium written in London, accounting for 27 percent of the company market total, while liability and professional lines business each account for a further 15 percent.
Both property and marine premium grew significantly in 2022, the former by a quarter and the latter by a third, while other notable growth rates were observed in professional lines and cyber.
It pointed out that North America is an increasingly important source of business for London companies, generating overall premium of £9.454 billion in 2022, up from £7.207 in the previous year.
Dave Matcham, Chief Executive of the IUA, said, “Our research this year once again provides concrete evidence of a thriving and unique community of insurers and reinsurers. IUA members continue to grow their operations across a wide range of business classes and geographies.
“This report shows the full extent of international specialty 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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