’Companies continue to invest in London operations,’ says chief executive
The combined income of the London company and Lloyd’s markets surpassed £100bn for the first time in 2023, new figures from the International Underwriting Association (IUA) have revealed.
Last year, Lloyd’s premium income sat at £52.1bn, while the IUA’s company market number was £48.4bn.
The figures also show that premiums written in London jumped by 14% year-on-year, while total income has grown by approximately 10%.
Direct and facultative contracts written in the City, meanwhile, totalled £32.1bn in 2023, an increase of 9% on the previous year.
The data came from The 2024 London Company Market Statistics Report, which was released by the IUA yesterday (16 September 2024).
More than 80 companies were surveyed for the research.
IUA chief executive Dave Matcham said: “Companies continue to invest in London operations and our sector is able to find creative solutions for even the most complex and unusual liabilities.”
Biggest classes
The IUA’s 2024 report also revealed that property remains the largest business class for London companies, with premiums totalling just over £12bn last year.
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Liability followed at £6.2bn, while marine has overtaken professional lines as the third largest line of business.
Meanwhile, motor, accident and health, renewable energy, political risks and cyber premiums all grew by over 15%.
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