London company market premium income reaches £28.4bn

Premium income in the London company market increased to £28.4bn in 2018. GWP in London was £19.5bn, with £8.9bn written elsewhere but overseen and managed by London operations.

International Underwriting Association data shows an overall rise of 8.1% (£2.1bn) on the previous 12 months and follows a 16% jump on the previous year.

Chief executive of the IUA, Dave Matcham said: “Improved market conditions and more effective pricing strategies in a number of different business classes have clearly helped drive another healthy growth in premium across the company market sector. Our members are pursuing effective business strategies to expand in specific sectors and have been successful in acquiring important new clients.

“This year’s statistics research includes reports of increased income in both traditional lines of business such as marine hull and motor, as well as newer and emerging sectors like renewable energy and crisis management.”

The report also considers the impact of Brexit, and specifically the number of new insurance entities established across continental Europe. Data shows that the amount of controlled business written in that region increased by 9.2% to a total of £4.890bn in 2018.

“It is already certain that Brexit will impact different firms in quite different ways. London is at the heart of an intricate web of cross-border business which is set to become even more complex,” Matcham added.

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