Data from the International Underwriting Association has shown that London Market companies generated total premium income of £49.3bn in 2024, up by 1.7% on the previous year. It said £43.8bn was underwritten in London and the remaining £5.5bn was written elsewhere, but overseen and managed by London operations.

The IUA aggregated data from 79 companies to generate its report and found that property is the largest class of business, accounting for just under 30% of total premiums. Liability was second accounting for 14%, while marine made up 13% of the overall premium income.

Scott Farley, director of communications at the IUA, said: “Once again, our study has clearly shown the importance of the London company market to the financial services sector and wider UK economy. It offers a unique data set, illustrating the premiums earned by world-leading insurers and reinsurers.

He added: “There are possible clouds on the horizon with concerns expressed about geopolitical uncertainties and the introduction of barriers to the flow of trade and capital. But many firms report plans in place to grow core business classes and monitor developing opportunities. Strong retention rates for existing clients were reported this year by many respondents to our survey.”