Here’s some feedback from IUA on the London Market;
London Market companies earned a total premium income of £49.273bn in 2024, new data published by the International Underwriting Association (IUA) has shown. This was made up of £43.774bn underwritten in London, plus a further £5.499bn of ‘controlled business’ written elsewhere but overseen and managed by London operations.
The figures are published in the latest edition of the IUA’s London Company Market Statistics Report. It shows that total income for the sector has increased 1.7% compared to 2023. Data from a total of 79 companies was aggregated for the report, which breaks down premium income by placement type, class of business and geographical origin.
This year’s modest growth rate represents an easing of inflationary claims pressures that drove overall premium income up by 10% last year and 25% the year before.
Direct and facultative business written in London in 2024 totalled £31.789bn, a fall of 1% on the previous year. London treaty business, meanwhile, rose by 10% to £11.985bn. Treaties now account for 27% of all business written in London.
Property is the largest class of business, accounting for just under 30% of total London premiums. Liability is the second most important sector, at 14%, followed by marine at 13%. Professional lines premium has fallen to £4.594bn, its lowest total since 2020. Motor premium has increased by 20% over the past year to £3.999bn.
The UK and Ireland continue to account for over half of all premium written in London. The USA/Canada is the most important international market, generating more than £10bn in premium for the first time in 2024.This region now makes up just under a quarter of total income, compared to a share of only 16% in 2019.
The company market income declared in the IUA’s report can be added to a corresponding figure published in Lloyd’s annual report to give a combined 2024 London Market total premium of £104.819bn. Scott Farley, IUA Director of Communications, 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.
“IUA members remain optimistic about future business prospects. 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.”
Copies of the London Company Market Statistics Report 2025 are freely available to download at iua.co.uk/statistics.
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