According to new data published by the International Underwriting Association (IUA), London Market companies earned a total premium income of £49.273 billion in 2024, up 1.7% compared to 2023.
According to the IUA’s latest London Company Market Statistics Report, compiled from 79 firms, this figure includes £43.8 billion underwritten directly in London, alongside a further £5.5 billion of ‘controlled business’ written elsewhere but managed through London operations.
“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,” the IUA said.
The new report found that Direct and Facultative business written in London in 2024 totalled £31.789 billion, a fall of 1% on the previous year.
Meanwhile, London Treaty business rose by 10% to £11.985 billion. In fact, Treaties now account for 27% of all business written in London.
The IUA reported that Property remains the largest class, making up just under 30% of London premiums, with Liability at 14% and Marine close behind at 13%.
The new data also suggested that 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 £10 billion in premium for the first time in 2024.
Scott Farley, IUA Director of Communications, commented, “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.”
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