London Market companies reported a total premium income of £49.273 billion for 2024, according to new figures from the International Underwriting Association (IUA).
The total comprises £43.774 billion underwritten in London and £5.499 billion in ‘controlled business’ written elsewhere but managed by London-based operations.
The data, published in the latest IUA London Company Market Statistics Report, reflects a 1.7% increase in total income compared to 2023. The report aggregates data from 79 companies and provides a breakdown by placement type, business class, and geographical source.
In 2024, direct and facultative placements in the ‘controlled business’ category rose to £4.932 billion, while treaty placements saw a slight decrease to £567 million. This segment highlights the extended reach of London Market oversight beyond the capital itself.
The growth rate for 2024 marks a slowdown from previous years, with inflationary claims pressures easing after premium income rose by 10% in 2023 and 25% in 2022. Direct and facultative business written in London reached £31.789 billion, representing a 1% decrease from the prior year.
In contrast, London treaty business grew by 10% to £11.985 billion, and treaties now account for 27% of all business written in the market.
Scott Farley (pictured above), IUA director of communications, commented on the findings, stating, “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.”
Farley also noted that IUA members remain “optimistic about future business prospects,” while acknowledging concerns about geopolitical uncertainties and potential barriers to trade and capital. He added that many firms have plans to grow core business classes and monitor new opportunities, with strong retention rates for existing clients reported by survey respondents.
Quota share reinsurance remains a widely used strategy in the London market, allowing both established and new market participants to share premiums and losses by a fixed percentage. This proportional approach is valued for its ability to stabilise financial results and support growth, especially as the market adapts to changing risk profiles and competitive pressures.
Property remains the largest class of business, making up just under 30% of total London premiums. Liability follows at 14%, with marine at 13%. Premiums for professional lines have declined to £4.594 billion, the lowest since 2020. Motor premium increased by 20% year-on-year, reaching £3.999 billion.
The IUA noted that overall premium increases in 2024 were more modest than in recent years, as inflationary pressures in claims costs have eased. Many firms reported strong retention rates for existing clients, and several have indicated plans to grow core business classes while monitoring new opportunities in the market.
The UK and Ireland continue to represent over half of all premium written in London. The USA and Canada have become increasingly significant, generating more than £10 billion in premium for the first time in 2024. This region now accounts for just under a quarter of total income, up from 16% in 2019.
When the company market income from the IUA’s report is combined with figures from Lloyd’s annual report, the total London Market premium for 2024 stood at £104.819 billion.
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