Premium income in the London company market jumped to £26.314 billion in 2017, a 16% increase from the previous year, according to a report by the International Underwriting Association (IUA).
Gross written premium in London for 2017 was £18.331 billion, with an additional £7.984 billion identified as written in other locations, but overseen and managed by London operations.
Written premium in London has also seen a significant 14.3%, or £2.297 billion, increase while controlled business written elsewhere stood at 19.3%, or £1.293 billion.
“The growth in overall premium income is the most striking feature of this year’s London Company Market Statistics Report,” said Dave Matcham, Chief Executive of the IUA.
“It is a trend that has also been observed in the Lloyd’s market and is driven by a number of different factors.”
“We have received multiple reports of companies embarking on new lines of business and growing premium volumes in specific classes as part of dedicated business plans.
“There are also instances of books of business being moved to the UK from other companies within a wider multinational group and of new insurance products being developed and offered to clients.”
Elsewhere, the report shows a total £3.138 billion was underwritten by delegated authorities and a business split between direct/facultative and treaty placements of 77% to 23%.
A breakdown of income by class of business reveals property is the most significant sector, accounting for just over a quarter of all income, followed by liability and marine at 17% and 15% respectively.
Of total liability premiums, public liability is the largest category of business, generating income of £2.121 billion in 2017. The report also details figures for employer’s liability, environmental liability and cyber liability.
