Research begins for new London Company Market statistics projectInsurance and Reinsurance, IUA — By admin on February 17, 2014 at 11:40 AM
Research is now underway for the International Underwriting Association’s 2014 London Company Market Statistics Report. More than 60 companies will be surveyed for the project which provides a comprehensive analysis of the market’s premium income.
This year’s report is the most extensive ever undertaken and includes the addition of a new questionnaire requesting several important pieces of background information. This will be used to compile a new chapter in the final report describing the ‘economic profile’ of the London company market.
Dave Matcham, Chief Executive of the IUA, said: “In 2014 the IUA is aiming to produce its biggest and best statistical analysis of premium income generated by London firms. In addition to all the usual data we plan to publish some new facts that will help characterise the nature and complexity of London market operations.
“We will also be undertaking a more detailed analysis of the large amount of business, identified in previous surveys as written in alternative locations around the world, but controlled and managed by the London office.”
Last year’s IUA report revealed premium income written in the London company market reached nearly £18bn in 2012, with a further a further £6.232bn accepted via international branches but controlled by London operations. Combining the London company market’s total premium figure of £24.225bn with the 2012 total published by Lloyd’s of £25.5bn gives an overall income for the London Market of £49.7bn.
The 2014 company market research includes a more detailed class of business breakdown with both construction and accident and health analysed as individual categories for the first time. Another new feature is a request for detailed geographical breakdowns of premium controlled or managed by London, but written elsewhere.
Mr Matcham added: “Publication of the IUA’s London company market statistics offers firms an opportunity to benchmark their own performance against the aggregate position and has added weight to the industry’s representative voice.
“Our research efforts have been widely supported across the market and we are most grateful for the work of practitioners in completing individual data submission forms.
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that premium income for the company market in 2012 was £17.993bn with a further £6.232bn controlled by London but written elsewhere. These results are based on a comprehensive survey of 62 companies and give an overall intellectual and economic premium total of £24.225bn for the London company market.