Media Release 30 September 2022


Premium income for the London company market has risen by more than 7%, a new analysis published by the International Underwriting Association has shown. Firms covering large commercial, wholesale and specialty risks in the City earned £30.114bn in 2021, up from £27.976bn the previous year. In addition, a further £5.540bn was written in offices elsewhere but overseen and managed by London operations. Combining the two totals reveals an overall intellectual and economic premium for the company market of £35.654bn in 2022 (£33.138bn in 2021).

Inflationary claims pressures were a principal driving factor behind premium growth. The year saw increased natural catastrophe costs and companies reported strengthening market conditions across multiple lines of business.

Whilst the upward premium trend of the last few years continued several firms commented, however, that there are signs it is now slowing, with clients said to be choosing to retain more risk. The continued effect of the Covid-19 pandemic also had a dampening effect, for example as a result of delays to construction projects in the UK property sector.

Dave Matcham, Chief Executive of the IUA, said: “In recent years our annual statistics report has shown strong growth in premium earned by the London company market. Last year, we recorded a 30% increase in business underwritten in the City. Although the latest figures are less spectacular they confirm our market’s continued importance as a global hub of insurance and reinsurance solutions and knowledge.”

Over the past 12 months, treaty business written by IUA members has grown at a faster rate than direct/facultative placements. The latter grew by 5.7% to £23.959bn, while treaty jumped 15.7% to £6.154bn. For premium controlled by London but written elsewhere the trend is reversed. Here, direct/facultative contracts now account for two thirds of the market against one third treaty, compared to a 50/50 split in 2020.

The 2022 London Company Market Statistics Report also confirms that the US and Canada is becoming an increasingly important region for business written in London. It accounted for 20% of the market in 2021, up from 19% last year, 16% the year before. Conversely, continental Europe has fallen from a 15% share to 11% which is likely due to such business now being written in EU subsidiaries.

For a full breakdown of premium statistics copies of the London Company Market Statistics Report 2022 are freely available to download from the IUA’s website at


Scott Farley, Director of Communications
International Underwriting Association
Tel: 0207 617 4449
Mobile: 07876 758 637

Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies.