London remains global insurance leader for complex risks

September 13, 2022: The London Market Group has published its latest data set (to the end of 2020) for the London Market. Previously published as a single report, London Matters, this year’s data has been segmented to better meet the needs of the various audiences with whom the market is engaging.

Caroline Wagstaff, CEO of the London Market Group said: “Our research is a great barometer for the health of the London insurance market. The 2020 data is at a unique point in time – it is prior to the full effect of Brexit and only part-way through the global pandemic. It predates the sharp recovery in pricing and the effects of widespread of remediation by underwriters.

“The data is vital for our work in showing government that commercial insurance is a vital export industry, in telling customers what we can offer and in highlighting areas of concern in our war for talent. It is for this reason that we have used each segment of the data separately with key audiences.”

• Government – Plan for the future ]
• Business producers – Why London Matters
• Market practitioners – Fact Base 2022

Headline statistics from the latest research include:

• London remains the largest re/insurance hub globally.

• Premium has risen steadily over the last decade, up from $90bn in 2013 to $121bn in 2021.
• London’s market share is stable, moving from 6.3% to 6.2% for commercial lines.
• London is the global centre for complex risks: with 42% market share of specialty risk classes.
• North America remains the biggest source of income for the London market

• The London market is 24% of the City’s GDP and contributed £39bn to the UK economy in 2020.