Key statistics include:
- The London Market remains the largest global (re)insurance hub, and the gap between
Londonand the total gross written premium written in Bermuda, Switzerlandand Singaporehas widened from $16bnin 2015 to $23bnin 2018.
- London’s share of the global commercial (re)insurance market has remained steady since 2010 at an average of 7.6%. Commercial insurance share has grown by 0.1 percentage point, while its share of global reinsurance has fallen by 1.7 percentage points.
North Americareplaces the UK& Irelandas the biggest source of income into the London Market.
Londoncontinued to underperform in Asiaand Africa.
“However, the effects on market structure, products, processes and working practices caused by the COVID-19 crisis are likely to be profound and long-lasting. The current crisis shows that the London Market can support its trading partners and clients through the toughest of challenges, and the fact it is doing so today is in part down to its adoption of previous LMG initiatives. For example, electronic placement has meant that remote working has been possible, and that contracts have been placed and renewed with legal certainty. The (re)insurance industry’s support for the wider business community has never been more important, whatever the circumstances they face.”
The report tracks the key data on the London Market including overall size, breakdown by class of business, geographical sources of risks and its financial contribution. For the first time it looks specifically at investment in the London Market, the contribution its claims make to the wider global economy and changes to the make-up of its (re)insurers.
Visit https://lmg.london/ to download the report.
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