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London market insurance premiums rose YOY in 2017 amid signs of Brexit effect


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London market insurance premiums rose YOY in 2017 amid signs of Brexit effect

Total insurance premiums written by the London company market rose 15.8% year over year in 2017 to £26.31 billion, the market's representative body said Oct. 16.

Premiums written in London itself rose 14.3% to £18.33 billion, while a further £7.98 billion was identified as written in other locations but overseen and managed by London operations, a rise of 19.3%, according to statistics from the International Underwriting Association.

Property accounted for the largest portion of premiums written, at just over a quarter, followed by liability and marine at 17% and 15%, respectively.

The figures represent premiums written in London outside of the Lloyd's market. The IUA noted that Lloyd's reported 2017 gross written premium income of £33.59 billion, taking the total for the London market to £59.91 billion.

The IUA also noted that as Britain's departure from the EU grows closer, the proportion of business controlled from London but written in Europe soared year over year. Controlled premium from Europe rose to £4.48 billion in 2017 from £2.31 billion in 2016, a rise of 94%, and Europe accounted for 56% of premiums written outside London, up from 34% in 2016.