IUA points to growth opportunities for London Market

The next few years will be vital in establishing London’s long-term relationship with emerging markets in Asia and Latin America, according to Dave Matcham, CEO of the International Underwriting Association (IUA).

A clear opportunity exists for the London Market to serve as a truly global centre for specialised insurance business, the International Underwriting Association has stated.

Matcham was responding to new industry data published in the London Matters 2017 report.

The report showed that between 2013 and 2015 the London Market’s share of business from emerging markets declined as premiums fell from $10.5 billion to $9.3 billion.

“Clients naturally have a preference to buy locally if they can and many IUA member companies have increased their profile across a range of different markets in order to cater for this demand,” Matcham said:

“However, London Matters shows that in recent years we have increased our already high share of global specialty markets, suggesting that for the most specialist risks our market is the place to look. As emerging economies mature their appetite for such cover will no doubt increase, so it is important that we push ourselves to reach beyond traditional markets.

“Similarly, London’s concentration of insurance expertise must be leveraged to innovate new solutions for emerging specialty risks. London Matters estimates that cyber premiums have grown by 74 percent over the past two years. If we can establish ourselves in the vanguard of such developing business, then our contribution to the global insurance industry can only be enhanced.”

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