News – London insurance market grew 8.6% in 2012

London market premium income tops £50 billion

The London insurance market saw an 8.6% increase in premium income, according to figures released by the IUA (International Underwriting Association). The company sector accounted for £24.2 billion, whilst Lloyd’s totally £25.5 billion. After taking into account the contribution of the marine P&I Clubs, total premium topped £50 billion.

Meanwhile an analysis of premium by class of business reveals property to have made the most significant contribution to the company sector, with more than a quarter of gross income. Liability and marine business each accounted for 17% of the overall total, followed by professional lines and motor both on 12%.

The IUA canvassed 62 companies for its survey which is now in its third year.

Commercial insurance prices rise 6% in the United States

US commercial insurance prices rose by 6% during the second quarter of 2013, marking the 10th consecutive quarter of price increases, according to the latest survey from Towers Watson. The survey compared pricing data reported by carriers on policies underwritten during the second quarter of 2013 to those charged for the same coverage during the second quarter of 2012.

Workers compensation and employment practices liability lines experienced the largest price increases, but every line saw a rise of at least 4%. There was a slight reduction in the pace of increase for commercial property insurance.