The International Underwriting Association (IUA), a key trade body for the London insurance market, has announced the addition of three new members, underscoring the sector’s ongoing growth and vibrancy.
The IUA now boasts 81 member firms, a significant increase from the 37 members a decade ago. The London insurance market, a major global hub, recorded a substantial £44.071 billion in premiums in 2022. This represents a 25% rise from the previous year’s £35.654 billion and a remarkable 100% increase over the past ten years, up from £22.455 billion in 2014.
The latest entrants to the IUA include Advent Risk Management, Coverys Limited, and Munich Re Specialty, with Apex Insurance Company of Uzbekistan joining as an associate member. This expansion coincides with the IUA’s 25th anniversary. Established in 1999 through the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU), the IUA was created to unify representation across both marine and non-marine sectors in the London insurance market.
Dave Matcham, Chief Executive of the IUA, commented on the milestone, stating: “The London company market continues to thrive, and our members are leading the way in addressing emerging risks. For instance, insurers are increasingly providing cyber coverage and supporting sustainability initiatives by offering protection for green projects throughout their lifecycle.”
Matcham highlighted the rise of new firms in London, particularly the growth of the managing general agency model. He noted, “Our industry association continues to attract companies eager to leverage our services, with over 1,300 individuals now actively involved in our numerous market groups.”
He concluded, “With the ongoing support of our members, we are committed to enhancing the trading environment for London’s insurance sector.”
