IUA launch new London Market statistical survey

A new survey is being launched by the International Underwriting Association to assess how the London Market is servicing international business.

Placements of global programmes are increasingly raising compliance questions for firms. Now the IUA is seeking to assess the exact extent of such business in the company market.

The research will also attempt to establish the number of international branches controlled by operations in London and how many coverholders they contract with.

Dave Matcham, Chief Executive of the IUA, said: “Over the past 12 months I have noticed a growing number of discussions taking place within the IUA’s underwriting committees about issues surrounding global programmes. There is clearly a demand from members for greater support in meeting the technical and compliance challenges posed by these often very complex agreements.

“Previous IUA research has shown a growth in the amount of premium written in local markets, but overseen by London offices. We are attempting to explore this trend further and quantify the company market’s international networks so that we can better plan IUA support services.”

The new survey is being undertaken as part of the IUA’s annual London Company Market Statistics Report. Around 60 companies will be asked to complete a data template with aggregated results providing a comprehensive analysis of premium income.

Last year’s statistics report revealed that premium worth £17.445bn was written by London companies in 2013 with a further £6.831bn overseen by London but written elsewhere. These figures combined give an overall intellectual and economic premium total of £24.276bn for the company market.

Mr Matcham added: “In recent years the publication of the London Company Market Statistics Report has greatly enhanced the power of the IUA’s representative voice. Our research is widely supported across the market and provides firms with an opportunity to benchmark their own performance against an aggregate market position. I would like to thank all those practitioners who assist in completing the data templates.”

The 2015 statistics report will be published in October. Past editions can be viewed at www.iua.co.uk/statisticsreport.

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