IUA welcomes three new companies as London insurance market expands

Three new companies have recently become members of the International Underwriting Association (IUA), a trade organisation representing the London insurance market, highlighting the continued expansion of the industry.

The IUA now represents 81 firms, more than double the number from a decade ago. According to recent data, the London insurance market earned £44.071 billion in premiums in 2022.

This marks a 25% increase from 2021 (£35.654 billion) and a 100% rise over the last ten years (up from £22.455 billion in 2014).

The latest members to join the IUA are Advent Risk Management, Coverys Limited, and Munich Re Specialty. Apex Insurance Company of Uzbekistan has also joined as an associate member.

This development coincides with the IUA’s 25th anniversary. Founded in 1999 through the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU), the IUA unified the representation of both marine and non-marine sectors in the London insurance market.

Dave Matcham, Chief Executive of the IUA, said: “The London company market continues to go from strength to strength and our members are at the forefront of industry responses to emerging risks. Company insurers are, for example, providing more and more cyber coverage and are supporting sustainability projects with protection for green projects across their lifecycle.

“We have seen new firms established in London and a particular growth in the managing general agency business model. Companies are also increasingly keen to benefit from the services we provide as an industry association. More than 1,300 individuals now regularly participate in the dozens of market groups that we run.”

“With our members support we look forward to continuing our work to secure an optimal trading environment for London insurance companies,” further added Matcham.