The International Underwriting Association (IUA), the leading trade organization for the London insurance market, has recently admitted three new companies, underscoring the sector’s ongoing growth and vitality.
With the addition of Advent Risk Management, Coverys Limited, and Munich Re Specialty as full members, and Apex Insurance Company of Uzbekistan joining as an associate member, the IUA now boasts a membership of 81 firms. This marks a significant increase from just a decade ago when the association represented fewer than half that number.
The London insurance market has demonstrated robust financial performance, with premiums totaling £44.071 billion in 2022. This figure represents a 25% increase from the previous year’s £35.654 billion and a dramatic 100% rise from £22.455 billion recorded in 2014.
The IUA’s expansion is timely as it coincides with the organization’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 has played a pivotal role in consolidating representation for both marine and non-marine sectors within the London market.
Dave Matcham, Chief Executive of the IUA, highlighted the sector’s dynamic growth and the association’s role in driving industry innovation. “The London company market continues to thrive, with our members leading the charge in addressing emerging risks. Insurers are increasingly offering enhanced cyber coverage and supporting sustainability initiatives by providing protection for green projects throughout their lifecycle.”
Matcham also noted a rise in new firm establishments and the growth of managing general agency models within the London market. “Our association continues to attract interest, with over 1,300 professionals actively engaging in the numerous market groups we facilitate,” he added.
Looking forward, Matcham expressed optimism about the IUA’s future contributions. “With the continued support of our members, we are committed to ensuring an optimal trading environment for London insurance companies,” he concluded.
