London has seen a sharp rise in premium volumes coming from the US this summer, a recent survey from the London & International Insurance Brokers’ Association (LIIBA) has found.
According to the report, total property and casualty (P&C) premiums for US businesses were 25% higher in July this year compared to the same period in 2019. Reinsurance premiums coming from the US also rose, posting a year-on-year increase of 40%.
The figures were in line with a recent study by the International Underwriting Association, showing an almost 27% growth in premiums coming from North America.
Christopher Croft (pictured), chief executive officer of LIIBA, saw the growth as “fascinating.”
“[The figures] show that COVID-19 has led to a tightening of the US domestic market, which is increasing the flow of complex risks into the surplus lines market with London as their ultimate destination. It’s a combination of more business and higher rates due to the hardening market,” he said.
Croft added that the growth indicated the US businesses’ “vote of confidence in London and its ability to handle the more challenging risks – even during these difficult times.”
Last year, the US surplus lines market reported premium growth of 11.2%.
Source: Insurance Business Magazine
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