The tightening of US markets and hardening London rates are seen as pull factors attracting US business to London 

There has been a big rise in US premium volumes coming into the London Market this summer, according to broker trade body the London and International Insurance Brokers Association (LIIBA).

A survey it carried out with member brokers found that US property and casualty premiums were up by a quarter in July compared with the same period last year.

The survey also found that US reinsurance business rose 40% for the same period.

LIIBA chief executive Christopher Croft said: “These are fascinating figures coming from our members.

”They seem, on the face of it, to 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. 

“This is a vote of confidence in London and its ability to handle the more challenging risks – even during these difficult times. Importantly, it shows that our market is ready and willing to help US clients and brokers when they are depending on us for solutions.” 

 

 

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