Broker body LIIBA has said that a straw poll of London-based insurance brokers conducted in August reveals a marked uptick in premium volumes flowing into London from the US this summer. Total premiums for US P/C business were 25% higher in in July 2020 than they were a in July 2019. US reinsurance business was 40% higher over the same period.
A similar study, this time from the International Underwriting Association, showed a 26.9% growth rate for premiums from the US and Canada. For business controlled by the London market but written elsewhere, the IUA said that the one-third growth rate for US/Canadian business was "remarkable".
Commenting on the results, Christopher Croft, CEO of LIIBA, 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.”
The US surplus lines market reported premium growth of 11.2% in 2019.
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