The inaugural London Company Market Statistics Report, conducted by the International Underwriting Association (IUA), has revealed that the London market is larger than previously thought.

The report shows total net premium income generated by 57 insurance and reinsurance companies operating in London but outside of the Lloyd’s market was £12.6 billion ($19 billion) last year.

IUA CEO Dave Matcham says the London company market was previously believed to be worth around £10 billion ($15.1 billion).

“There are many difficulties in compiling reliable aggregate figures for this sector and, indeed, what actually constitutes London market business is open to debate,” he said. “But a reliable benchmark has now been established that brings us much closer to the truth about the size and nature of our market than we have ever been before.”

The survey revealed that more than 80% of the London company market’s premium is accounted for by direct and facultative business, with less than 20% written as treaty contracts.

Some 45% of all business comes from UK clients, with 75% of that representing non-marine business.

Property and casualty business dominates the income figures, accounting for close to 60%, with professional lines at 16% edging out marine and aviation business.

Mr Matcham says next year’s survey would be extended to get more detail on overseas business, as well as to break down direct and facultative risk.