The London market recorded £17.26 billion ($26.8 billion) gross written premium (GWP) in 2011, up 7% from £16 billion ($24.8 billion) in 2010, according to the International Underwriting Association (IUA).

The report covers 57 companies operating in London outside the Lloyd’s market.

It says a further £5 billion ($7.8 billion) was written elsewhere but controlled by London market offices.

By comparison, the Lloyd’s market recorded GWP of £23.5 billion ($36.5 billion) last year and £22.6 billion ($35.1 billion) in 2010.

For the London market, property comprised 25% of total GWP, liability 17%, marine 17%, professional lines 13%, motor 11% and aviation 8%. Direct and facultative business accounted for 80% of the total, while treaty contracts made up only 20%.

The UK and Ireland accounted for 54% of the total, followed by the US and Canada at 15%, Europe at 14.7% and Asia at 8%.

The Lloyd’s market writes more property business – £5 billion ($7.8 billion) compared with the London market’s £3.4 billion ($5.3 billion) – and slightly less casualty – £4.2 billion ($6.5 billion) compared with £4.4 billion ($6.8 billion).