The London property and casualty (P&C) insurance and reinsurance markets reported above average underwriting results for 2012, notwithstanding Superstorm Sandy landing a late blow to some market's combined loss ratios. The London market continues to attract new investors and capital and we estimate it wrote in excess of £17 billion of P&C premium in 2012.
We categorise the London Market for the purposes of this report as Lloyds of London (Lloyds) and the company market represented by the International Underwriting Association (IUA).
The P&C market sector is the largest in the London market and this report is aimed at describing some of the key trends seen in 2012 and how these and other factors are shaping the market in 2013.
The report focuses on six market sectors:
1) US property.
2) International property.
3) US casualty.
4) International casualty.
5) Product recall and contamination.
6) Hospital professional liability.