The London Market gross premiums down 15%

Gross premiums on The London Market were conservatively estimated at 21.7 billion in 2004, down 15% on the previous year, according to a report by the International Financial Services London, a private sector organization promoting financial services worldwide.
This news follows five consecutive years of growth, during which premiums increased by more than 80%, the report says. “In 2004 Lloyd’s generated 54% of known London Market gross premiums, with the company market generating 44% and P&I Clubs the remainder.”
The IFS London report offers no reason to explain the reported drop in The London Market gross premiums.
In comparison, the report adds: “global insurance premiums grew by 9.7% in 2004 to reach [US]$3.3 trillion. This follows 11.7% growth in the previous year.”
In terms of general insurance, around one-fifth of UK general insurance premiums originated overseas in 2004. The most important overseas markets in 2004 for UK general insurance premiums including auto, property, health, marine, and financial loss insurance included Canada, which accounted for 23% of UK premiums.
The report notes that the United States, Japan, the UK, and France collectively accounted for nearly two-thirds of the world’s premiums in 2004. Canada accounted for 2.1% of the world’s premiums in 2004, down from 2.3% in 1996.
Emerging markets, the report noted, although accounting for more than 85% of the world’s population, only generated 10% of premiums.