Mona Patel Partner
Chapter 15 - England and Wales
The UK insurance and reinsurance industry is the largest in Europe and the fourth-largest in the world. Commercial insurance business in the UK is dominated by the ‘London Market’, which today is the world’s leading market for internationally traded insurance and reinsurance.
The London Market has two strands: the company market and the Lloyd’s market. Traditionally it has been primarily a ‘subscription market’ in which the broker plays a crucial role in producing business and placing risks with a variety of insurers willing to accept a share.
As its name suggests, the company market is composed of corporate insurers and reinsurers. It is organised through a market body, the International Underwriting Association, and operates principally out of the London Underwriting Centre building and its environs
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