London insurance market, the driving force behind UK economic growth

A study by the London Market Group (LMG) has shown that the London insurance market is a major contributor to economic growth in the UK.

In 2022, the sector contributed 50 billion GBP (60.2 billion USD) to the British economy, or almost 2% of the country's GDP, against 39 billion GBP (53 billion USD) in 2020.

The market's overall turnover amounted to 160 billion USD in 2022, compared with 121 billion USD in 2020. Estimates suggest that premium volume could reach 180 billion USD in 2023.

In 2023, the sector employed nearly 60 000 people, the majority (74%) of whom were based in London.