London’s $15.7bn marine insurance market faces growing competition from international rivals

The growth of Nordic marine insurers has outpaced the industry-leading London market, which also faces a strong challenge to its dominance from Asian providers in coming years, according to a study by a UK trade body.

Nordic marine insurance grew by 9% from 2018 to 2022 compared with 7% for the London market, according to research published on Monday for the London Market Group.