How London’s Insurance Industry Rose From the Ashes: A Global Risk Leader

The City of London is convening the inaugural Global Risk Summit as the centerpiece of the first London Risk Week to address increasingly complex and interconnected global threats. The event, hosted at the Guildhall headquarters, aims to bring together regulators, policymakers, insurers, brokers, and global business leaders to develop proactive resilience strategies.

The summit arrives as the London insurance and reinsurance market continues to maintain its position as a primary global hub for commercial and speciality risk. According to Susan Langley, Lady Mayor of the City of London, the sector provides stability to the global economy by underwriting emerging and complex risks that other markets may be unable or unwilling to cover.

Economic Impact and Market Scale

The insurance industry serves as a significant driver of the UK economy, generating approximately £61 billion and employing more than 60,000 people. The scale of the market has expanded rapidly over the last decade; premiums written in London rose from $93 billion in 2015 to $187 billion in 2024.

This growth has positioned the London market as larger than its five closest competitors combined. The market’s reach is predominantly international, with 68 per cent of premiums written in London originating from international clients.

London’s dominance is particularly evident in high-value speciality sectors. The market currently holds a 45 per cent global market share in aviation, energy, and marine risks.

Addressing Systemic Global Risks

The Global Risk Summit is designed to address risks that are no longer isolated but have become systemic and interconnected. The agenda for the May 2026 summit includes examinations of how the changing geopolitical landscape is altering supply chains, insurability, and global risk profiles.

A primary focus of the discussions involves the rapid advancement of artificial intelligence. The London Market is leveraging its tech ecosystem to underwrite new risks associated with AI, specifically focusing on data bias and privacy violations, while simultaneously using AI tools to improve internal productivity.

Other critical areas of focus for the summit include the escalating costs driven by extreme weather and the evolving threats posed by cybersecurity.

Historical Foundations of the Market

The modern insurance industry in London originated from the devastation of the Great Fire of 1666, which destroyed 85 per cent of the City. In the aftermath of the disaster, the industry began to formalize, with records showing that by 1690, one in 10 houses in the capital was insured.

Langley noted that the city’s ability to evolve and adapt in the face of uncertainty has been a defining characteristic since its rebuilding after the Great Fire.

In the face of turmoil and uncertainty, we evolve and adapt. We find solutions. We manage risk.

Susan Langley, Lady Mayor of the City of London

The Lady Mayor stated that establishing a dedicated risk summit was a priority for her administration, noting that other jurisdictions, including Monaco and the United States, have held similar large-scale events for years. The Global Risk Summit is intended to establish London as the epicentre of the global risk dialogue.

By utilizing the City’s platform as a global convenor, the summit aims to move beyond debate to create actionable solutions that allow global businesses to thrive despite unprecedented risks.