London has lost its status as the largest market for marine insurance, but it remains the industry’s most influential hub, according to leading industry experts.

Speaking at the Marine Insurance London conference the International Union of Marine Insurance’s Lars Lange said industry figures trace the start of the decline of London back to 2013.

Moves by shipowners to source insurance locally, and the growth of shipping in the Far East, have now seen London overtaken by Scandinavia and Asia.