A quarter of all premium transactions in the London market are expected to be processed electronically by the end of February.
The Accounting and Settlement Repository Board, which oversees technology for the electronic processing of premiums, has revealed that daily transactions numbers have almost doubled since the start of 2007.
It said the total number of premium-related transactions made since the repository went live in September 2006 stood at around 34,000.
Pat Talbot, chairman of the Accounting and Settlement Repository Board, said: "This is an important step towards reforming London's processes.
"A faster and more efficient process increases our competitiveness and brings us much more in line with other financial service industries."
Last September, the Market Reform Group launched the insurers' market repository, an electronic filing cabinet that enables claims and premiums to be processed electronically.
Sixteen brokers are now using the repository to process premiums, and a number of others are expected to follow shortly.
