United Kingdom non-life insurance market: Growth of 3.6% between 2008-12
2014-04-17 10:29:02 - Non-Life Insurance in the United Kingdom, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The UK is the seventh-largest economy in the world. The global financial and eurozone debt crises led to a decline in the country´s economic growth, which impacted the demand for insurance products. The UK insurance industry, the third-largest globally, decreased at a CAGR of -2.1% during the review period (2008â2012). Growing vehicles sales, and increased construction and travel activities related
to the Olympic Games in London 2012 supported the growth of the non-life insurance segment.
Sustained demand for compulsory insurance products such as motor insurance also added to the growth. The country´s non-life segment increased at a CAGR of 3.6% during the review period. Over the forecast period (2012â2017), stable economic growth, increasing vehicle sales and improvement in the property market will drive growth. However, increasing competition and rising claims rates, along with delays in the implementation of Solvency II, remain key challenges facing the segment.
During 2012, heavy rainfall in June and July led to upward pressure on property insurance prices. The main distribution channels for non-life products are brokers, direct marketing and bancassurance. These channels accounted for 83.9% of total commission paid for the non-life segment in 2012.
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