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Insurance Companies Market Report 2009
Key Note Publications Ltd, April 2009, Pages: 100
This Market Report examines UK insurance companies and their operation within the wider market, which covers both long-term and general insurance. The total UK insurance market grew very strongly between 2004 and 2007, but slowed considerably in 2008, where we estimate that the value of the market stood at around £238.25bn. Growth in the value of life insurance and pensions still surpasses that of non-life insurance (motor, property, health, etc), but this is mostly due to the intense price pressures in the general insurance sector. For example, the motor insurance sector made a loss in the 13 years to 2007, and this trend is expected to have continued in 2008.
One of the reasons behind such losses is fraud — one of the key issues facing the industry. Other issues affecting insurance companies include the need to cut costs, the use of technology and the EU directive on insurance company solvency, which is supposed to come into effect in 2010.
The market for insurance — both long-term and general — is dominated by 10 to 15 companies. The largest companies include: Aviva; AXA; AIG; Aegon; Allianz; NFU Mutual; Royal Bank of Scotland; HBOS and Lloyds TSB Bank (now both part of Lloyds Banking Group); RSA (previously known as Royal & Sun Alliance); Prudential; Standard Life; Zurich Financial Services; and Swiss Reinsurance.
Although the future of this industry looks positive in the immediate term, the long-term insurance sector is likely to be hit by a decline in savings — a trend already noted by Prudential. The company undertook several surveys in 2008, which showed that investment and pension contributions were being reduced quite markedly.
The credit insurance sector may suffer some sizeable losses in 2009 and 2010. In addition, premium rates are hardening, yet it is still unclear how resilient rate increases will prove to be. We forecast year-on-year growth of between 4.6% and 6.4% between 2009 and 2013, and an overall growth of 23.1% over this period. The value of the market is forecast to stand at £306.79bn in 2013
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