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United Kingdom Insurance Report 2010
Business Monitor International, Feb 2010, Pages: 64
The UK is both a very large domestic market and also a key player in the world insurance market, especially via Lloyds. In non-life, the UK is the worlds third-largest market, behind only the US and Germany. It is also the second-largest life market behind the US.
As virtually every company report for the year states, 2008 was an exceptional period. The non-life insurers (AIG and Swiss Re excepted) came through virtually unscathed. Slightly harder market conditions and, in the UK at least, a benign claims year free of major catastrophe losses saw improvements in combined ratios for nearly all the players. Net incomes were generally down as a reflection of falls in the value of investments. Many of these losses are unrealised and are being recovered as the markets rebound and this is reflected in the H109 and Q309 reports being published. Life insurers on the other hand have been hit hard by the conditions. Asset values have fallen and new fund inflows have dropped away, dramatically in some cases. Most are at least reporting improved conditions in their interim 2009 reports and some cautious optimism for the future.
Over the course of 2008, actual/estimated total premiums in UK fell by 22% to GBP182,680mn. Non-life premiums rose by 5% to GBP51,785mn, while life premiums fell by 29% to GBP130,895mn Between now and the end of the forecast period, we expect that annual non-life premiums will grow by GBP15,054mn, while annual life premiums should grow by GBP36,382mn.
Growth in non-life premiums should be driven by the general growth of nominal GDP plus a rise in nonlife penetration from the current level of 3.58% to 4.10%.
Growth in life premiums should be driven by the change in the overall population and a rise in life density from US$6,078.26 to US$ to US$4,500.00 per capita. BMI's Insurance Business Environment Rating for the UK is 85.9 out of 100.
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