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UK Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
The UK insurance market has become the second largest market globally after the US, overtaking the previous number two Japan. The main segments of the insurance industry include Life and Pension; Health and Protection; General Insurance; and Wholesale Insurance market. The Health and Protection segment comprises private medical insurance, long term care, critical illness, income protection, accident and health, and payment protection insurance. Motor and property insurance are the two dominant sub-segments of the non-life or general insurance segment. The Wholesale Insurance covers large commercial risks like those of large corporations.
In 2008, the UK insurance market witnessed a sharp decline in revenues on account of the global economic environment. Motor and property insurance are the two dominant sub-segments of the general insurance segment. The non-life insurance sector, however, declined due to declining car insurance and home insurance premiums in the year 2008. Moreover, unfavorable weather conditions, like the windstorms Johanna and Kirsten caused huge losses in terms of profitability of general insurers. The unfavorable economic conditions in the UK have thrown opportunities for the larger players of the market to acquire the smaller ones. Aviva Plc. is the largest insurance company to operate in the UK.
The present report gives an overview of the UK’s insurance market along with the analysis of the country’s political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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