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Insurance Industry Market Review 2007
Key Note Publications Ltd, July 2007
This Market Review examines the UK insurance market and the industry that provides it with insurance products. The market was worth an estimated £175.32bn in 2006 - a 20.5% increase on the figure for 2005.
There are two broad sectors in the insurance market: long-term insurance and general insurance. Long-term insurance covers: life insurance; pensions; annuities; income-protection insurance; and critical-illness insurance. General insurance covers: motor insurance; property insurance; accident and health insurance; general liability insurance; and pecuniary-loss insurance. Long-term insurance now accounts for the majority of the UK insurance market by value, and its share of the market is increasing.
The insurance industry is, in many ways, in better form than it was in 2003 and 2004. Sales of long-term insurance increased strongly in 2005 and 2006. However, competition across the market as a whole is intense, and this is hampering the efforts of insurance companies to increase premium rates.
The industry is also facing many challenges. These include: a more sophisticated customer base; online purchasing and trading; increased volumes of information to manage and digest; higher claims; rising costs; greater regulation; and new accounting standards. New EU directives, new legislation and a stream of new case law are also having to be taken on board. Looking ahead to 2012, there will be a new pensions framework, to which the industry will have to respond.
However, a 2007 survey of consumer attitudes towards insurance products suggests that customer satisfaction with the industry has improved. The general perception of the industry has certainly changed since 2003/2004, when the industry was receiving a considerable amount of bad press.
We forecast relatively modest growth in the UK insurance market between 2007 and 2011. Although significant increases in premium income were seen in 2005 and 2006, this level of growth is unlikely to be sustained. The industry is expected to witness further consolidation and the growing presence of foreign insurers.
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