The UK remains relatively strong globally and is the world’s third largest insurance market. It will only be overtaken by China in the next ten years according to the most recent Swiss Re report. Bancassurance is a growing global trend.
UK insurance providers have remained relatively unscathed by the global financial crisis and have seen a recovery in capital bases and share prices across the sector. Our industry continues to be a major contributor to the UK economy.
There has been further consolidation in the sector in 2011, with the departure of some European insurers from the UK life industry which now consists of just a few major players. The top ten insurers are now responsible for 75% of sales in the UK Life market. This does not apply across other segments such as the Unit Trust market which remains more fragmented.