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United Kingdom Insurance Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 49 pages

Includes 3 FREE quarterly updates

BMI View: We continue to maintain a broadly positive outlook for the UK insurance industry at present. Inthe significantly larger life insurance sector, improving household income and strong demographic trendswill bolster a positive uptick in premium growth out to 2020, leading to life insurance accounting for over76% of all insurance premiums underwritten by 2020. Non-life sector growth will be dampened, partly aresult of intense pricing pressure in highly competitive lines such as motor and property insurance, and alsoreflecting the overall maturity of this well-established market. Health and personal accident insurance willlikely remain the strongest non-life growth sectors, outpacing the remainder of the non-life market.

Key Updates And Forecasts

- New regulations under Solvency II, which became effective across the EU on 1st January 2016, havecome under criticism from the UK Treasury and the Bank of England, which have submitted a call for anearlier than planned review and key changes to the European Commission. The UK Treasury reportedlyhas concerns surrounding long-term investments, while the Bank of England has raised technicalconcerns.

- The UK has announced it will hold a referendum to determine future membership of the EU on 23 June2016. There are concerns that a potential exit of the EU would impact negatively on the UK insurancemarket, particularly for large UK based firms which have a strong presence across the EU and benefitfrom its single market status. At this stage it is also unclear what, if any, the impact would be on the UK'sinsurance regulatory system.

- At present we are broadly maintaining our forecasts for steady growth in the UK's insurance market. Thelarger life sector will see strongest growth, with premiums forecast to rise by around 4.4% annually (inlocal currency terms) between 2016 and 2020, while non-life insurance will increase by around 1.6%.

Table Of Contents

United Kingdom Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (United Kingdom 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (United Kingdom 2013-2020) 12
Table: Life Insurance Claims (United Kingdom 2008-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (United Kingdom 2013-2020) 16
Table: Non-Life Insurance Claims (United Kingdom 2009-2013) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (United Kingdom 2013-2020) 25
Industry Risk Reward Ratings 26
Developed States Insurance Risk/Reward Index 26
Table: Developed States Insurance Risk/Reward Index - Q316 27
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 28
Table: Life Insurance Market (USDmn) 2008-2013 30
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: Non-Life Premiums (USDmn) 2008-2014 33
Company Profile 34
Ageas 34
Prudential plc 36
RSA 39
Standard Life 41
Methodology 43
Industry Forecast Methodology 43
Risk/Reward Index Methodology 46
Table: Indicators 48
Table: Weighting of Indicators 49

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