Forecast: Turnover of Life Insurance in the UK

In the UK, the turnover of life insurance has seen significant fluctuations from 2013 to 2023, with values ranging from 63.5 billion Euros in 2020 to 98.74 billion Euros in 2017. Notably, in 2023, the turnover stood at 73.9 billion Euros. The turnover has exhibited both growth and contraction, with the most substantial yearly decline of 28.43% occurring in 2018 and the highest growth rate of 24.08% in 2016. The average annual variation over the last five years leading up to 2023 (CAGR) was a modest 0.9%, suggesting stability after prior volatility.

Looking forward to the forecasted period from 2024 to 2028, the turnover is expected to experience a slight downturn. The five-year compound annual growth rate (CAGR) is projected to be -0.97%, with an overall decline of approximately 4.78% over this period, indicating a gradual decline in life insurance turnover.

Future trends to watch for include the potential impacts of demographic shifts, regulatory changes, and the increasing prevalence of digital insurance solutions. These factors could play a significant role in shaping the life insurance market in the coming years, potentially offsetting the forecasted decline or further exacerbating it.