The non-life insurance sector in the UK exhibited a fluctuating pattern between 2013 and 2023. The production value increased from £30.5 billion in 2013 to £39.14 billion in 2023, illustrating a general upward trend despite annual variations. Between 2013 and 2017, the sector experienced significant growth, peaking at £37.76 billion in 2017. However, 2018 saw a sharp decline to £31.0 billion. This was followed by a strong recovery, reaching £38.81 billion by 2019. The value dipped slightly in 2020 to £35.69 billion, with minor fluctuations thereafter, culminating in a 1.33% increase to £39.14 billion in 2023.
Key Year-on-Year Variations:
- 2014: 4.08%
- 2015: -0.027%
- 2016: 4.11%
- 2017: 14.28%
- 2018: -17.91%
- 2019: 25.21%
- 2020: -8.03%
- 2021: 1.42%
- 2022: 6.71%
- 2023: 1.33%
The Compound Annual Growth Rate (CAGR) over the last five years leading up to 2023 was 4.78%. Forecast data suggests steady growth, reaching £41.7 billion by 2028, with a projected five-year CAGR of 1.06%.
Future trends to watch for include the impact of technological advancements, increased penetration of digital insurance, and the influence of regulatory changes on the non-life insurance market in the UK.
