The household expenditure on insurance in the UK in 2023 stood at 21.56 billion euros. The forecasted values from 2024 to 2028 show a gradual decline: 21.19 billion euros in 2024, 20.82 billion euros in 2025, 20.46 billion euros in 2026, 20.1 billion euros in 2027, and 19.75 billion euros in 2028.
Year-on-year variations indicate a decreasing trend: -1.7% from 2023 to 2024, -1.7% from 2024 to 2025, -1.7% from 2025 to 2026, -1.8% from 2026 to 2027, and -1.7% from 2027 to 2028. The average annual change (CAGR) over the five-year period from 2023 to 2028 is approximately -1.7%.
Future trends to watch for include regulatory changes, technological impacts such as the rise of InsurTech, economic conditions, consumer behavior shifts, and potential impacts from climate-related risks, all of which could influence household expenditure on insurance. Keeping a close eye on these factors could provide a more nuanced understanding of the underlying drivers behind the forecasted decline.
