Forecast: Turnover in Non-Life Insurance Sector in the UK

The turnover in the UK non-life insurance sector showed substantial fluctuations from 2013 to 2023. The sector saw a peak in 2017 and another rise in 2019, 2022, and 2023, with turnover touching 38.43 billion pounds in 2023. Notable year-on-year variations included significant increases of 20.78% in 2017 and 18.47% in 2019, counterbalanced by declines like -17.20% in 2018 and -7.02% in 2020. The cumulative average growth rate (CAGR) was -0.35% in 2022 and escalated to 3.71% by 2023. The forecast for the next five years up to 2028 predicts a moderate CAGR of 0.9% and an overall growth rate of 4.57%, indicating steady growth.

Future trends to watch for include:

• Increasing digitalization driven by insurtech innovations
• Shifts in regulatory landscapes post-Brexit
• Rising demand for cyber insurance
• Climate change impacts enhancing demand for natural disaster coverage