In 2023, the UK insurance, reinsurance, and pension funding sector's Gross Value Added stood at £34.52 billion. The forecasted data from 2024 onwards suggests a steady growth pattern, with an increase from £34.8 billion in 2024 to £35.94 billion by 2028. Year-on-year, this represents annual percentage growth rates of approximately 0.83% for 2025, 0.83% for 2026, 0.79% for 2027, and 0.79% for 2028. The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is projected at around 0.81%.

Future trends to watch for include:

Technological advancements in insurance underwriting and claims processing.
The impact of environmental, social, and governance (ESG) considerations on investment strategies.
Potential regulatory changes impacting capital requirements and financial reporting.
Continued pressure on margins due to competition and operational costs.
The influence of macroeconomic factors, such as interest rates and inflation, on asset values and liabilities.