The forecast for total insurance expenditure in the UK from 2024 to 2028 shows a slight but consistent growth, moving from 11.64% of GDP in 2024 to 11.85% of GDP in 2028. This steady increase reflects an annual growth trend of approximately 0.06 percentage points each year. The year-on-year variation indicates a minor but positive trend, with an increment of 0.52% from 2024 to 2025 and 0.43% from 2025 to 2026. The cumulative average growth rate (CAGR) over the five-year period is approximately 0.36%.
Future trends to watch for include the impact of technological advances in fintech and insurtech, which could drive efficiencies and influence expenditure. Additionally, changes in regulatory environments and economic shifts due to macroeconomic factors or global events could also affect these forecasts.
