Abstract
The UK is both a very large domestic market and also a key player in the world
insurance market,
especially via Lloyds. In non-life, the UK is the worlds
third largest market, behind only the US and
Germany. It is also the
second largest life market, behind only the US.
Even though the UK is a
mature and fully developed market experiencing only modest growth rates,
its
size means that even small percentage gains represent large premium
volumes. In non-life, for instance,
the market is expected to grow at an
average 7% a year through the 2007-2013 forecast period. This will
produce
premium growth of GBP15.8bn, which is larger than the total size of most
national markets.
The life segment is expected to grow a rapdily through
2008 and 2009 before growing at a more
measured pace through the remainder
of the forecast period. However, the life segment is somewhat
larger than
the non-life segment, buoyed by its role as the key player in the long-term
and retirement
savings market.
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