United Kingdom Insurance Report

Providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

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  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
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United Kingdom Insurance Report
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BMI View: The UK's insurance industry is one of the oldest and largest globally and as such benefits from a well-developed regulatory environment, high levels of capitalisation and the presence of both domestic and international multinationals which bring depth and stability to the market. Competition in the market, particularly in key non-life lines such as motor insurance, will keep downwards pressure on pricing, resulting in muted growth rates and limited investment returns and low interest rates will also dampen growth in the life insurance sector. Both life and non-life could see regulatory changes in the wake of the UK's vote to exit the European Union (EU) - though it will be some time before the impact of the move is felt.

Headline Insurance Forecasts (United Kingdom 2013-2020)
2013 2014 2015e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: BMI, ONS
Gross life premiums written, GBPbn 108.18 116.76 126.03 124.32 122.71 127.16 137.06 144.97
Gross life premiums written, GBP, % y-o-y -4.7 7.9 7.9 -1.4 -1.3 3.6 7.8 5.8
Gross life premiums written, USDbn 169.17 192.24 192.62 171.48 164.16 169.97 184.11 195.72
Gross life premiums written, USD, % y-o-y -6.0 13.6 0.2 -11.0 -4.3 3.5 8.3 6.3
Gross non-life premiums written, GBPbn 43.07 42.87 43.23 43.32 43.44 43.68 43.98 44.29
Gross non-life premiums written, GBP, % y-o-y 0.8 -0.4 0.8 0.2 0.3 0.6 0.7 0.7
Gross non-life premiums written, USDbn 67.34 70.59 66.07 59.75 58.11 58.38 59.09 59.80
Gross non-life premiums written, USD, % y-o-y -0.6 4.8 -6.4 -9.6 -2.7 0.5 1.2 1.2

Key Updates And Forecasts

  • Despite uncertainty in the market created by the Brexit vote, the UK's insurance industry remains an attractive investment proposition. In October 2016, US based NSM Insurance Group announced it had acquired niche insurer Vantage Holdings Ltd (which owns Vantage Insurance Services and Classic Insurance Services), subject to regulatory approval.

  • Marsh is also consolidating its hold in the UK market - in November 2016 it announced it was acquiring brokers Bluefin from AXA for a reported GBP295mn. AXA has divested other UK assets in recent months, including its life insurance business (which was sold to Standard Life and Phoenix).

  • Leading UK insurer RSA announced in November 2016 it had restructured its UK business into 'global risk solutions' (global specialty lines) and 'commercial risk solutions' (SMEs, mid-market and delegated business). This follows moves to organize the group's global holdings and divest of assets in some non-core markets earlier in 2016.

  • While market fundamentals remain strong, growth prospects in the UK's life and non-life sectors are very weak. Life insurance premiums are expected to shrink over the short term (2016-2017) and non-life lines will also struggle to achieve growth, particularly property insurance.

BMI Industry View
Table: Headline Insurance Forecasts (United Kingdom 2013-2020)
Industry Forecast
Industry Forecast - Brexit Implications
Latest Updates
Structural Trends
Table: Life And Non-Life Insurance Premiums (2016-2020)
Life Premiums Forecast
Table: Life Premiums (United Kingdom 2013-2020)
Table: Life Insurance Claims (United Kingdom 2008-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (United Kingdom 2013-2020)
Table: Non-Life Insurance Claims (United Kingdom 2009-2013)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (United Kingdom 2013-2020)
Industry Risk/Reward Index
Developed States Insurance Risk/Reward Index
Table: Developed States Insurance Risk/Reward Index - Q416
Market Overview
Life Market Overview
The Product Offering
Competitive Landscape
Table: Life Insurance Market (USDmn) 2008-2013
Non-Life Market Overview
The Product Offering
Competitive Landscape
Table: Non-Life Premiums (USDmn) 2008-2014
Company Profile
Prudential plc
Standard Life
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

The United Kingdom Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's United Kingdom Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the British insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for United Kingdom to test other views - a key input for successful budgeting and strategic business planning in United Kingdom's insurance market.
  • Target business opportunities and risks in United Kingdom through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).


BMI Industry View

Summary of BMI’s key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.


The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.