In 2008, the UK insurance market witnessed a sharp decline in revenues on account
of the global economic environment. Motor and property insurance are the two dominant sub-segments of the general insurance segment. The non-life insurance sector, however, declined due to declining car insurance and home insurance premiums in the year 2008. Moreover, unfavorable weather conditions, like the windstorms Johanna and Kirsten caused huge losses in terms of profitability of general insurers. The unfavorable economic conditions in the UK have thrown opportunities for the larger players of the market to acquire the smaller ones. Aviva Plc. is the largest insurance company to operate in the UK.
The present report gives an overview of the UK's insurance market along with the analysis of the country's political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.'s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
Table of Contents :
1. Industry Snapshot
1.1 Industry Structure
1.1.1 Second Largest Global Market after the US
1.1.2 Authorization of 972 Companies by FSA to Carry Insurance Business
1.1.3 Life and Pension, Health, General Insurance and Wholesale Insurance as Main Sectors
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Decline in Premiums Due to Global Financial Crisis in 2008
1.2.1.2 Premium Growth Largely Due to Occupational Pension Premiums Growth
1.2.2 Market Segments
1.2.2.1 Decline in Profitability of Life Insurers in Q109
1.2.2.2 Motor and Property Insurance Driving Non-Life Premiums
1.2.2.3 Huge Losses Due to Catastrophic Events Eroded Profits of General Insurers
1.2.3 Market Density & Penetration
1.2.3.1 Highest Penetration and Density Rate among European Countries
1.2.3.2 Declining Savings Ratio Effecting Density in 2008
1.2.4 Market Share
1.2.4.1 Non-Life Segment More Concentrated than Life Insurance Segment
1.2.4.2 Aviva Plc Leads the Overall Insurance Market
2. Industry Analysis
2.1 Industry Developments
Solvency II
Agreement on Flood Insurance - Good News for Customers
Lloyds and Halifax Deal Creates Bancassurer Heavyweight
Scrapping Scheme
2.2 Market Drivers
Economic Growth
Growing Annuity Market
Housing Insurance
Increase in Car Insurance
3. Country Analysis: Risk Assessment
3.1 Political Environment
3.2 Macro-Economic Indicators: Current and Projections
4. Industry Outlook: Forecast and Projections
4.1 Annual Premiums Expected to Decline Primarily Due to the Slowdown in Euro Zone
4.2 Rise in Pension Funds and Individual Annuities Market Driving Growth in Life Insurance Sector
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