United Kingdom is the fourth largest insurance market of the world! Know How?

Insurance industry of the United Kingdom is the largest in European countries and acts as a hub for financial services promoting the economy of the continent. The insurance industry in the country is divided into three important segments, Life and non-life, Basic life assurance and general annuity business, and Pension business. The changes in regulatory system, advent of innovative technologies and enhancements in distribution channel will increase the demand for insurance market in the country.

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The United Kingdom is the fifth largest country in the world with the powerful economy after the USA, Japan, China and Germany. In 2016, the Gross Domestic Product (GDP) of the country crossed the value of GBP1.9 trillion. It the fourth largest country in terms of insurance markets of the world with total premium income close to GBP 225 billion in 2016. The total insurance market increased by almost 4% compared to the previous year and it is the second largest growth among the top five dominating economies globally.
The country is also the top insurance and pension services exporter of the world accounting from almost GBP15 billion in 2016 trailing China and USA. The United Kingdom maintains a strong trade balance with the insurance exports far above the domestic imports. The insurance industry also offers a significant contribution to the economy of the country by adding close to GBP60 billion to the gross income.

The Financial Services Authority (FSA) is the regulatory body that governs and supervises the insurance industry of the United Kingdom. It will also handle the permissions and approvals for new entrants in the insurance market. The implementation of Solvency II has caused changes in the business processes of the insurance companies such as reshuffling, more purchase of reinsurance, transfer of risks to the groups from solo organizations.

Innovation in insurance products is one of the keys for the growth of industry in the UK. Recent products like cyber insurance that combats the threat of cyber-attacks are gaining prominence in the country lately. Benefits like customer-centric products, rapid response to breaches, and consolidated third-party cover are increasing the demand for cyber insurance products in the United Kingdom.

Furthermore, the insurance companies in the country are investing in technological innovations to improve their risk management and customer experience. These innovations help in reducing the operational costs and improving operational efficiency. The leading position with new innovations and technology increases the foreign investments in the insurance sector and market sustainability.

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