The UK general insurance market has recently undergone a period of consolidation as the industry has been impacted by the economic recession and unstable financial markets which has also dampened the revenues sourced from investments.
The UK general insurance market is expected to report strong growth in 2013, with revenues totalling £47.8 billion which represents an annual increase in income of 6.2%. The recovery of the UK general insurance market is forecast to continue with the overall market revenue expected to total £62.2 billion by 2018.
The key drivers impacting on the UK general insurance market are focused on a number of areas, namely social, technological, environmental, economic and political. Socially, the UK general insurance market is expected to be driven by changes in demographic and behaviour which will result in changes in the risk profiles and target markets. The balance of power within the UK general insurance market will shift to consumers. In terms of technology, the advancements in hardware and software will transform the use of big datasets and analytics. Insurance providers will be using the larger datasets and information on consumer behaviour and trends to develop actionable insights. Environmentally, the insurance industry is forecasting an increase in extreme weather events to hit the United Kingdom which will affect cover and premiums for consumers. Insurers will also have to adapt to recent global instability and t rise of state-directed capitalism. In addition one of the key drivers in terms of the economy will be the interconnectivity of emerging markets which is forecast to impact on the insurance sector over time.
For more information on the UK general insurance market, see the latest research: UK General Insurance Market
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