Over the last two years - a wide range of forces have been exerted on the UK insurance and long-term savings market. Long-term savings firms have continued to adjust to a world of auto-enrolment and pensions freedoms, while general insurers have been stung by the 2017 reduction of the Ogden discount rate on the one hand, but helped by a soft reinsurance market and benign weather on the other.
Across the industry, companies have had to adjust to a new prudential regulation regime – Solvency II, have engaged with a wide range of conduct regulation issues, and have begun detailed planning for Brexit. This is not to mention the broader long-term trends impacting firms – the accelerating digital revolution, the shifting dynamics of the global economy, an ageing population etc.
While the market has inevitably been affected by all of these forces, our industry’s role in society remains steadfast. From London to Liverpool, and indeed from Lagos to Los Angeles, the UK insurance industry is helping families and businesses thrive by managing risk and providing long term security and stability.
Our new ‘State of the Market’ report, released next week, uses the ABI’s wide range of data on the UK insurance and long-term savings market to paint a picture of the key trends affecting our sector, and considers the reasons behind them. The ABI statistics used are freely available to ABI members on our website, and can be purchased by non-members in a range of different subscription packages.
The ABI’s Helping Britain Thrive campaign, launched in 2017, set out the industry’s contribution to UK society – employing hundreds of thousands of people, paying billions in taxes and, as shown in our upcoming report, writing more insurance and savings business than ever before.
We are always keen to engage with industry participants and analysts on the state of the market, so please do feel free to get in touch with any questions, or suggestions for future work.
Copies of this publication will be distributed at our ABI Annual Conference next week.