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ABI announces ‘UK insurance industry remains strong’

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The Association of British Insurers (ABI) announced today figures related to the UK Insurance market and report that despite the recession, the UK insurance industry remains strong overall.

  • The number of people employed in the sector in 2008, at 313,000, rose slightly (by 1.3%) over 2007, and accounted for nearly a third of all financial services jobs.
  • Net premium income from general insurance in 2008 was £34 billion, up 3% on 2007.
  • Premium income for overseas business during 2008 was £54 billion, up 13% on 2007.
  • Every day, UK insurers pay out nearly £300 million to customers. Of this, £239 million is in pensions and life insurance benefits, and £57 million in general insurance, such as motor and household, claims.
  • Despite a fall in life and pensions new business, long-term premium income in 2008 was the third highest in the last decade.

Dr Rebecca Driver, the ABI’s Director of Research and Chief Economist, said:

“The UK insurance industry continues to show resilience in the recession. But there is no room for complacency. These remain difficult times, and the UK can only remain a world leader in insurance if it stays competitive. The role of insurers, as major investors and providers of financial security to millions of customers, is vital in building a sustainable economic recovery. Insurers must not be forced to move overseas, and the UK must be able to attract new capital.

“Future regulation must therefore strike the right balance between proportionate consumer protection, and ensuring the sector is strong and competitive. This will enable the industry to continue to innovate, and provide products that are relied upon by millions of families and businesses.”