It is estimated that in the United Kingdom (UK), the number of new policies (B2C) in the life, annuities and payment protection insurance industry will have fallen by approximately ************ policies between 2018 and 2024.Although still decreasing, the overall share of life, annuities and payment protection insurance policies taken out online has been forecast to grow slightly during this period by *** percent. To learn more about the future of the B2C digital insurance industry in the UK, read our in-depth report.

The life insurance market share in terms of gross premium in the United Kingdom saw a decrease of roughly ***** percent in 2022 in comparison to the previous year 2021, resting at around **** percent. This marked the third consecutive decline of the market share. This measurement shows the value of life insurance premiums as a share of all insurance premiums. In other words, it indicates the weight of life insurance within the insurance industry.Find more key insights for the life insurance market share in terms of gross premium in countries like Greece, Italy, and Netherlands.

The statistic illustrates the amount of life insurance benefits paid on domestic market in the United Kingdom (UK) from 2004 to 2020. During the observation period, the amount of benefits fluctuated. The lowest value was reported in 2004 and amounted to approximately *** billion euros. 2018 was the year with highest value of life insurance benefits paid at over *** billion euros.

From the first quarter of 2017 through to the third quarter of 2024, technical provisions (including index-linked and unit-linked) accounted for the largest portion of life insurance firm liabilities in the United Kingdom. As of 2024, insurance firms had roughly 1.58 trillion British pounds in technical provisions liabilities, an increase of approximately 332 billion British pounds since the first quarter of 2017. Technical provisions excluding index-linked and unit-linked were the second-largest liability category on the balance sheet, accounting for roughly 631 billion British pounds in the third quarter of 2024. The value of total liabilities plus equity was equal to that of total balance sheet assets.

Forecast: Gross Premium Income of Life Insurance in the UK 2024 - 2028 Discover more data with ReportLinker!

Forecast: Life Insurance Penetration in the UK 2024 - 2028 Discover more data with ReportLinker!

Forecast: Number of Enterprises in Life Insurance Sector in the UK 2022 - 2026 Discover more data with ReportLinker!

The global Life & Non-Life Insurance Market size is projected to rise from USD 8.66 trillion in 2024 to USD 13.71 trillion by 2034, representing a CAGR above 4.7% for the 2025–2034 forecast period. Dominant industry players include AIA Group Allianz AXA Group China Life Insurance Company Chubb Limited Cigna MetLife, Inc. New York Life Insurance Company Northwestern Mutual Ping An Insurance Group Progressive Prudential Financial State Farm Swiss Re UnitedHealth Group Zurich Insurance.

Household spending on life insurance in the United Kingdom dropped between 2022 and 2023. The total amount of household expenditure spent on life insurance amounted to *** billion British pounds in 2023, down from *** billion British pounds two years earlier.

Market Size and Growth: The UK health and medical insurance market is in a state of steady growth, with a projected CAGR of 4.56% from 2025 to 2033. The market size is estimated to be 8.17 million in 2025, with a value unit of millions. Key drivers behind this growth include rising healthcare costs, increased awareness of health and well-being, and the aging population. Trends and Segments: The market has witnessed several trends, including the growing popularity of private medical insurance, the emergence of healthcare cash plans, and the rise of dental insurance plans. The market is segmented based on product type (private medical insurance, healthcare cash plans, dental insurance plans) and procurement type (self-pay health coverage, employee-sponsored health coverage). Major players in the market include BUPA, AXA PPP, PT Astra Aviva Life, and Freedom Health Insurance. The report provides regional data for North America, South America, Europe, Middle East & Africa, and Asia Pacific. Publisher: [Market Research Company Name] Publish Date: [Month, Year] Number of Pages: [Number] Price: [Amount] The UK Health And Medical Insurance Market report presents a comprehensive analysis of the market including statistics, forecasts, competitive landscape, and trends. The report provides an in-depth look at the market's key segments, including product types, application, and end-user. The report also examines the market's major drivers and challenges and provides insights into the market's future prospects. Recent developments include: On November 2022, in partnership with online platform JAAQ in a six-month trial for boosting access to personalised expert-led health advice online. This adds to Bupa's mental health support which provides ongoing, around-the-clock support for a wealth of mental health conditions, such as anxiety, depression and addiction., On February 2022, AXA UK&I acquired renewable rights to Ageas UK's commercial business at an initial consideration of 47.5 million GBP. This acquisition will strengthen AXA's growth strategy and commitment to its commercial business customers and broker partnerships, particularly in the SME and Schemes market segments. As part of the agreement, around 100 Ageas UK employees will move to AXA Commercial to provide ongoing support and service delivery.. Notable trends are: Global Economic Slowdown and Better Government Insurance Services Affecting the United Kingdom Health and Medical Insurance.

Forecast: Production in Non-Life Insurance Sector in the UK 2024 - 2028 Discover more data with ReportLinker!

United Kingdom FC: Uses: ASI: Other: Non Life Insurance Claims data was reported at 10,929.000 GBP mn in Jun 2018. This records a decrease from the previous number of 10,964.000 GBP mn for Mar 2018. United Kingdom FC: Uses: ASI: Other: Non Life Insurance Claims data is updated quarterly, averaging 9,991.000 GBP mn from Mar 1987 (Median) to Jun 2018, with 126 observations. The data reached an all-time high of 14,924.000 GBP mn in Mar 2008 and a record low of 2,836.000 GBP mn in Mar 1987. United Kingdom FC: Uses: ASI: Other: Non Life Insurance Claims data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.AB038: ESA10: Resources and Uses: Financial Corporations: Secondary Income.

United Kingdom HN: RC: Other Current Taxes: Non Life Insurance Claims data was reported at 7,254.000 GBP mn in Jun 2018. This records a decrease from the previous number of 7,278.000 GBP mn for Mar 2018. United Kingdom HN: RC: Other Current Taxes: Non Life Insurance Claims data is updated quarterly, averaging 5,194.500 GBP mn from Mar 1987 (Median) to Jun 2018, with 126 observations. The data reached an all-time high of 9,396.000 GBP mn in Mar 2011 and a record low of 1,150.000 GBP mn in Mar 1987. United Kingdom HN: RC: Other Current Taxes: Non Life Insurance Claims data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.AB050: ESA10: Resources and Uses: Household and Non Profit Institutions Serving Households: Secondary Income.

Annual solvency positions for every UK regulated non-life insurer for the most recent 3 years.

Data on the performance of each insurer has been compiled and calculated from data submitted in annual regulatory returns and includes:

• Total Eligible Own Funds For SCR
• Solvency Capital Requirement
• Solvency Coverage Ratio
• Total Eligible Own Funds For MCR
• Minimum Capital Requirement
• Minimum Coverage Ratio

Total insurance premium refers to the amount of money paid for the insurance coverage of the policies issued by insurance companies over a period of time. The amount of life insurance premiums in the United Kingdom (UK) peaked at over 275 billion euros in 2007 after a year on year increase. In 2008, the value sharply decreased to approximately 156 billion euros. In 2020, after almost ten years of fluctuation, the life insurance premiums amounted to approximately 133 billion euros.

Forecast: Turnover in Life Insurance Sector in the UK 2022 - 2026 Discover more data with ReportLinker!

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Insurance Market Size 2025-2029

The insurance market size is valued to increase USD 1461.5 billion, at a CAGR of 4.3% from 2024 to 2029. Increasing government regulations on mandatory insurance coverage in developing countries will drive the insurance market.

Major Market Trends & Insights

North America dominated the market and accounted for a 40% growth during the forecast period.
By Distribution Channel - Sales personnel segment was valued at USD 2995.10 billion in 2023
By Type - Life segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 50.22 billion
Market Future Opportunities: USD 1461.50 billion
CAGR : 4.3%
North America: Largest market in 2023

Market Summary

The market continues to evolve, shaped by advancements in core technologies and applications, shifting service types and product categories, and a tightening regulatory environment. For instance, the integration of wearables into customer engagement metrics for life insurance software is revolutionizing underwriting processes, offering personalized policies based on real-time health data. Meanwhile, the regulatory landscape is becoming more stringent, with increasing government regulations on mandatory insurance coverage in developing countries.
According to a recent study, the global wearable technology market in the insurance sector is projected to reach a 30% adoption rate by 2025. Amidst these changes, insurance providers must adapt to remain competitive and meet evolving customer expectations.

What will be the Size of the Insurance Market during the forecast period?

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How is the Insurance Market Segmented and what are the key trends of market segmentation?

The insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Sales personnel
  Insurance agencies


Type

  Life
  Non-life


Mode

  Offline
  Online


End-user

  Corporate
  Individual


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Distribution Channel Insights

The sales personnel segment is estimated to witness significant growth during the forecast period.

In the dynamic and evolving the market, sales personnel serve as the primary bridge between insurers and their clients, fostering long-term relationships. Specializing in various insurance products like life, health, auto, and property, these professionals must possess a deep understanding of their offerings' intricacies. They are tasked with effectively communicating policy features and benefits to customers, ensuring clear and concise explanations. Sales personnel collaborate not only with direct clients but also with brokers and agents to expand their reach. Reinsurance pricing, catastrophe modeling, and risk transfer mechanisms are integral aspects of their work. Leveraging advanced tools such as AI-powered underwriting, customer relationship management, and predictive modeling, sales personnel optimize their strategies for success.

Moreover, they employ risk assessment models, fraud detection algorithms, and insurtech solutions to enhance efficiency and mitigate risks. Compliance frameworks and regulatory requirements are strictly adhered to, with a focus on premium calculation methods, asset-liability management, and underwriting guidelines. The market exhibits continuous growth, with customer segmentation, capital management, and loss reserving methods gaining increasing importance. Machine learning models and claims processing software streamline operations, while investment strategies and solvency regulations ensure financial stability. Blockchain technology and digital insurance platforms further revolutionize the industry. According to recent studies, sales in the market have experienced a significant increase, with a 17.6% rise in 2020.

Furthermore, industry experts anticipate a 15.2% expansion in market size by 2025. These figures underscore the market's robustness and the potential for continued growth and innovation.

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The Sales personnel segment was valued at USD 2995.10 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

North America is estimated to contribute 40% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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United Kingdom HN: Uses: CT: Net Non Life Insurance Premiums data was reported at 7,254.000 GBP mn in Jun 2018. This records a decrease from the previous number of 7,278.000 GBP mn for Mar 2018. United Kingdom HN: Uses: CT: Net Non Life Insurance Premiums data is updated quarterly, averaging 5,194.500 GBP mn from Mar 1987 (Median) to Jun 2018, with 126 observations. The data reached an all-time high of 9,396.000 GBP mn in Mar 2011 and a record low of 1,150.000 GBP mn in Mar 1987. United Kingdom HN: Uses: CT: Net Non Life Insurance Premiums data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.AB050: ESA10: Resources and Uses: Household and Non Profit Institutions Serving Households: Secondary Income.

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Insurance Brokerage Market Size 2025-2029

The insurance brokerage market size is forecast to increase by USD 117.3 billion at a CAGR of 8.2% between 2024 and 2029.

The market is experiencing significant growth due to the increased demand for various insurance policies. This trend is driven by the expanding economy, population growth, and rising disposable income, leading more individuals and businesses to seek insurance coverage. Additionally, the integration of IT and analytic solutions in the insurance industry is revolutionizing the way policies are underwritten and sold. This digital transformation enables insurance brokers to offer personalized and efficient services, enhancing customer experience and satisfaction. However, the market also faces challenges. Direct purchase of insurance policies by customers through digital channels is becoming increasingly popular, posing a threat to traditional insurance brokers.
This shift towards self-service models requires brokers to adapt and offer value-added services to differentiate themselves. Furthermore, regulatory compliance and data security concerns are critical challenges that insurance brokers must address to maintain customer trust and adhere to industry standards. Effective risk management and data analytics are essential tools for brokers to navigate these challenges and capitalize on the market opportunities presented by the evolving insurance landscape.

What will be the Size of the Insurance Brokerage Market during the forecast period?

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The market continues to evolve, driven by dynamic market conditions and advancements in technology. Insurance marketing strategies adapt to shifting consumer preferences, with digital platforms and mobile apps becoming increasingly popular. Insurance carriers respond by offering innovative solutions, integrating data analytics and machine learning to assess risk and personalize policies. Renewals and brokerage services remain a focal point, with technology streamlining processes and improving efficiency. Regulations evolve, shaping the industry landscape and driving innovation in areas such as claims processing and policy administration. Financial services and insurance technology intertwine, enabling seamless transactions and real-time data access. Insurance trends, from risk management to liability insurance, unfold across various sectors, with commercial and personal lines adapting to changing risk appetites.
Online insurance platforms and digital insurance transform the distribution landscape, offering customers convenience and flexibility. Insurance policies continue to evolve, with group insurance, employee benefits, and health insurance adapting to meet changing needs. Insurance technology and insurance regulations shape the future of the industry, with artificial intelligence and machine learning set to revolutionize underwriting and risk assessment. Insurance sales strategies adapt to these changes, with insurance advisors and consultants playing a crucial role in guiding clients through the complexities of the market. Insurance premiums remain a key consideration, with insurance comparisons and customer relationship management becoming increasingly important for insurers and brokers alike.
The insurance industry continues to evolve, with ongoing innovation and adaptation to market conditions shaping its future.

How is this Insurance Brokerage Industry segmented?

The insurance brokerage industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Non-life insurance
  Life insurance


End-user

  Individuals
  Corporate


Channel

  Offline
  Online


Consumer

  Retail
  Wholesale


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Middle East and Africa

    UAE


  Rest of World (ROW)

By Type Insights

The non-life insurance segment is estimated to witness significant growth during the forecast period.

The market encompasses various entities that shape its dynamics and trends. Artificial intelligence and data analytics are transforming risk management and claims processing, leading to more efficient insurance solutions and consulting services. Mobile apps and online platforms facilitate insurance comparisons and customer relationship management. Insurance fraud remains a significant challenge, necessitating advanced technology and regulatory oversight. Life insurance and non-life insurance segments constitute the insurance market. Non-life insurance, also known as general insurance, covers financial losses from accidents or natural disasters. Its revenue growth is anticipated to outpace

GlobalData’s 'Non-Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK non-life insurance segment, and a comparison of the UK insurance industry with its regional counterparts. Read More