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Insurance in UK
With the stiff competition in the insurance market, insurance premium rates remains competitive and varies between companies. This has created an advantage for the consumers and it's good for you to to shop around before fulfilling your insurance needs. Commonly you should get quotes from different insurers, using an insurance broker, or a comparison website online. Price maybe an important factor but make sure the policy meets your needs. In some instances, it may be worthwhile for you to pay extra in exchange for a comprehensive cover and protection.
There are 934 companies authorised by the FSA to carry out insurance business in the UK, a decrease of 3.91% or 38 companies compares to 972 companies in 2008. Out of these, 701 companies is in the general insurance sector only(such as motor, household, health and commercial insurance), a decrease of 4.63% or 34 companies compares to 735 companies in 2008; 190 companies is in the long-term business only(such as life insurance and pensions), a decrease of 1.55% or 3 companies compares to 193 companies in 2008; and 43 is running both both, general and long-term business, a decrease of 2.27% or 1 companies compares to 44 companies in 2008.
The UK insurance industry is the largest in Europe insurance and the third largest in the world, accounting for 8% of total worldwide premium income(11% of total worldwide premium income in 2008). The insurance industry is a vital part of the UK economy, managing investments amounting £1.6 trillion(£1.5 trillion in 2008), equivalent to 24% of the UK’s total net worth(21% of the UK’s total net worth in 2008). The insurance industry is also one of this country’s major exporters, with 20% of its net premium income coming from overseas business.
Premiums and Claims
In 2009, total net premiums (written premium less reinsurance premiums paid by the insurer) for general insurance(non-life insurance) amounted to £30.5 billion, a decrease of £3.3 billion or 9.76% compares to £33.8 billion in 2008. This breaks down as follows:Between 1999 and 2009, claims paid have increased by 44%, from £15.4 billion in 1999 to £22.2 billion in 2009. There is a slight increase of £0.2 billion or 0.91% in claims paid compares to £22 billion in 2008. However, it is a high figures considering the 9.76% decrease in net premiums collected in 2009. In 2009, claims broke down as follows: ul>
- Motor: £9.9 billion, a decrease of £0.8 billion or 7.48% of compares to £10.7 billion in 2008
- Property: £8.2 billion, a decrease of £0.6 billion or 6.82% of compares to £8.8 billion in 2008
- Accident & Health (Personal Accident and Private Medical Insurance): £4.4 billion, a decrease of £0.2 billion or 4.35% of compares to £4.6 billion in 2008
- General Liability: £3.3 billion, a decrease of £0.5 billion or 13.16% of compares to £3.8 billion in 2008
- Miscellaneous & Pecuniary Loss (e.g. Payment Protection, Legal Expenses, other financial loss): £2.7 billion, a decrease of £1 billion or 27.03% of compares to £3.7 billion in 2008
- Marine, Aviation & Transport (MAT) and Reinsurance: £1.9 billion, a decrease of £0.2 billion or 9.52% of compares to £2.1 billion in 2008
Motor: £9.4 billion, an increase of £0.7 billion or 8.05% of compares to £8.7 billion in 2008 Property: £4.5 billion, an increase of £0.3 billion or 6.25% of compares to £4.8 billion in 2008 Accident & Health: £3.3 billion, an increase of £0.1 billion or 3.13% of compares to £3.2 billion in 2008 General Liability: £2.3 billion, a decrease of £0.4 billion or 14.81% of compares to £2.7 billion in 2008 Miscellaneous & Pecuniary Loss: £1.5 billion, the same amount as 2008 Marine, Aviation & Transport (MAT) and Reinsurance: £1.2 billion, an increase £0.1 billion or 9.09% of compares to £1.1 billion in 2008 Life insurance premiums amounted to £22 billion in 2009, a significant decrease of 41.18% or £15.4 billion compares to £37.4 billion in 2008. £40.4 billion benefits paid for life insurance in 2009, a decrease of 35.46% or £22.2 billion compares to £62.6 billion in 2008.
How people buy insurance
There are many ways/channels to buy insurance. People’s buying habits have changed over the last ten years. In general insurance, the change is most clear for retail sales: the proportion of people buying insurance through brokers has fallen from 52% in 1999 to 37% in 2009(35% in 2008). In contrast, 13% is now sold by banks and building societies(17% in 2008) – 10 years ago the figure was 5%. The rest 33% is sold direct(32% in 2008), 8% is sold by by retailers/affinity groups/utility groups(8% in 2008), 8% is sold by company agents(7% in 2008), and 1% via other channels(1% in 2008).
68% of life and pensions business was sold through Independent Financial Advisers in 2009(69% in 2008), compared to 58% sold in this way in 1999.
Insurance density and penetration
On a per capita basis, an average of £3,232 was spent on insurance in UK in 2009, £411 less compares to £3,643 in 2008.
Insurance penetration in UK decreased on average from 15.67% in 2008 to 15.39% in 2009.
On a per capita basis, an average of £2,244 was spent on life insurance in UK in 2009, £436 less compares to £2,680 in 2008.
Life insurance penetration in UK decreased on average from 12.06% in 2008 to 10.68% in 2009.
On a per capita basis, an average of £988 was spent on non-life insurance in UK in 2009, £25 more compares to £963 in 2008.
Non-life insurance penetration in UK increased on average from 4.34% in 2008 to 4.70% in 2009.
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