United Kingdom Insurance Report Q2 2016
BMI View: Our outlook for the UK's insurance market is broadly positive at present. In the larger life insurance sector, improving household income rates and strong demographic trends will support a solid uptick in premium growth between 2016 and 2020, leading to life insurance accounting for over 75% of all insurance premiums written by the end of the forecast period. Growth will be more subdued in the non-life sector, partly a result of intense pricing pressure in highly competitive lines such as motor and property insurance, and also reflecting the overall maturity of this well-established market. Health and personal accident insurance will likely remain the strongest non-life growth sectors, outpacing the remainder of the non-life market. Key Updates & Forecasts
New regulations under Solvency II, which became effective across the EU on 1 January 2016, have come under criticism from the UK Treasury and the Bank of England, which have submitted a call for an earlier than planned review and key changes to the European Commission. The UK Treasury reportedly has concerns surrounding long-term investments, while the Bank of England has raised technical concerns.
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