UK insurance industry up 20.5% on 2006

The new “Insurance Industry Market Review 2007″ report by Research and Markets says the UK market was worth c. £175.32bn in 2006, 20.5% up on 2005.

It also hilights a few of the challenges facing the industry - including more sophisticated consumers and online purchasing.

The outlook?

We forecast relatively modest growth in the UK insurance market between 2007 and 2011. Although significant increases in premium income were seen in 2005 and 2006, this level of growth is unlikely to be sustained. The industry is expected to witness further consolidation and the growing presence of foreign insurers.

Link: http://www.researchandmarkets.com/reports/c66977