The UK has the second biggest insurance center world wide

Fri, 19 Dec 2008

Figures reported by International Financial Services London, labeled UK insurance market as the second largest global center for insurance . With an 11 percent global premium income, the UK over-took Japan in 2007 and is second only to the USA.

The takeover was reportedly due to a combination of factors including faster growth of new long-term insurance business in the UK than in Japan, better performing equity markets during the year in the UK and faster growth of the UK economy .

The International Financial Services London has reported a relatively limited impact of the economic downturn on UK insurance ; instead, reported that premium income of the UK’s insurance industry increased by a fifth in 2007 to £263 billion. In addition it is estimated that the insurance sector accounts for 1 per cent of UK Gross Domestic Product, that the industry employs over 325,000 people and funds under management of insurance companies totaled £1,600 billion which is almost double that of any other European country.
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