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.
