Boston, MA -- (SBWIRE) -- 07/13/2012 -- The UK non-life insurance segment growth was supported by stable growth in the property market, rising motor insurance premiums, an increase in household insurance costs and mandatory motor third-party liability insurance. The presence of such factors helped maintain written premium growth rates in the UK non-life insurance segment during the global financial crisis. As the country's economy recovers, the non-life insurance segment is expected to register a higher-growth rate as compared to the review period. In addition, the industry is also expected to be driven by the increased levels of risk awareness and preparation for risk avoidance among UK consumers. Growth in the UK property market, the forthcoming London 2012 Olympic Games, an increase in automobile production, rising levels of disposable income and emerging employment opportunities are expected to drive the growth of the non-life insurance segment over the forecast period.
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- During 2010-2011, the UK non-life insurance segment regained stability due to recoveries in both the property and automobile markets, which were made possible through the growing construction industry supporting the London Olympics, improving economic conditions and an increase in the level of disposable income on a national level.
- The UK government has announced that it will invest GBP500 million into its depressed construction industry over the forecast period under the National Infrastructure Plan.
- Motor insurance policies in the UK are composite in nature and include both motor hull and motor third party liability components in the policy premium.
- Growth in the UK property market, the forthcoming London 2012 Olympic Games, an increase in automobile production, rising levels of disposable income and emerging employment opportunities are expected to drive the growth of the non-life insurance segment over the forecast period.
- The non-life insurance segment is highly competitive and the presence of both domestic and foreign companies increases rivalry. In terms of market share, foreign insurers represent a larger share than domestic firms. Several products recorded an increase in direct premiums during the review period. These included fire, motor liability, general liability, maritime and transport insurance.
This report provides a comprehensive analysis of the non-life insurance market in the UK:
- It provides historical values for the UK non-life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the UK non-life insurance market, along with market forecasts until 2016
Companies Mentioned in this Report: Aviva Plc, AXA UK plc, RSA Insurance Group plc, Zurich Financial Services ltd, Munich Reinsurance Company, Chartis Europe Limited, Allianz Insurance plc, Lloyds Banking Group plc
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