Five Competitive Forces in the Insurance Industry

In: Business and Management

Submitted By pprince
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UK INSURANCE KEY FACTS 2014

UK Insurance

KEY

FACTS
2014

abi.org.uk
3

@BritishInsurers

Follow us on Twitter @BritishInsurers

ASSOCIATION OF BRITISH INSURERS

About the ABI
The Association of British Insurers is the voice of the UK insurance industry, representing general insurance and longterm savings and life insurance. The ABI has over 250 members, who account for around
90% of UK insurance premiums. www.abi.org.uk – has all the latest news, views and key information about insurance and the ABI’s work on behalf of the industry.
The ABI produces detailed statistics on the industry, which are free to members and can be purchased by others for a fee.

Contents 1 Introduction 2 The insurance industry is a UK success story 4 General insurance and its customers
10 Long-term savings and life insurance and its customers
15 Insurers play an important role as investors in the economy
16 Glossary
17 Contacts at the ABI

abi.org.uk

4

UK INSURANCE KEY FACTS 2014

The UK insurance industry is the largest in
Europe and the third largest in the world.
It plays an essential part in the UK’s economic strength, managing investments of £1.8 trillion
(equivalent to 25% of the UK’s total net worth) and paying nearly £12bn in taxes to the
Government. It employs around 315,000 individuals, of which more than a third are employed directly by insurers with the remainder in auxiliary services such as broking.

On behalf of its members, the ABI works with government, regulators and policymakers to create effective insurance markets for consumers. We represent the UKbased insurance industry on a wide range of issues to Government, regulators, other public bodies, and the media. We provide consumers with general information on insurance and savings products and services and promote best
practice,…...

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