ABI: UK insurance resilient in recession
The British insurance sector is holding up well, despite the recession, according to the Association of British Insurers (ABI).
Insurance accounts for approximately one-third of those employed in financial services, and 2008 saw a moderate rise of 1.3% to 313,000 individuals working in the sector.
Net premium income from general insurance rose by 3% to £34bn, with premium income on overseas business rising by 13% to £54bn.
Every day almost £300m was paid out, £239m of which was pensions and life insurance benefits with the balance made up by general insurance.
Research Director and Chief Economist Dr. Rebecca Driver has described the UK insurance sector as showing continued resilience in the recession.
However, Dr. Driver advised against complacency and urged the sector to remain competitive in order to retain its strong global position, and cautioned against regulation being made so strong it drove away business.
The ABI’s figures come after DIMA stated that Dublin’s re/insurance business has also continued to grow, defying the recession and indicating that the insurance sector generally is more robust than other parts of the financial services industry.
Category: ABI News, Insurance News
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