EY predicts three years of slowing premium income growth for insurers

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EY has forecast UK non-life insurance premium income growth will slow to 7% in 2024, from 8.7% in 2023, dropping again to 5.1% in 2025 and 3.8% in 2026.

The specialists flagged that while the growth will be “reasonably strong” this year the decline will be particularly seen in motor.

The expectation for a tailing off in growth as inflation falls was released in the latest EY ITEM Club Outlook for Financial Services.

According to the consultants, although falling inflation is likely to mean increases in insurance premiums will be smaller, it should prompt a wider rise in real incomes. This, EY suggested, would support greater demand for big ticket

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