UK insurance premium income falls 18%
According International Financial Services London, premiums will remain subdued in 2009 with recovery likely to begin in 2010
UK insurance market premium income fell by 18% in 2008 to £215.3bn, according to new research by the International Financial Services London (IFSL).
IFSL’s report Insurance 2009 predicts that insurance premiums will remain subdued in 2009 with a recovery likely to begin in 2010.
It said that the shrinkage of premiums written in 2008 was due to a fall in long-term premiums, which typically account for around 80% of insurance business in the UK.
The report said the insurance industry is exposed to
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