EY forecasts 8.5% premium income growth for UK insurers in 2023

growth-business

UK insurers are expected to end this year reporting strong overall premium income growth ahead of further, but slowing, expansion in 2024 and 2025, according to EY.

This has been driven by significant rises in premium prices and improved household spending power boosting growing demand for policies, the consultancy detailed in its ITEM Club Outlook for Financial Services.

Non-life insurance

UK non-life insurance premium income is forecast to rise 8.5% in 2023, increasing from 3.9% in 2022. It had previously predicted a 4.5% hike for 2023.

A boost in new car sales has supported demand for non-life insurance products after a challenging few years, leading

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

ABI campaigning for IPT cut

There has never been a greater need for a cut in Insurance Premium Tax according to the Association of British Insurers as it campaigns for an immediate drop in the rate.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: