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


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

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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.

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