The global insurance market was worth more than $5tn (£4tn) in 2018 and represents more than 6% of the world’s GDP.
The UK insurance and long-term savings sector is the largest in Europe and the fourth largest in the world, behind the US, China and Japan, and leads the way in insurance and financial services expertise, professionalism and standards, delivering financial and non-financial benefit in the process.
Our profession therefore makes a positive contribution to the UK economy and society by helping people save for the future and protect themselves against a large number of risks.
The UK share of the global insurance premium market
The insurance sector compromises 6.1% of global GDP
The UK insurance market had a total premium income of £266.6bn in 2018, a 19% increase from 2017
£4tn Value of global
Number of people employed in the
UK insurance and
Insurance profession contributed £29.1bn
to the UK economy
61% of personal motor insurance and 30% of personal property insurance is purchased directly by consumers
Claims acceptance rates for private motor, domestic property and travel insurance were all greater than 82% highlighting the profession’s commitment to put the public at the heart of what we do
The UK has the
largest insurance market in Europe and the fourth largest in the world.
80% of customers who purchased a pension, protection or other long-term insurance product had some form of advice
71% of consumers took independent advice when selecting a pension product, as did 67% of consumers who selected protection products
26,677 Financial Advisers
14,052 Mortgage brokers
5,246 Financial Advisory firms
1,523 Mortgage broking firms
Small firms remain a significant part of the intermediary sector. Nearly nine out of 10 financial adviser and mortgage broker firms have five or fewer adviser staff