United Kingdom : Financial Sector Assessment Program-Insurance Sector-Technical Note

The U.K. has one of the deepest, most developed insurance markets in the world. The U.K.'s life insurance premium accounts for almost 9 percent of the world's life insurance premium and 5.5 percent of the world nonlife premium. Insurance penetration is 50 percent higher than in the European Union (EU) or other advanced markets, and the expenditure per capita in insurance amounts to USD 5,429 as compared with USD 3,815 in the advanced markets. The U.K. insurance industry is the third largest in the world and the largest in Europe with around 600 insurers operating in the U.K.