Life and non-life insurance in the UK
In its simplest terms the insurance industry can be broken down into two main categories: life and non-life insurance. The life insurance sector provides coverage not only in the event of death, but also for other major, life-changing events such as disability or terminal illness. Household spending on life insurance peaked in 2006 and remained steady between 2019 and 2021. Conversely, the non-life sector includes insurances to do with property damage, insurances for businesses, as well as private health insurance (on most definitions). The UK saw 116 billion euros in non-life insurance premiums written, the second-highest value of premiums written among European countries.Who are the UK’s market leaders?
Many of the leading companies participating in Europe's insurance industry were located in the United Kingdom. Three of the top ten life and health insurance companies in Europe are headquartered in the UK, with Aon, Prudential, and Willis Tower Watson leading the pack with a combined market value of over 130 billion U.S dollars as of May 2023. The other leading European insurers by gross written premiums hail from Germany, Switzerland, France, Italy, and Belgium.
