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Facts On the British Insurance MarketA majority of the insurance companies in the UK operate under ABI. This is a London based company that serves as an umbrella organization for insurance companies in the UK. Since its inception in 1985, ABI has grown to accommodate over 400 large insurance companies in the UK. The member companies under ABI are the ones that are credited for providing insurance services to over 85% of the UK population and the income from them, compared to the total net word of the UK, amounts to over 25% as of 2010. Approximately 2% of the government taxes that were generated in the 2010/2011 tax year in the UK came from insurance companies registered under ABI. The exact figures from this were £10.4 billion in government tax receipts. In addition to this, the british insurance market, affiliated to ABI contributed £1.6 billion and £2.7 billion in Insurance Premium Tax and Corporation Tax respectively. The internet has been of great influence in the british insurance market. Over 30% of policies that were sold to private businesses in 2010 were done over the internet. Overall, the internet is used by a majority 51% of insurance applicants seeking for insurance cover for cars and for businesses. In all the types of insurance in the UK trends are set to increase in favor of online purchasing of policies. However insurance brokers have not been left out and they still have a large role to play in the insurance market in the UK. They account for over 80% of general insurance policies that were sold to commercial businesses in the UK in 2010. Partnerships between ABI, political parties, and the UK government as well as the media and regulators in the European Union have also been credited for the rapid growth in the british insurance market even in the midst of tough worldwide competition. The UK insurance market is set on a firm foundation since it forms part of the majority 37% of the world’s insurance market that is covered entirely by the European insurance industry. Out of this, premium amounts from the british insurance market amount to a 7% contribution to the world’s insurance market. abi.org.uk, cea.eu, hm-treasury.gov.uk
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