Insurance industry

Use our industry guide to find key background information, market research, import and export guidelines, statistics, legislation, trade bodies and trade publications.

The Business & Industry Guides series is produced by the Library & Information Service for ICAEW members and ACA students.

We can compile tailored key players reports, mailing lists, market reports, benchmarking reports and industry news. Our enquiry team can also research other industry-specific information, such as taxation, for you. Call us on +44 (0)20 7920 8620 or email library@icaew.com.

Trends and forecasts

Online articles

The library provides full access to articles from leading business, finance and management journals.

View the latest updates on trends and forecasts in the insurance industry

Access to articles is provided subject to suppliers’ terms of use.

eBooks

The Library provides full text access to a selection of key business and reference eBooks from leading publishers.

The FINTECH Book : The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries
Susanne Chishti and Janos Barberis (John Wiley & Sons, 2016)
A guide to the financial technology revolution for entrepreneurs, bankers and investors. Covers current trends, latest industry developments and the future of FinTech. Discusses the insurance sector and the opportunities provided by FinTech.

You are permitted to use this eBook subject to individual supplier terms of use.

Useful links

Global insurance outlook 2023
Annual EY report exploring key issues shaping the near-term future of the insurance industry. The 2022 edition is also available.

Insurance CEO outlook 2022
KPMG survey providing insights from global insurance CEOs. Areas covered include the prospects for economic recovery, strategies for growth and industry trends. The 2021 edition is also available.

Insurance banana skins 2021
Latest edition of PwC's biennial survey looking at risks facing the global insurance industry and future trends. The 2019 edition is also available.

Brexit

The UK-EU trade deal: financial services
Briefing paper from the House of Commons Library outlining the UK-EU trade deal’s provisions on financial services and early indications of its impact on the sector. Published 22 June 2021.

Brexit and The City: The Impact So Far
Summary of a study from think tank New Financial on the impact of Brexit on the UK banking and finance industry and the emerging post-Brexit landscape of financial centres across the EU. Full report available upon request. Published April 2021.

The impact to financial services firms of the Brexit deal – EY comment
Commentary and analysis of how the trade agreement may affect the financial services sector, highlighting four key areas of regulatory focus for firms: cross-border access, protective vs open policies, capital and frictional costs, and co-operation on the supervision of large groups and global policy forums. Published 20 December 2020.

Covid

Financial Institutions Sentiment Survey 2021: On the road to recovery
Survey by Lloyds Bank of senior executives at over 100 financial services firms in the UK. Provides insights into the impact of COVID-19 on expectations for growth and job creation. Also includes views on sustainability in the year of COP26. Published in September 2021

COVID-19 economic impact on expected credit losses
Analysis from KPMG of the economic consequences of the COVID-19 pandemic on the performance and expected credit losses of major UK banks. Published in May 2021.

Market research

Market research reports focusing on this business sector are available from a number of market research specialists. In most cases these reports are available to fee-paying subscribers or on a pay-as-you-go basis.

Industry profiles and SWOT analyses

Industry profiles give an overview of market size in different countries or regions, the competitive landscape and provide a forecast of market performance. These profiles are available exclusively for ICAEW members and ACA students through the Library & Information Service.

Regional reports

Africa

South Africa

Asia

Europe

Latin America

Middle East

North America

Oceania

Australia

If you’re looking for industry profiles for regions or countries not listed above, please contact the Library on +44 (0)20 7920 8620 or email library@icaew.com.

SWOT analyses examining the strengths, weaknesses, opportunities and threats for major companies operating in this sector are available.

View the latest SWOT analysis reports

If you experience any problems accessing these resources, please see our online resources troubleshooting FAQ.

Other market research specialists

Some free information is available from the following market research specialists, ranging from industry news to executive summaries of the reports.

Euromonitor
A full listing of reference products and research reports for the finance and insurance sector from Euromonitor, with a range of global, country and company level reports. Each report provides a contents listing and a useful executive summary reporting on the key trends in each country report.

IBISWorld
Business and industry research specialists offering reports on a wide range of sectors, including life insurance, general insurance and reinsurance. Report snapshots, table of contents and a sample report are available. The company also produces global industry research reports.

Mintel
A full listing of reports covering the insurance market are available with the option to view the executive summary and a table of contents for each report.

Industry news

Need to find the latest news on this industry sector? We can carry out industry news searches using a range of trade titles and general business sources through our databases. To discuss your requirements, please contact the enquiry team on +44 (0)20 7920 8620 or at library@icaew.com.

Statistics on the UK

Association of British Insurers (ABI)

The ABI compiles and publishes industry data, some of which is available free of charge. The annual UK Insurance and Long Term Key Facts includes statistics on:

size of UK insurance industry
worldwide premium income by country
contribution to the UK economy
breakdown of general insurance sectors
long-term savings and life insurance
how consumers purchase insurance
invested funds by asset class.

Office for National Statistics

The Annual Business Survey (ABS) from the Office for National Statistics collects financial information covering UK production, construction, distribution and service industries. Statistics available include:

number of enterprises;
total turnover;
approximate gross value added at basic prices;
total purchases of goods, materials and services;
total employment costs;
total net capital expenditure;
total net capital expenditure – acquisitions;
total net capital expenditure – disposals;
total stocks and work in progress – value at end of year;
total stocks and work in progress – value at beginning of year;
total stocks and work in progress – increase during year.

The dataset Non-financial business economy, UK: Sections A to S includes statistics for:

Life insurance (65.11)
Non-life insurance (65.12)
Reinsurance (65.2)

See Section K: Financial and insurance activities.

Statistics on Europe

Eurostat

Eurostat, the EU statistics hub, collates detailed Structural Business Statistics giving the latest figures for industry, construction, trade and services by sector and country. The indicators available include:

number of enterprises
turnover or gross premiums written
production value
value added at factor cost
gross operating surplus
wages and salaries
social security costs
gross investment in tangible goods
gross investment in land
gross investment in existing buildings and structures
gross investment in construction and alteration of buildings
gross investment in machinery and equipment
number of employees
number of persons employed per enterprise.

Statistics within the database are available for:

Statistics on insurance services
See database section ‘SBS – services’

Insurance Europe

Insurance Europe publishes European Insurance in Figures annually, providing market data on:

Total European gross written premiums
Worldwide premiums
Life gross written premiums
Non-life gross written premiums
Motor gross written premiums
Health gross written premiums
Property gross written premiums
Other non-life gross written premiums
Total insurers' investment portfolio
Life insurers' investment portfolio
Non-life insurers' investment portfolio
Structure of insurers' investment portfolio
Number of insurance companies
Number of employees
Breakdown of life insurance premiums by distribution channel
Breakdown of non-life insurance premiums by distribution channel

Statistics on the Americas

Insurance Information Institute

The Insurance Information Institute compiles a wealth of mostly US facts andstatistics on a wide variety of topics, including data on individual types of insurance.

Global statistics

OECD

The OECD publishes an annual Insurance Statistics Yearbook with data and analysis on all OECD countries for life and non-life insurance, covering:

balance sheet and income
portfolio allocation
total gross premiums
market share
density
penetration
direct total gross premiums per insurance company employee
retention ratio
ratio of reinsurance accepted
market share of foreign companies in the domestic market.

Employment

UK

The Office for National Statistics publication Annual Survey of Hours and Earnings (ASHE) includes average employment costs within this sector which can be found in Table 14. Average employment costs are provided for full-time employees, part-time employees and all employees.

The data includes average employment costs for:

brokers;
insurance underwriters;
pensions and insurance clerks.

The annual Business Register and Employment Survey (BRES), published by the Office for National Statistics, includes total employee and employment estimates for different industries for Great Britain and the UK. Figures are broken down to show full-time/part-time and public/private splits. The dataset Industry – Business Register and Employment Survey (BRES): Table 2 includes statistics for:

Life insurance (65110)
Non-life insurance (65120)
Life Reinsurance (65201)
Non-life reinsurance (65202)
Activities of insurance agents and brokers (66220)
Other activities auxiliary to insurance and pension funding (66290)

Other regions

Please see individual country profile pages for links to sources of national statistics.

Legislation and regulation

Financial services sector: End of transition period guidance
Page from HM Treasury which brings together guidance on the end of the Brexit transition period for consumers and financial services businesses from a number of government departments and regulatory bodies.

Considerations for firms after the transition period
Information from the Financial Conduct Authority to help financial services firms at the end of the Brexit transition period. Includes temporary transitional power (TTP), considerations for UK and EEA firms and the end of passporting.

UK business guides

Croner-i Business Focus

Business Focus is a resource that provides practical information on many small business trades and sectors. Its Business Opportunity Profiles offer detailed insights into market conditions, legal issues and the trading environment for a range of businesses. They include:

Insurance broker

To find out more about Business Focus, please contact our enquiry team on +44 (0)20 7920 8620 or at library@icaew.com.

UK key players, ratios and trends

We can produce reports on this sector using selected information from the FAME company database. Reports are available for:

Life insurance
UK SIC (2007) Code 65.11
Non-life insurance
UK SIC (2007) Code 65.12

Summaries of the three types of report we can produce are given below. You can find further information, a sample report, pricing details and an online order form on our industry sector reports page.

We also operate a bespoke reports service with results tailored to your specifications. Please contact our enquiry team on +44 (0)20 7920 8620 or at library@icaew.com to discuss your requirements.

Key players report

Our key players report looks at the top companies (by turnover) in any one of the segments within this sector. Reports usually include the top 100 companies but in more specialised sectors with fewer than 100 companies we show all companies with disclosed figures. The reports provide data on 11 comparative fields for the last available year, including:

turnover;
profit margins;
returns on shareholder funds;
solvency ratios
number of employees.

Our reports enable easy comparison of the top companies in this sector against each other and against the sector median, average and standard deviation in each of the 11 fields.

Mailing list

A separate mailing list report is also available with address and contact details for the top companies in any of the segments within this sector.

Market reports

Our market reports look at the aggregated data for the top companies (by turnover) for any of the segments within this sector across all the fields usually found in a company report. The reports include data for the last 10 years* and enables easy comparison of trends for the whole sector. Reports usually include the top 100 companies but in more specialised sectors with fewer than 100 companies we show all companies with disclosed figures.

*Please note the number of companies for which data is aggregated will vary for any given year.

The market reports include sections on:

key financials and employees;
profit and loss account;
balance sheet;
cash flow statement;
financial ratios;
financial trends and changes;
profitability trends and changes.

UK benchmarking

We offer benchmarking reports that can be used to inform your own business strategy or help you identify value-added services to offer to your clients.

Contact the enquiry team directly on +44 (0)20 7920 8620 or at library@icaew.com for a report tailored to your own specific requirements.

Trade bodies

The websites of trade bodies in this sector are a useful source of industry overviews, contacts and statistics.

UK

Europe

Middle East

Federation of Afro-Asian Insurers and Reinsurers (FAIR)

Africa

Americas

Asia

Oceania

Risk Management Institution of Australasia (RMIA)

Global

Trade journals and publications

Trade journals, B2B magazines and specialist consumer magazines are another useful source of news and statistics.