UK Insurance Key Facts. September 2010

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "UK Insurance Key Facts. September 2010"

Transcription

1 UK Insurance Key Facts September 2010

2 The UK insurance industry is the third largest in the world and the largest in Europe. It is a vital part of the UK economy, managing investments amounting to 24% of the UK s total net worth and contributing the fourth highest corporation tax of any sector. Employing around 275,000 people in the UK alone, the insurance industry is also one of this country s major exporters, with 20% of its net premium income coming from overseas business. This booklet, published annually, gives 2009 facts and figures about UK insurance and its contribution both to the economy and society. 2

3 Insurance in the economy The UK insurance industry: is the largest in Europe and the third largest in the world, accounting for 8% of total worldwide premium income Breakdown of worldwide premium income by country, % 28% 1% 1% 2% 2% 3% 4% 13% 4% 6% 7% 8% United States Japan United Kingdom France Germany Italy China Netherlands Canada South Korea Switzerland Ireland Other employs around 275,000 people. 2 This is almost a third of all financial services jobs, and twice as many as are employed in the combined electricity, gas and water supply sectors is responsible for investments of 1.6 trillion, equivalent to 24% 3 of the UK s total net worth Source: Swiss Re. Sigma No 2/2009. Note that Switzerland and Ireland are not the next largest countries by premium income, but are included because, together with the Netherlands, they have more favourable tax regimes than the UK and as a result are attracting business away from the UK Source: ONS, Economic and Labour Market Review, August 2010 and ABI. End-year This figure includes an estimate of those in auxiliary businesses (brokers, actuarial consultants etc) which is no longer available separately from all financial services Source: ONS, The Blue Book, 2010 edition 3

4 controlled 13.4% of investments in the London stock market in This compares to 12.8% held by company pension funds, 3.5% by banks, 1.8% by unit trusts, and 10.0% by other financial institutions is a major contributor to the UK s tax take. In the 2008/09 tax year ABI members contributed 8.2 billion in taxes, equivalent to 1.6% of total Government tax receipts. Of this, 1.8 billion was 5 Corporation Tax and 1.2 billion was Insurance Premium Tax is a major exporter. One-fifth of its net premium income comes from overseas business. Premium income from overseas is 54 billion, of which 41 billion is long-term business and 13 billion is general business Insurance and its customers In 2009, the UK insurance industry paid out: 173 million per day in pension and life insurance benefits. This includes: million to pensioners and long term savers, of which 30 million was in the form of an annuity - 18 million in death and disability benefits 58 million per day in general insurance claims. This includes: million in private motor car claims - more than one in six private car drivers make a claim each year 4 5 Source: ONS, Share Ownership Survey 2008 Source: ABI Research Paper No. 20, Total Tax Contribution conducted by PwC for the ABI 4

5 - 8.5 million to householders for property damage or the loss of possessions - one in ten householders make a claim each year million to businesses on property damage million in liability claims, such as for accidents at work, professional liability, and injuries to the public on commercial premises Most people buy some kind of insurance. The chart below shows the percentage of households with different types of insurance products, and the average annual expenditure on insurance products by those households. 6 Households buying products and the price they pay each year 7 % 80 2, , , ,500 1, , Contents Motor Buildings Life Mortgage Personal Medical Income Contents Motor Buildings Life Insurance Mortgage Protection Personal PensionsMedicalIncome Protection % of households with insurance (LHS) Average annual household spending on insurance - (RHS) 6 7 Source: National Statistics Crown Copyright The Living Costs and Food Survey is Crown Copyright. Figures relate to 2008, the latest available. This does not include insurance provided by employers (eg medical cover). 5

6 The UK insurance market 934 companies are authorised by the FSA to carry out insurance business in the UK. Of these: 701 carry out general business only (such as motor, household, health and commercial insurance) 190 carry out long-term business only (such as life insurance and pensions) 43 carry out both general and long-term business The ABI represents around 90% of insurance companies operating in the UK. Many companies are owned by larger insurance or financial services groups. The top 10 general insurance groups account for 70% of the business written, while the top 10 life and pensions insurance groups account for 80% of the business written. Premiums and claims General Insurance Business In 2009, total net premiums (written premium less reinsurance premiums paid by the insurer) amounted to 30.5 billion. This breaks down as follows: Motor: 9.9 billion Property: 8.2 billion Accident & Health (Personal Accident and Private Medical Insurance): 4.4 billion 6

7 General Liability: 3.3 billion Miscellaneous & Pecuniary Loss (e.g. Payment Protection, Legal Expenses, other financial loss): 2.7 billion Marine, Aviation & Transport (MAT) and Reinsurance: 1.9 billion Total premium by type of insurance, , nominal values Motor Property Accident & Health General Liability Misc & Pecuniary Loss MAT and Reinsurance Between 1999 and 2009, claims paid have increased by 44%, from 15.4 billion in 1999 to 22.2 billion in In 2009, claims broke down as follows: Motor: 9.4 billion Property: 4.5 billion Accident & Health: 3.3 billion General Liability: 2.3 billion Miscellaneous & Pecuniary Loss: 1.5 billion 7

8 Marine, Aviation & Transport (MAT) and Reinsurance: 1.2 billion Claims by insurance type, and underwriting result, , nominal values bn Motor Accident & Health Misc & Pecuniary Loss General Insurance Underwriting Result Property General Liability MAT and Reinsurance The insurance model relies on claims being predictable. Major events such as the floods of summer 2007 cause variability in claims and underwriting results. 8

9 Long-Term Insurance Business Premiums for life and pensions business were 119 billion for ABI members in 2009, a 9% decrease over Life premiums decreased by 41% and pension premiums increased by 3%. Total premium by type of insurance, , nominal values bn Life insurance Individual Pensions Group Pensions Other Business Payments to policyholders in 2009 amounted to 153 billion, a 15% decrease on This includes: Around 57 billion or 155 million per day paid out in benefits to pensioners and long-term savers Around 6.6 billion or 18 million per day, in death and disability benefits Around 89 billion of transfers of pension funds to other insurers or pension fund managers 9

10 Payments to policyholders, , nominal values bn Life insurance Pensions excl Annuity Payments Pension Annuity Payments Other Business How people buy insurance There are many ways to buy insurance. People s buying habits have changed over the last ten years. In general insurance, the change is most clear for retail sales: the proportion of people buying insurance through brokers has fallen from 52% in 1999 to 37% in In contrast, 13% is now sold by banks and building societies 10 years ago the figure was 5%. 68% of life and pensions business was sold through Independent Financial Advisers in 2009, compared to 58% sold in this way in

11 General Insurance Retail Sales, % 1% 37% 33% 8% 13% Brokers Banks/Building Societies Retailers/Affinity Groups/Utility Groups Company Agents Direct Other Long Term Insurance Sales, % 26% 68% IFAs / Whole of Market Single Tie / Limited Range Non-intermediated 11

12 Investment holdings As at 31 December 2009, the insurance industry had 1,594 billion invested in company shares and other assets on behalf of millions of savers and general insurance customers in the UK and elsewhere. General insurance investments amounted to 109 billion, while long-term investments were 1,496 billion. Invested funds by asset class, % 12% 6% 6% 13% 15% 14% 11% 15% UK public sector securities (including gilts) UK ordinary stocks and shares Overseas ordinary stocks and shares Unit Trusts Cash and other investments Overseas public sector securities Other UK company securities Other overseas company securities Property 12

13 A world-leading industry Insurance helps individuals and businesses protect themselves against the everyday risks they face, enabling people to own homes, travel overseas, provide for a financially secure future and run businesses. Insurance underpins a healthy and prosperous society, enabling businesses and individuals to thrive, safe in the knowledge that problems can be handled and risks carefully managed. The ABI has over 300 members who account for some 90% of premiums in the UK. On behalf of our members, the ABI works with Government, Opposition, regulators, the media and general public to ensure the British insurance industry goes from strength to strength, providing high quality products and services to customers, while continuing to be a global leader and serve the UK economy. Our current priorities are to: Lead the debate and achieve an appropriate outcome on the treatment of insurance as the UK and EU reshape the regulatory architecture following the financial crisis, most importantly in relation to the Solvency II Directive on capital Maintain pressure for a stable, competitive tax regime which helps to promote the UK as an attractive place to do business and maintains the place of the UK as a leading financial centre Work to build trust and tackle detriment to our customers through clear communication, proportional regulation and making the right products available to people that need them at a fair price 13

14 Ensure Government works with industry to deliver a sustainable framework to manage and reduce flood risk so that insurance can remain widely available and affordable after the Statement of Principles expires in 2013 Help tackle under-saving by ensuring the successful introduction of auto-enrolment in 2012, increasing customer awareness of annuities and the benefits of shopping around, as well as promoting the benefits of saving into a pension Develop a simplified advice model for consumers who are unable or unwilling to pay for full financial advice, helping them to access suitable services and products that will meet their needs, especially after the implementation of the Retail Distribution Review reforms in Lead thinking on how risk can be shared between public and private provision, giving people who can afford to protect themselves more options so that they are not as reliant on the state Drive key policy thinking on supporting radical reform of longterm care. Help drive key Government reforms to the personal injury compensation scheme to help road traffic accident victims. Provide leadership in corporate governance, including through advice to institutional investors from the ABI IVIS advisory system. 14

15 Contacts at the ABI Maggie Craig, Acting Director General, Director of Consumer Strategy and Scottish Affairs Rebecca Driver, Director of Research & Chief Economist Huw Evans, Director of Corporate Affairs Joanna Rose, Assistant Director, Statistics Hugh Savill, Acting Director of Investment Affairs Nick Starling, Director of General Insurance & Health Peter Vipond, Director of Financial Regulation & Taxation Helen White, Acting Director of Life & Savings Statistics Helpdesk

16 Association of British Insurers 51 Gresham Street London EC2V 7HQ Tel: Fax:

UK Insurance Key Facts. September 2012

UK Insurance Key Facts. September 2012 UK Insurance Key Facts September 2012 UK INSURANCE KEY FACTS 3 The UK insurance industry is the third largest in the world and the largest in Europe. It is an essential part of the UK s economic strength,

More information

Association of British Insurers UK Insurance Key Facts. UK Insurance KEY FACTS

Association of British Insurers UK Insurance Key Facts. UK Insurance KEY FACTS September 2013 Association of British Insurers UK Insurance Key Facts UK Insurance KEY FACTS 2013 abi.org.uk @BritishInsurers 3 Association of British Insurers UK Insurance Key Facts September 2013 About

More information

UK INSURANCE KEY FACTS 2014. UK Insurance KEY FACTS. Follow us on Twitter @BritishInsurers

UK INSURANCE KEY FACTS 2014. UK Insurance KEY FACTS. Follow us on Twitter @BritishInsurers UK INSURANCE KEY FACTS 2014 UK Insurance KEY FACTS 2014 3 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS About the ABI The Association of British Insurers is the

More information

KEY FACTS 2015. UK Insurance & Long Term Savings. Key Facts 2015. Follow us on Twitter @BritishInsurers

KEY FACTS 2015. UK Insurance & Long Term Savings. Key Facts 2015. Follow us on Twitter @BritishInsurers KEY FACTS 2015 UK Insurance & Long Term Savings Key Facts 2015 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS The UK insurance and long term savings industry is

More information

ADDITIONAL SUBMISSION FROM THE ASSOCIATION OF BRITISH INSURERS

ADDITIONAL SUBMISSION FROM THE ASSOCIATION OF BRITISH INSURERS ADDITIONAL SUBMISSION FROM THE ASSOCIATION OF BRITISH INSURERS Competition Commission investigation on the market of privately funded healthcare services March 2013 The UK Insurance Industry 1.1 The UK

More information

IRISH FEDERATION FACTFILE INSURANCE. Irish Insurance Federation Factfile 2010 1

IRISH FEDERATION FACTFILE INSURANCE. Irish Insurance Federation Factfile 2010 1 IRISH INSURANCE FEDERATION 10 FACTFILE Irish Insurance Federation Factfile 2010 1 Who are we? The Irish Insurance Federation (IIF) is the representative body for insurance companies in Ireland representing

More information

INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK. January 2008

INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK. January 2008 INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK January 2008 1 INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK How insurance deals with risk Insurance protects people and businesses against the risks

More information

ITALIAN INSURANCE IN FIGURES. Year 2015

ITALIAN INSURANCE IN FIGURES. Year 2015 ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from

More information

Income Protection Plan from Standard Life

Income Protection Plan from Standard Life Key features of the Income Protection Plan from Standard Life This Key Features Document gives you the main points about the Income Protection Plan you re considering. It is for a UK Plan and for use by

More information

Consumer Guide to Extended Warranties. December 2011

Consumer Guide to Extended Warranties. December 2011 Consumer Guide to Extended Warranties December 2011 A CONSUMER GUIDE TO EXTENDED WARRANTIES 1 A CONSUMER GUIDE TO EXTENDED WARRANTIES Introduction Before buying an expensive new item such as a washing

More information

Key Facts Insurance in the Netherlands. september 2013

Key Facts Insurance in the Netherlands. september 2013 Key Facts Insurance in the Netherlands september 2013 In 2012, Dutch insurance companies: paid out an average of 19 million euros to private individuals and companies on a daily basis, had a premium turnover

More information

Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1

Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1 14cis Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1 Lesson 14: Pension funds Insurance companies Who buys government bonds? Government bonds are bought in large quantities by

More information

Making Sense of GAP Insurance How To Mind Your GAP

Making Sense of GAP Insurance How To Mind Your GAP Making Sense of GAP Insurance How To Mind Your GAP Customer Fact Sheet Guaranteed Asset Protection June 2012 MAKING SENSE OF GAP INSURANCE HOW TO MIND YOUR GAP 3 What is GAP insurance? If you re thinking

More information

Key Features Your questions answered

Key Features Your questions answered Key Features Your questions answered Individual Income Protection... unum.co.uk Leading the way in Income Protection unum.co.uk Important You should ensure you have a full understanding of the plan before

More information

PDI-01 THE NATURE OF INSURANCE

PDI-01 THE NATURE OF INSURANCE PDI-01 THE NATURE OF INSURANCE KEY POINTS 2016 CHAPTER ONE: THE IRISH INSURANCE MARKET WHERE YOU WORK A The Irish insurance market The insurance market involves four main groups: Insurance buyers those

More information

FACTFILE 2012 Insurance Ireland

FACTFILE 2012 Insurance Ireland FACTFILE 2012 Insurance Ireland Factfi le 2012 1 About Us As the leading voice of insurance actively promoting the highest standards, Insurance Ireland represents 95% of the domestic market and 70% of

More information

FINANCIAL MARKETS SERIES INSURANCE DECEMBER 2011. sponsored by: Liiba. London & International Insurance Brokers' Association

FINANCIAL MARKETS SERIES INSURANCE DECEMBER 2011. sponsored by: Liiba. London & International Insurance Brokers' Association FINANCIAL MARKETS SERIES INSURANCE DECEMBER sponsored by: Liiba London & International Insurance Brokers' Association ASSOCIATION OF BRITISH INSURERS (ABI) The ABI has been the voice of insurance since

More information

Key Features Your questions answered

Key Features Your questions answered Key Features Your questions answered Income Protection... unum.co.uk Leading the way in Income Protection unum.co.uk Important You should ensure you have a full understanding of the plan before making

More information

INSURANCE IRELAND. About Us

INSURANCE IRELAND. About Us Fact File INSURANCE IRELAND About Us As the voice of insurance actively promoting the highest standards, Insurance Ireland represents 95% of the domestic market and 70% of Ireland s International life

More information

FUTURE CHALLENGES FOR THE LIFE INSURANCE INDUSTRY AN INTERNATIONAL PERSPECTIVE

FUTURE CHALLENGES FOR THE LIFE INSURANCE INDUSTRY AN INTERNATIONAL PERSPECTIVE FUTURE CHALLENGES FOR THE LIFE INSURANCE INDUSTRY AN INTERNATIONAL PERSPECTIVE ACLI Executive Roundtable 10 January 2013 Dr. Joachim Wenning Agenda 1 Economic growth and life business prospects 2 Product

More information

How FSCS protects your money. A guide to the Financial Services Compensation Scheme

How FSCS protects your money. A guide to the Financial Services Compensation Scheme How FSCS protects your money A guide to the Financial Services Compensation Scheme How FSCS protects your money 2 About this document This document tells you who FSCS is and how we protect your money.

More information

Consumer Guide for Motor Warranties. December 2011

Consumer Guide for Motor Warranties. December 2011 Consumer Guide for Motor Warranties December 2011 A CONSUMER GUIDE TO MOTOR WARRANTIES 1 A CONSUMER GUIDE TO MOTOR WARRANTIES Introduction Before buying a vehicle, you will probably carry out a great deal

More information

PROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM. Richard Spiller, Esq. 011 44 171 556 4541. Introduction

PROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM. Richard Spiller, Esq. 011 44 171 556 4541. Introduction PROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM This article considers: Richard Spiller, Esq. 011 44 171 556 4541 Introduction 1. What activities by an overseas insurer amount to the carrying

More information

How FSCS protects your money. A guide to the Financial Services Compensation Scheme

How FSCS protects your money. A guide to the Financial Services Compensation Scheme How FSCS protects your money A guide to the Financial Services Compensation Scheme 2 How FSCS protects your money How FSCS protects your money 3 About this leaflet This leaflet tells you who FSCS is and

More information

Options for improving the Retail Prices Index

Options for improving the Retail Prices Index Options for improving the Retail Prices Index The ABI s Response to the National Statistician s consultation The UK Insurance Industry The UK insurance industry is the third largest in the world and the

More information

ABI RESPONSE TO HMRC CONSULTATION ON INHERITANCE TAX: SIMPLIFYING CHARGES ON TRUSTS THE NEXT STAGE.

ABI RESPONSE TO HMRC CONSULTATION ON INHERITANCE TAX: SIMPLIFYING CHARGES ON TRUSTS THE NEXT STAGE. ABI RESPONSE TO HMRC CONSULTATION ON INHERITANCE TAX: SIMPLIFYING CHARGES ON TRUSTS THE NEXT STAGE. The UK Insurance Industry The UK insurance industry is the third largest in the world and the largest

More information

Schroders Insurance-Linked Securities

Schroders Insurance-Linked Securities May 2014 For professional investors or advisers only. Not suitable for retail clients. Schroders Insurance-Linked Securities Advised by Secquaero Advisors AG Schroders Insurance-Linked Securities 1 Why

More information

Resource 2.7 Introduction to Insurance Cover for Business What insurance is compulsory for businesses? Employers' liability insurance

Resource 2.7 Introduction to Insurance Cover for Business What insurance is compulsory for businesses? Employers' liability insurance Page 1 of 5 Introduction to Insurance Cover for Business All businesses need to be insured against risks, such as the theft of equipment or workrelated injury to staff. If you run a small business you

More information

are affiliated with other life and non-life insurance companies in fleets with a single owner.

are affiliated with other life and non-life insurance companies in fleets with a single owner. 1OVERVIEW U.S. life insurance companies sell the vast majority of life insurance and annuities purchased in the United States. Fraternal organizations and federal government agencies are also in the marketplace,

More information

Asset Management in the UK 2014-2015

Asset Management in the UK 2014-2015 ASSET MANAGEMENT SURVEY 214-15 INDUSTRY OVERVIEW Asset Management in the UK 214-215 The Investment Association Annual Survey SUMMARY September 215 i THE INVESTMENT ASSOCIATION CONTENT ENQUIRIES Ruth Meade,

More information

Age and Insurance: Helping older customers find the cover they need. February 2009

Age and Insurance: Helping older customers find the cover they need. February 2009 Age and Insurance: Helping older customers find the cover they need February 2009 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 1 Executive Summary The insurance industry is committed

More information

PROFITABILITY AND CONCENTRATION IN THE UK GENERAL INSURANCE MARKET

PROFITABILITY AND CONCENTRATION IN THE UK GENERAL INSURANCE MARKET ABI RESPONSE TO THE EUROPEAN COMMISSION INQUIRY INTO THE EUROPEAN BUSINESS INSURANCE SECTOR PROFITABILITY AND CONCENTRATION IN THE UK GENERAL INSURANCE MARKET Report by ABI Research Department 10 April

More information

PRESS RELEASE 3M 2015 results Ageas UK, 8 May 2015

PRESS RELEASE 3M 2015 results Ageas UK, 8 May 2015 PRESS RELEASE 3M 2015 results Ageas UK, 8 May 2015 Profitable first quarter for Ageas UK Executive Summary Increased year on year profit reflecting benign weather impact Net profit of GBP 12.0 million

More information

Wholesale Financial Markets:

Wholesale Financial Markets: Wholesale Financial Markets: What are they and why are they useful? Key Messages Wholesale Financial Markets connect investors and issuers, thereby providing high value financial services to medium and

More information

UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints

UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints Ruth Lea, Chairman of Economists for Britain, February 2015 Main points: The UK trade

More information

KEY FEATURES OF THE MORTGAGE REVIEW PLAN. Important information you need to read

KEY FEATURES OF THE MORTGAGE REVIEW PLAN. Important information you need to read KEY FEATURES OF THE MORTGAGE REVIEW PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS IMPORTANT

More information

Insurance management services

Insurance management services Insurance management services Global vision, local view About us Heritage Insurance Management is the leading independent insurance manager in the European time zone. We are part of the Heritage Group,

More information

Response to European Commission inquiry into the European business insurance sector pursuant to Article 17 of Regulation 1/2003

Response to European Commission inquiry into the European business insurance sector pursuant to Article 17 of Regulation 1/2003 Response to European Commission inquiry into the European business insurance sector pursuant to Article 17 of Regulation 1/2003 Executive summary The ABI believes the Commission is correct to place business

More information

PRESS RELEASE Full year results Ageas UK, 12 February 2015

PRESS RELEASE Full year results Ageas UK, 12 February 2015 PRESS RELEASE Full year results Ageas UK, 12 February 2015 Ageas UK delivers profitable performance in 2014 Executive Summary Profitable performance despite challenging market conditions and first quarter

More information

OUTLOOK: PERSPECTIVES ON TOPICAL RISK AND INSURANCE ISSUES FOR UK CORPORATES

OUTLOOK: PERSPECTIVES ON TOPICAL RISK AND INSURANCE ISSUES FOR UK CORPORATES June 2013 MARSH INSIGHTS: OUTLOOK: PERSPECTIVES ON TOPICAL RISK AND INSURANCE ISSUES FOR UK CORPORATES Over recent months we have profiled several developments in relation to insurance claims specifically

More information

Financial Advice is Changing

Financial Advice is Changing FINANCIAL ADVICE IS CHANGING WHAT IT MEANS FOR YOU Financial Advice is Changing What it means for you September 2012 FINANCIAL ADVICE IS CHANGING WHAT IT MEANS FOR YOU 3 About this guide Are you considering

More information

can Empowering Professional Advisers Technical Services For professional advisers only

can Empowering Professional Advisers Technical Services For professional advisers only can Empowering Professional Advisers Technical Services For professional advisers only Empowering Professional Advisers can Technical Services Every individual within our Technical Services Team understands

More information

Important information on the main features of the Threadneedle Stockmarket ISA as at 1 November 2011

Important information on the main features of the Threadneedle Stockmarket ISA as at 1 November 2011 Important information on the main features of the Threadneedle Stockmarket ISA as at 1 November 2011 Key Features of the Threadneedle Stocks and Shares (Stockmarket) Individual Savings Account (B) Please

More information

JUST RETIREMENT (HOLDINGS) LIMITED ( JUST RETIREMENT OR THE GROUP )

JUST RETIREMENT (HOLDINGS) LIMITED ( JUST RETIREMENT OR THE GROUP ) INTERIM RESULTS 9 April 2013 INTERIM RESULTS JUST RETIREMENT (HOLDINGS) LIMITED ( JUST RETIREMENT OR THE GROUP ) Just Retirement, the specialist UK life assurance group focusing on the provision of financial

More information

Information Canada s Financial Services Sector

Information Canada s Financial Services Sector Property and Casualty Insurance in Canada Overview Information Canada s Financial Services Sector The property and casualty (P&C) insurance industry in Canada provides coverage for all risks other than

More information

Key features of the Mortgage Protection Plan

Key features of the Mortgage Protection Plan IMPORTANT INFORMATION This information may be downloaded to your PC in whole or in part provided that any reproduction or copy, or any derivative, is true to the original, and it is EITHER used for personal

More information

NN GROUP FINANCIAL SUPPLEMENT 1Q2016

NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are

More information

Author Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics

Author Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics Blue Book 2012: Improvements to the measurement of insurance services Author Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics 1. SUMMARY Financial intermediation

More information

The Insurance Industry in British Virgin Islands, Key Trends and Opportunities to 2017

The Insurance Industry in British Virgin Islands, Key Trends and Opportunities to 2017 The Insurance Industry in British Virgin Islands, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0259MR Published: April 2013 www.timetric.com Timetric John Carpenter

More information

Insurance Ireland Factfile

Insurance Ireland Factfile Fact Insurance Ireland Factfile 20 Contents 3 About Us 4 About Factfile 5 Executive Summary 7 The Irish Insurance Market 11 Life Assurance and Pensions Market 18 Non-Life Insurance Market 27 International

More information

Pensions and Longevity

Pensions and Longevity Steve Forrest Managing Director Risk Finance,, London steve.forrest@guycarp.com November 2008 Pensions and Longevity Risks and Opportunities in UK and Europe +44 207 357 5653 www.guycarp.com Developments

More information

Introduction of P/C Insurance Market in China

Introduction of P/C Insurance Market in China Introduction of P/C Insurance Market in China Context Economic Environment in China P/C Insurance Market in China Development Status Market Potential P/C Insurance Regulation in China Overview Solvency

More information

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH) 34,844,737 Land and buildings

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH) 34,844,737 Land and buildings ANNUAL RETURN: FORM - FUND BALANCE SHEET I86G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B,8,77 Land and buildings C Loans D Cash and deposits 5,6,76 Other

More information

Key features of the Whole Life Protection Plan

Key features of the Whole Life Protection Plan IMPORTANT INFORMATION This information may be downloaded to your PC in whole or in part provided that any reproduction or copy, or any derivative, is true to the original, and it is EITHER used for personal

More information

Annuities Market Briefing

Annuities Market Briefing Annuities Market Briefing Written by Pensions specialist Dr. Ros Altmann You can read Ros' blog here: http://pensionsandsavings.com/ Annuities are a unique financial product. There is no other investment

More information

ABI response to the FSA s consultation on Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision (CP12/24)

ABI response to the FSA s consultation on Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision (CP12/24) ABI response to the FSA s consultation on Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision (CP12/24) The UK Insurance Industry 1. The UK insurance industry is

More information

OECD-Asia Regional Seminar: Enhancing Transparency and Monitoring of Insurance Markets

OECD-Asia Regional Seminar: Enhancing Transparency and Monitoring of Insurance Markets OECD-Asia Regional Seminar: Enhancing Transparency and Monitoring of Insurance Markets Regional Experience: Hong Kong Office of the Commissioner of Insurance Financial Services and the Treasury Bureau

More information

Stakeholder Consultation Paper on the Europe 2020 Project Bond Initiative

Stakeholder Consultation Paper on the Europe 2020 Project Bond Initiative 10 May 2011 Registration no: 5437826103-53 European Commission Directorate General for Economic and Financial Affairs Unit R 4 B-1049 Brussels Belgium E-mail: dg-ecfin@ec.europa.eu Dear Sirs Stakeholder

More information

The Canada Life Assurance Company ANNUAL REPORT

The Canada Life Assurance Company ANNUAL REPORT The Canada Life Assurance Company 2007 ANNUAL REPORT CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This report contains some forward-looking statements about the Company, including its business

More information

GUIDANCE NOTES for Insurance Business

GUIDANCE NOTES for Insurance Business GUIDANCE NOTES for Insurance Business INTRODUCTION 1. The Isle of Man Government is fully committed to encouraging the development of insurance business carried on from within the Island provided it is

More information

KEY FEATURES OF THE ST. JAMES S PLACE INCOME REPLACEMENT PLAN

KEY FEATURES OF THE ST. JAMES S PLACE INCOME REPLACEMENT PLAN KEY FEATURES OF THE ST. JAMES S PLACE INCOME REPLACEMENT PLAN CONTENTS PAGE Its aims 1 Your commitment 1 Risk factors 1 Questions and answers What is the St. James s Place Income Replacement Plan? 2 How

More information

Offshore Savings Account

Offshore Savings Account Offshore Savings Account Client Guide Investing in your future Saving for the future Choose a level of investment which is both affordable and meets your saving objectives. See page 4 A wide range of investment

More information

Low Carbon and Environmental Goods and Services: an industry analysis. Update for 2008/09

Low Carbon and Environmental Goods and Services: an industry analysis. Update for 2008/09 Low Carbon and Environmental Goods and Services: an industry analysis Update for 2008/09 Innovas Solutions Ltd March 2010 In partnership with 1 Copyright Crown copyright, 2010 The views expressed within

More information

Your client's money is in prudent hands

Your client's money is in prudent hands Your client's money is in prudent hands Prudential offers a position of strength and resilience to help safeguard the financial wellbeing of our customers. Prudential is committed to helping safeguard

More information

Agenda. Agenda. The UK Liability Crisis Richard Bulmer. Is there a crisis? International perspective OFT/DWP reports Where do we go from here?

Agenda. Agenda. The UK Liability Crisis Richard Bulmer. Is there a crisis? International perspective OFT/DWP reports Where do we go from here? The UK Liability Crisis Richard Bulmer Current Issues in General Insurance 26 April 2004 Agenda Is there a crisis? International perspective OFT/DWP reports Where do we go from here? Agenda Is there a

More information

BS2551 Money Banking and Finance. Institutional Investors

BS2551 Money Banking and Finance. Institutional Investors BS2551 Money Banking and Finance Institutional Investors Institutional investors pension funds, mutual funds and life insurance companies are the main players in securities markets in both the USA and

More information

KEY FEATURES OF THE RELEVANT LIFE PLAN.

KEY FEATURES OF THE RELEVANT LIFE PLAN. RELEVANT LIFE PLAN KEY FEATURES OF THE RELEVANT LIFE PLAN. LIFE COVER This is an important document which should be kept in a safe place. 2 RELEVANT LIFE PLAN KEY FEATURES USING THIS DOCUMENT. WHAT ARE

More information

Elixia 123 Personal Critical Illness Cover

Elixia 123 Personal Critical Illness Cover Elixia 123 Personal Critical Illness Cover Key Features Your questions answered unum.co.uk Elixia 123 Personal Critical Illness Cover Key Features - your questions answered This key features document

More information

Protecting your money. A guide to how the Financial Services Compensation Scheme (FSCS) protects your money

Protecting your money. A guide to how the Financial Services Compensation Scheme (FSCS) protects your money Protecting your money A guide to how the Financial Services Compensation Scheme (FSCS) protects your money About this leaflet This leaflet explains what FSCS is and how we protect your money. You should

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 195 plc 4 Segmental information The Group s results can be segmented, either by activity or by geography. Our primary reporting format is on regional reporting lines, with supplementary information given

More information

Liability Claims Trends: Emerging Risks and Rebounding Economic Drivers

Liability Claims Trends: Emerging Risks and Rebounding Economic Drivers Liability Claims Trends: Emerging Risks and Rebounding Economic Drivers Roman Lechner 17 th Meeting of The Geneva Association s Annual Circle of Chief Economists Insurance Prospects in a Changing Risk

More information

Canada Life Financial Corporation ANNUAL REPORT

Canada Life Financial Corporation ANNUAL REPORT Canada Life Financial Corporation 2007 ANNUAL REPORT CORPORATE PROFILE Canada Life Financial Corporation (CLFC) was established in 1999. CLFC s principal subsidiary, The Canada Life Assurance Company,

More information

Schroders Investment Trust ISA

Schroders Investment Trust ISA April 2016 Key Features of the Schroders Investment Trust ISA The Financial Conduct Authority is the independent financial services regulator. It requires us, Schroders, to give you this important information

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

Key Features of the Whole of Life Protection Plan.

Key Features of the Whole of Life Protection Plan. WHOLE WHOLE OF OF LIFE LIFE PROTECTION PLAN KEY FEATURES Key Features of the Whole of Life Protection Plan. LIFE ASSURANCE This is an important document which you should keep safely in case you need it

More information

Cover for extraordinary events in Spain and applicable charges

Cover for extraordinary events in Spain and applicable charges market bulletin From Julian James Date 20 December 2005 Reference Subject Subject areas Attachments Action points Deadlines Y3709 Spain: Consorcio Charges Cover for extraordinary events in Spain and applicable

More information

CENTRAL. Hire Car Cover Comprehensive

CENTRAL. Hire Car Cover Comprehensive ST CENTRAL Hire Car Cover Comprehensive Page 1 of 11 1 st Central Hire Car Policy - Comprehensive Demands and Needs Statement This Policy meets the demands and needs of a driver whose vehicle has been

More information

Focus on China Market and Pursue Sustainable Value Growth

Focus on China Market and Pursue Sustainable Value Growth Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC

More information

1. Introduction Page 3. 2. Sizing the market Page 4

1. Introduction Page 3. 2. Sizing the market Page 4 Table of contents 1. Introduction Page 3 2. Sizing the market Page 4 2.1. Number of financial advice firms Page 4 2.2. Legal status (directly authorised firms) Page 5 2.3. Number of advisers Page 5 2.4.

More information

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond Key Features of investing in an Old Mutual Wealth Collective Investment Account* via an Old Mutual International - International Portfolio Bond For UK Customers *Provided by Old Mutual Wealth Limited The

More information

THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE

THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE Euroforum Reinsurance Summit 200 THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE Andreas Molck-Ude (CEO and Managing Director) OUTLINE. Perceptions of Hubs 2. Aspects about Zurich 3. Case Study

More information

CEIOPS-DOC-22/09. (former CP27) October 2009. CEIOPS e.v. Westhafenplatz 1-60327 Frankfurt Germany Tel. + 49 69-951119-20

CEIOPS-DOC-22/09. (former CP27) October 2009. CEIOPS e.v. Westhafenplatz 1-60327 Frankfurt Germany Tel. + 49 69-951119-20 CEIOPS-DOC-22/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Technical Provisions - Lines of business on the basis of which (re)insurance obligations are to be segmented (former CP27)

More information

Empowering Professional Advisers. Technical Services. For professional advisers only

Empowering Professional Advisers. Technical Services. For professional advisers only Empowering Professional Advisers Technical Services For professional advisers only Empowering Professional Advisers Technical Services Every individual within our Technical Services Team understands that

More information

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference. Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to

More information

Royal Mail: Sale of Shares. Presented to Parliamen t pursuant to section 2(2) of the Postal Services Act 2011

Royal Mail: Sale of Shares. Presented to Parliamen t pursuant to section 2(2) of the Postal Services Act 2011 Royal Mail: Sale of Shares Presented to Parliamen t pursuant to section 2(2) of the Postal Services Act 2011 June 2015 Crown copyright 2015 This publication is licensed under the terms of the Open Government

More information

GREAT-WEST LIFECO $2,052 MILLION $758 BILLION 15.0% 100% 100% 100% 100% 100% [2] 100%

GREAT-WEST LIFECO $2,052 MILLION $758 BILLION 15.0% 100% 100% 100% 100% 100% [2] 100% GREAT-WEST LIFECO Great-West Lifeco Inc. is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management

More information

Captive & Insurance Management

Captive & Insurance Management Aon Risk Solutions Global Risk Consulting Captive & Insurance Management Location of captive parent company 500+ captives 250-500 captives 51-249 captives 10-50 captives

More information

Capital Markets, Savings Division Annual Report 2011. Insurance

Capital Markets, Savings Division Annual Report 2011. Insurance Capital Markets, Insurance and Savings Division Annual Report 2011 Insurance Table of Contents 4.1 Non-life Insurance 76 4.1.1 Introduction 76 4.1.2 Insurance Premiums 77 4.1.3 Concentration Indices and

More information

Insurance and Pension Funding Industry, Except Compulsory Social Services Review

Insurance and Pension Funding Industry, Except Compulsory Social Services Review Methodology of the Monthly Index of Services Insurance and Pension Funding Industry, Except Compulsory Social Services Review Introduction At the launch of the experimental Index of Services (IoS) in December

More information

Homeplan Key Features

Homeplan Key Features Homeplan Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires us, Standard Life, to give

More information

An introduction to insurance cover for businesses

An introduction to insurance cover for businesses An introduction to insurance cover for businesses All businesses need to be insured against potential risks such as contractual disputes, accidental damage, fire, flood or theft and claims for negligence.

More information

Market comparison: sales and distribution of travel insurance and the growth of bancassurance

Market comparison: sales and distribution of travel insurance and the growth of bancassurance Market comparison: sales and distribution of travel insurance and the growth of bancassurance Simon Tottman 20th June 2012 Finaccord Ltd., 2012 Web: www.finaccord.com, E-mail: info@finaccord.com 1 Introduction

More information

HSBC Exchange Traded Funds

HSBC Exchange Traded Funds HSBC Exchange Traded Funds EXCHANGE TRADED FUNDS WWW.ETF.HSBC.COM For professional investors only WWW.ETF.HSBC.COM Just scan what s important to you HSBC Exchange Traded Funds HSBC Exchange Traded Funds

More information

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual

More information

Bancassurance: Misunderstood and thus misvalued. June 9, 2005. Gilles de Margerie Chief Financial Officer

Bancassurance: Misunderstood and thus misvalued. June 9, 2005. Gilles de Margerie Chief Financial Officer Bancassurance: Misunderstood and thus misvalued June 9, 2005 Gilles de Margerie Chief Financial Officer Contents France s N 1 bancassurance group A substantial contribution to group performance A growth

More information

ABOUT PACIFIC LIFE RE

ABOUT PACIFIC LIFE RE ABOUT PACIFIC LIFE RE WHO WE ARE? We are a life reinsurance company working with our clients to manage their mortality, morbidity and longevity risk. We have built a strong, experienced team with a reputation

More information

A new insurance broking business. Founded by Paul Dickson and Howard Pearson

A new insurance broking business. Founded by Paul Dickson and Howard Pearson A new insurance broking business Founded by Paul Dickson and Howard Pearson 1 I WHO ARE WE WHAT DO WE DO THE GROWTH OPPORTUNITY 2 ü A new insurance broking company led by Paul Dickson and Howard Pearson.

More information

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

More information

Contents 03 The 360 advantage. 04 LifePlan. 05 Benefits for life. 06 Protection against illness. 07 Added extras. 10 The children s plan

Contents 03 The 360 advantage. 04 LifePlan. 05 Benefits for life. 06 Protection against illness. 07 Added extras. 10 The children s plan LifePlan Brochure 1 smart resolution to safeguard against a reversal of fortune, up to 15 valuable protection benefits and USD7.5 million in life cover could make for 60 years of reassuring stability for

More information

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity It s flexible Key features of the Flexible Income Annuity Flexible Income Annuity This is an important document and you should read it before deciding whether to buy your pension annuity from us Purpose

More information