Insurance industry: total direct premiums in the UK 2004-2020

The term total written premium refers to the amount that customers pay for insurance coverage on the policies issued. In 2007, the total amount of premiums written for the insurance industry in the United Kingdom (UK) reached its peak of approximately 342 billion euros. In 2008, the value of written premiums sharply decreased, falling to one of the lowest ones observed during the period. From 2011, the amount of premiums started to gradually increase, almost reaching the 2007 value in 2018. In 2020, the amount of premiums decreased again to about 248.6 billion euros.

Insurance market in the UK

As of 2020, The United Kingdom (UK) had the largest insurance market in Europe, and had the highest value of premiums written globally. Another indicator for the importance of the sector is insurance penetration - the ratio of insurance premiums written to the GDP of the country. At 10.4 percent, the UK ranks third among European countries by insurance penetration.

Insurtech in the UK

Naturally, the UK is an encouraging environment for the development and application of new and innovative business models and technologies. In 2018, the value of insurtech investment was over one billion U.S. dollars.