The latest EY ITEM Club Outlook predicts that UK insurers will experience steady but slowing growth in premium income over the next three years. Following significant increases in premiums due to cost pressures, growth rates are projected to stabilize as interest rates fall and supply chain issues ease. Non-life insurance growth is expected to peak at 5.2% in 2025, declining from 8.4% in 2024, while life insurance premiums are forecast to rise 4.4% in 2025. The report notes a potential effect from slowing household income growth on life insurance demand.
The UK's economic recovery is encouraging for both non-life and life insurance sectors, indicating a shift from sharp premium increases to stabilizing growth.
With interest rates falling and supply chain issues easing, UK insurers are expected to see a moderation in premium growth over the next few years.
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