APRIL 22, 2022 08:18 AM (EDT)
Best's Market Segment Report: AM Best Revises Outlook to Stable for UK Life Insurance Market
|Stanislav Stoev, ACCA|
+44 20 7397 0306
Ghislain Le Cam, CFA, FRM
+44 20 7397 0268
|Richard Banks |
Director, Industry Research – EMEA
+44 20 7397 0322
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
LONDON - APRIL 22, 2022 08:18 AM (EDT)
AM Best is revising its outlook for the United Kingdom’s life insurance segment to stable from negative.
A new Best’s Market Segment Report, “Market Segment Outlook: United Kingdom Life Insurance,” points in particular to strong opportunities for pension-related products, which continue to dominate the business mix of the segment. In AM Best’s view, the U.K. life segment is well-capitalised to fund medium-term expansion, and there are opportunities to tailor prudential regulation to the specifics of the sector following Brexit.
The report notes also that COVID-19 and Brexit-related economic uncertainty is subsiding, although inflation concerns persist, and that the U.K. economy is expected to recover with the removal of pandemic-related restrictions.
However, the potential burden on management from the implementation of IFRS 17 and the heightened geopolitical tensions that are increasing economic uncertainty and investment market volatility moderate the outlook.
To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=319305 .
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.