CONTACTS:
FOR IMMEDIATE RELEASE
LONDON - APRIL 29, 2021 10:33 AM (EDT)
AM Best is maintaining a negative outlook on the United Kingdom life insurance segment.
The negative outlook considers the economic uncertainty associated with the consequences of Brexit and the COVID-19 pandemic, which through increased financial market volatility or reduced demand for life insurance could weigh on insurers’ financial positions and earnings. Other challenges for the segment include careful management of growing exposures to illiquid assets, and having to contend with low interest rates for longer than previously anticipated.
However, a new Best’s Market Segment Report, “Market Segment Outlook: U.K. Life Insurance,” notes there are a number of factors that offset these negative trends, including a strong business pipeline for pension-related products, the expectation of further longevity releases and the acceleration of the digital transformation of insurers, which should support cost reduction and improve underwriting practices.
To access a complimentary copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=308166 .
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.