Of the insurance firms currently active in the UK, 68% were incorporated this century, according to analysis by home insurer Policy Expert. Furthermore, 40% of life and non-life insurers have been established since 2010, with the average age of UK insurers just 16 years. The number of companies offering life assurance has risen from around 100 at its peak in 2008 to more than 400 today. The growth of start-ups is being driven by technological developments, with industry players trying to balance innovation and scale, said Policy Expert. This formula has driven Policy Expert to bridge the gap between start-ups and incumbents, with over 2.3m policies sold and 550,000 live customers to rank among UK insurtech’s biggest successes to date. The research also noted almost 60 insurance corporations which have been active for over 100 years.
Of the insurance firms currently active in the UK, 68% were incorporated this century, according to analysis by home insurer Policy Expert. Furthermore, 40% of life and non-life insurers have been established since 2010, with the average age of UK insurers just 16 years. The number of companies offering life assurance has risen from around 100 at its peak in 2008 to more than 400 today. The growth of start-ups is being driven by technological developments, with industry players trying to balance innovation and scale, said Policy Expert. The research also noted almost 60 insurance corporations which have been active for over 100 years.