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.
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. A total of 216 new firms were registered in Q1 2019, pushing newer firms to outnumber incumbents two-to-one. 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.