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The term total written premium refers to the amount that customers pay for insurance coverage on the policies issued. In 2008, the total amount of premiums written for the insurance industry in the United Kingdom (UK) reached its peak of approximately *** billion euros. In 2009, the value of written premiums sharply decreased, falling to one of the lowest ones observed during the period. Life premiums accounted for the majority of the total insurance premiums written from 2008 to 2023. As of 2023, the value of life premiums written was roughly double that of non-life premiums, accounting for *** billion U.S. dollars of the total billion U.S. dollars in total premiums that year.

Insurance market in the UK

As of 2023, The United Kingdom (UK) had the largest insurance market in Europe, and had the third-highest value of premiums written globally. Another indicator signaling the importance of the sector is insurance penetration — the ratio of insurance premiums written to the GDP of the country. At **** percent, the UK ranks second among European countries by insurance penetration.

Insurtech in the UK

Naturally, Europe is an encouraging environment for the development and application of new and innovative business models and technologies. In 2023, **** UK insurtech firms stood out among neighboring competitors when raising funds for further development.