EY has forecast UK non-life insurance coverage premium revenue progress will sluggish to 7% in 2024, from 8.7% in 2023, dropping once more to five.1% in 2025 and three.8% in 2026.
The specialists flagged that whereas the expansion will likely be “fairly sturdy” this yr the decline will likely be significantly seen in motor.
The expectation for a tailing off in progress as inflation falls was launched within the newest EY ITEM Membership Outlook for Monetary Companies.
In line with the consultants, though falling inflation is prone to imply will increase in insurance coverage premiums will likely be smaller, it ought to immediate a wider rise in actual incomes. This, EY recommended, would assist larger demand for large ticket
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