UK insurers needed overseas help to beat recession

Despite a fall in new UK life and pensions business as volatile stock markets kept potential clients away, overseas clients were not put off with foreign business during 2008 jumping 13% to £54bn. New premium income from general insurance products, including motor, medical and household, also rose in 2008 from the year before. Income from new general insurance business was up 3% over the 12-month period at £34bn. ABI research also shows that the sector continued to expand during the year. As banks and fund management groups laid off staff, employment in insurance firms rose 1.3%...