UK insurers managed to shrug off the worst of the recession because of continued demand from outside the UK for their products, the Association of British Insurers (ABI) says.
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%...
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