The Money Man Behind Rick Santorum: Who Is Foster S. Friess?
Savings Experiment: Snow Removal
UK insurance companies saw worldwide premium income plunge 18% in 2008 to GBP215.3 billion, according to International Financial Services London, an independent research organization. Its Insurance 2009 report says that 2009 will be a fairly tough year, as well, with premium bouncing back in 2010. Long-term premiums were the challenge last year, as they account for 80% of UK insurance business. The financial crisis and an increase for long-term protection converged on insurance rates, pushing prices lower. Premium income in this corner of the market fell almost 25% to GBP168.1 billion in 2008.
The expectation, last year, that damage to insurers' balance sheets and an increase in claims -- particularly for financial services liability coverage -- didn't materialize, as carriers had enough capital on hand to absorb the losses sustained on both sides of the balance sheet. As a result, insurance pricing has been kept under control.
The first nine months of this year, however, do show some promise. Long-term premium income was off 35% relative to the same period in 2008, but general insurance premiums gained 8% to GBP47.2 billion, mostly due to overseas business.
The UK, according to IFSL, is the third largest insurance market in the world, accounting for 10.5% of global premiums. It follows Japan (11%) and the U.S. (29%). Worldwide, insurance premiums grew 3.4% through 2008 to hit $4.3 trillion, buoyed largely by emerging market growth.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
