UK - Demand for general insurance to slow
Friday, 08 11 2017, Category: Insurance and Reinsurance, Country: United Kingdom
Demand for general insurance in the UK is set to weaken as household disposable income declines, according to the latest EY ITEM Club outlook for financial services.
Strong inflation combined with subdued pay growth will lead to falling real earnings and lower household disposable incomes, which is likely to dampen demand for general insurance, according to the report.
“Even modelling for a Brexit transitional deal, the outlook for 2018 remains tough for financial services as the impact of higher inflation is felt by households up and down the country,” said Omar Ali, EY’s UK financial services managing partner.
Source: Intelligent Insurer