The insurance sector will grow significantly over the next three to five years, with life/critical illness and health products leading the way, suggests new research.
The research, carried out by information management specialists EDM Group, showed that 44% of executives within insurers expect the insurance sector to grow by between 10.1% and 20% – while only 3% expect it to contract.
Meanwhile, one in three (35%) intermediaries anticipates that the sector will grow by between 5.1% and 10% over the next three to five years, with a further 19% anticipating growth of between 10.1% and 15%.
Only 5% expect the sector to contract between now and 2019.
When asked which parts of the insurance sector they expect to see the biggest growth over the next five years, both groups pointed towards life/critical illness, and health.
Of the insurance executives interviewed, 36% anticipate that the life/critical illness market will see the biggest growth between now and 2019, while 21% said health insurance and the same percentage opted for car.
For the intermediaries, 47% said the health insurance sector would see the biggest growth, followed by 44% who said life/critical illness and 14% car.
Craig Campbell, Head of Insurance Sector at EDM Group, said: “Insurance executives and intermediaries clearly have a very positive view on the outlook for the insurance sector over the next three to five years.
“It is one of our biggest markets, and we expect its importance to us to increase in the coming months and years.”
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