UK life insurance market falls

Britons shunned life insurance following the credit crunch, according to a report out today. Gross written premiums in the UK’s life insurance category fell by 57 per cent between 2007 and 2012, according to a new report by data provider Timetric. Despite regaining momentum in 2012, the report finds that the sector will grow by an average of just 3.5 per cent over the next five years. Life insurance products have increasingly struggled in the face of competition from savings and investment alternatives.