Insurance executives and intermediaries expect the sector to enjoy good growth over the next three to five years, according to research from information management firm EDM Group.
44 percent of the executives interviewed expect the insurance sector to grow by between 10.1 and 20 percent, while only 3 percent expect it to contract.
One in three (35 percent) intermediaries anticipates that the sector will grow by between 5.1 percent and 10 percent over this timeframe, with a further 19 percent anticipating growth of between 10.1 and 15 percent.
Only 5 percent expect the sector to contract between now and 2019.
When asked which segments of the insurance sector they expect to see the biggest growth over the next five years, both groups were heavily weighted towards life/critical illness, and health.
For the insurance executives interviewed, 36 percent anticipate that the life/critical illness market will see the biggest growth between now and 2019, followed by 21 percent who said health insurance and the same percentage opted for car.
For intermediaries, 47 percent said the health insurance sector would see the biggest growth, followed by 44 percent who said life/critical illness and 14 percent car.
Craig Campbell, head of the 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.”
“To capitalise on the opportunities here, we expect to see a significant focus from insurers on improving their levels of efficiency and cutting costs, and this will include how they manage their information and data.”
“For that reason, this is one of our biggest markets, and we expect its importance to us to increase in the coming months and years.”
