Activity in the UK’s life insurance
market increased rapidly during the second quarter of 2010, reports
professional service firm PricewaterhouseCoopers (PwC).
The recovery marked the second
consecutive quarter of growth and was in tandem with the fastest
rate of growth in the UK’s financial sector for three years.
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Based on a survey of life insurers, PwC found
that volumes of business in the life industry increased across all
categories of customers. Survey participants expect growth in
volumes to continue at a similar rate during the third quarter.
PwC UK insurance leader Andrew Kail
commented: “New business levels are significantly up but they are
coming from a pretty low base.
“Levels of new business are rising quickly,
demand is persistently strong and profitability is staying on an
upward track.”
PwC also found that many financial services
companies are putting plans in place to increase staff numbers for
the first time since the Lehmans debacle in late-2008.
