The UK Insurance Market

In previous years within the industry there has been takeovers, buyouts and mergers of various high profile companies and brokers. Just last year, there was the sale of Budget Insurance high street branch network to Swinton Insurance which enabled it consolidate its position in the market place as the number one high street broker. There was also the buyout of Hastings Insurance a direct company by Insurance Australian Group Ltd who were looking for a foothold in the UK market.

This industry phenomena contrasts to the endless number of new entrants into this already overcrowded market place. Quite often new entrants either take the form of established retail brands or financial institutions like Barclays Insurance who wish to add products to their existing portfolios. In addition to this, there have been several new entrants who choose to offer insurance quotes and policies through new media distribution channels like the internet. Swift insurance is a good example of this new breed of insurer.

Who knows what will happen in the rest of 2007, however, it is certain there will be further insurance company takeovers and more new entrants entering the market all with the sole objective of grabbing market share.

October 2006 news