Isle of Man Insurance Industry – Key Trends and Opportunities to 2026
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Isle of Man Insurance Market Report Overview
The gross written premium of the Isle of Man insurance market was GBP7.5 billion ($10.4 billion) in 2021. The market is expected to achieve a CAGR of more than 2% during 2021-2026. The Isle of Man insurance industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Isle of Man economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Isle of Man Insurance Market Outlook, 2021-2026 (GBP Billion)
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Isle of Man Insurance Market Trends
Telematics is one of the key trends in the Isle of Man insurance market. Many insurance companies that are based in the UK and operating in the Isle of Man offer motor insurance based on telematics. Instead of a blanket motor insurance policy, telematics provides a customized policy with premiums that are based on the driver’s safe driving and the distance driven.
General Accident—an insurance company based in the UK and a part of Aviva Insurance Limited—offers a telematics insurance policy where the premium is calculated based on how the insured drives. A telematics device is installed in the car and each journey is scored and the score can be viewed in the mobile app. If the driving score is less than 50 within any 30 days, the policy will be canceled. Therefore, each driver will receive a personalized renewal premium and safer drivers could pay less.
Isle of Man Insurance Market by Segments
The key segments in the Isle of Man insurance market are life insurance and general insurance. The life insurance segment dominates the market. The life insurance segment is the largest financial services sector on the island, which is home to 13 life insurance companies. The segment is a vital part of the local economy and contributes more than 15% of the island’s economic activity.
Isle of Man Insurance Market Analysis, by Segments, 2021 (%)
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Isle of Man Insurance Market Report Overview
Market Size (2021) | GBP7.5 billion ($10.4 billion) (GWP) |
Historic Period | 2017-2020 |
Forecast Period | 2021-2026 |
CAGR (2021-2026) | >2% |
Key Segments | Life Insurance and General Insurance |
Segments Covered in the Report
Isle of Man Insurance Market Segments Outlook (Value, GBP Billion, 2017-2026)
- Life Insurance
- General Insurance
Scope
This report provides:
- Comprehensive analysis of the Isle of Man insurance industry.
- Historical values for the Isle of Manan insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Isle of Man insurance industry, and market forecasts to 2026.
- Profiles of the top life insurance companies in the Isle of Man and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Isle of Manan insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Isle of Man insurance industry.
- Assess the competitive dynamics in the Isle of Man insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Zurich International Life Limited
Friends provident International
Table of Contents
Frequently asked questions
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What was the Isle of Man insurance market gross written premium in 2021?
The gross written premium of the Isle of Man insurance market was GBP7.5 billion ($10.4 billion) in 2021.
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What is the Isle of Man insurance market growth rate?
The insurance market in the Isle of Man is expected to achieve a CAGR of more than 2% during 2021-2026.
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What are the key segments of the Isle of Man insurance market?
The key segments of the Isle of Man insurance market are life insurance and general insurance.
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Which segment led the Isle of Man insurance market?
The life insurance segment is the largest financial services sector on the island, which is home to 13 life insurance companies. The segment is a vital part of the local economy and contributes more than 15% of the island’s economic activity.
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