There is no other place in the world with such rich history in the insurance industry than the United Kingdom. Many regard the U.K. as the birthplace of modern insurance, with the world's first fire, accident and life insurance companies established in the country in the 1700s. Today, the market still stands as one of the key players in the international insurance industry. And in 2019, the value of the premiums written in Britain amounted to approximately 110.9 billion euros (approx. $134.9 billion), according to data published by Statista. Statista also recently produced a ranking of the leading insurance companies traded in Britain based on the number of employees — we feature these insurers in the slideshow above. However, events in the past year, such as the COVID-19 pandemic and Brexit, have tested the market tremendously. As of April 2021, AM Best maintained a negative market outlook for the U.K.'s non-life insurance segment. The ratings agency cited data from the International Monetary Fund (IMF) that shows the gross domestic product (GDP) in the U.K. contracted by 9.8% during 2020. Nonetheless, the IMF predicts the nation's GDP will grow by 5.9% in 2021. Despite this projected growth, AM Best cautions that "the economic outcomes of both COVID-19 and Brexit could increase financial pressure on businesses and drive volatility in financial markets, particularly as government assistance reduces" adding that "economic bad news could lead to sustained pressure on insurance business volumes." Related: |

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