Global insurance market report [gimar]

Figure 3.3c:
UK non-linked, non-profit, with-profit, and unit- and index-linked premiums share (1985–2018)
Source: Bank of England
Figure 3.3d:
UK non-profit gross written premiums (1985–2018)
Sources: Bank of England, OECD,
79
 authors’ calculations

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35
Italy is an outlier in that, rather than a steady 
upward trend in unit-linked business, there was 
a major contraction in the volume of premiums 
written during the financial crisis, which cut 
premiums for unit-linked business by nearly
two thirds. 
Since the financial crisis, unit-linked premiums 
have grown to their previous size, but they still 
only represent a third of insurance business (by 
premium share) in Italy.
In the largest European jurisdictions (the UK, 
Germany, France and Italy), gross written 
premiums for ULIPs are closely linked to the 
local stock index, with correlation coefficients 
exceeding 0.85 for the UK, 0.9 for France and 
Italy, and 0.75 for Germany.
Figure 3.3e:
Germany non-linked, non-profit, with-profit, and unit-linked premiums share (2000–2018)
Source: BaFin
Figure 3.3e:
Italy non-linked, non-profit, with-profit, and unit-linked premiums share (2004–2018)
Source: IVASS

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36
Figure 3.3g:
UK unit-linked premiums share, FTSE 100 (GBP million, 1985–2018)
Sources: Bank of England, Thomson Reuters,
80
 authors’ calculations
Figure 3.3h:
France unit-linked premiums share, CAC 40 average (EUR million, 2005–2017)
Sources: ACPR, Thomson Reuters,
81
 authors’ calculations

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