The first drop in net exports of the UK financial sector for ten years has been blamed on the insurance sector.
Net exports of the UK financial sector declined from £21.7bn in 2004 to £19.0bn in 2005.
Insurance fell from £5bn to £1.6bn. The fundamental causes were said to be claims of £1.9bn relating to Hurricane Katrina, and a further drop of £400m in reinsurance exports.
Banks, fund managers and shipbrokers saw a rise in export earnings.
