The UK insurance industry remains optimistic about growth prospects, despite slow growth in the first half of 2005, a survey by the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) has found.
"Growth is expected to resume over the next three months, and companies plan higher investment expenditure in the year ahead," the CBI and PwC said in a joint statement.
According to the survey, 33% of firms said their volumes had risen during the second quarter, while 33% said they had gone down.
"There was a small decline in profits as pricing power weakened, with a balance of minus 7% reporting a fall," the statement said.
CBI head of economic analysis Doug Godden said profitability has been hurt by low activity and by the erosion of pricing power.
"But looking ahead, firms in this sector seem reasonably confident," Godden said.
"The expectations of growth and increasing profits, although modest by past standards, are nevertheless encouraging following a period of stagnation."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
