Legal Business

Squeezed – the insurance industry and the modern GC

Pressure to cut costs and innovate, alongside an increasingly robust regulatory environment, has squeezed the UK insurance industry in recent years. How are in-house teams faring in an ultra-competitive market?

The UK insurance market is the third largest in the world, according to the Association of British Insurers, yet it is struggling to make money. Despite taking a battering, the industry has weathered the global financial crisis far better than its counterparts in other financial services and, while it has successfully avoided many of the high-profile difficulties that have undone retail banks in recent years, the retail insurance industry now finds itself in a new era of challenges.