The UK life insurance industry is at a crossroads. With its roots in the Victorian culture of middle-class thrift, the sector dominates long-term saving in the UK. However, a combination of risk management blunders, mis-selling scandals and market events has put the sector on the back foot.
The UK government has been forced to introduce stringent risk-based regulatory capital rules. Meanwhile, the business environment has worsened, with customers increasingly sceptical about long-term saving
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