Debbie O'Hare on the UK

1. What are the main challenges for insurers in the UK?

“Among the important challenges facing UK life insurers are closing the protection gap and managing increasing uncertainty around longevity. With 58% of UK adults holding no pure protection cover1, improving consumer awareness, accessibility and engagement remains critical. In retirement, medical advances, changing lifestyles, healthcare pressures and socioeconomic inequalities make future longevity harder to predict and price. Alongside these challenges, insurers must continue to innovate and grow while maintaining disciplined risk management, financial resilience and long-term security for people.”

2. What are the biggest opportunities?

“UK insurers have significant opportunities to expand financial protection and support retirement security. The protection gap creates scope to reach underserved individuals, with data and technology enabling more accessible products and simpler distribution. In retirement, better-funded defined benefit schemes are driving demand for pension risk transfer, with bulk annuity volumes estimated at GBP 40–50 billion annually over the next decade.2 Reinsurance capacity, efficient pricing and evolving transaction structures can help insurers capture this growth while supporting a broader range of individuals.”

3. How can these challenges and opportunities be addressed?

“Hannover Re helps insurers address these challenges and turn opportunities into sustainable growth. In protection, we combine reinsurance expertise, data insights and product development capabilities to help clients broaden access, innovate and reach underserved individuals. In retirement, our longevity expertise, reinsurance capacity and long-term partnership approach helps clients manage uncertainty, deploy capital effectively and support pension risk transfer growth. And with financial solutions, we develop bespoke solutions to clients’ individual challenges, helping them unlock capital, seize opportunities and grow with confidence.”

4. What’s the impact?

“For insurers, the impact is a stronger and more sustainable business. In protection, reaching more consumers can expand the market and create relationships that evolve as customers’ needs change. In retirement, greater stability around longevity risk can support insurers in meeting commitments that stretch decades into the future. Ultimately, this means serving more people while strengthening the foundations for long-term growth.”

5. What else helps turn challenges into opportunities?

“For us, partnership starts with a long-term mindset. Insurance is built on commitments spanning decades, and clients need a reinsurance partner that takes the same long-term view. We combine global perspective with deep local expertise, bringing relevant insight and experience to each relationship. By understanding each client’s ambitions and challenges, and drawing on our broad capabilities across protection, longevity and financial solutions, we develop tailored solutions that help clients navigate change and make confident long-term decisions.”