UK insurance sector

The UK insurance sector provides financial protection against various risks, helping individuals and businesses manage uncertainties. It encompasses different types of insurance, including life, health, property, and liability coverage. Insurers collect premiums from policyholders and, in return, provide compensation for losses or damages when claims arise. The sector is regulated to ensure fairness and stability, with organizations like the Financial Conduct Authority (FCA) overseeing practices. Insurance plays a crucial role in the economy, supporting personal security and business continuity while fostering consumer confidence.