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Life Insurance Sector Rises

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Life Insurance Sector Rises

There has been some bad news recently about the job losses at the Co-operative and Friends Life, so it is understandably a worrying time for the UK life insurance industry. This has come at a time when economic data continues to be poor.

However, statistics just released are showing that the UK services sector has bounced up although most life insurance companies remain reluctant to take on new staff.

Chris Williamson, chief economist at Markit, which conducted the survey, said: "Companies kept headcounts largely unchanged, highlighting a reluctance to expand workforces as a result of the uncertain outlook and renewed weakness of the manufacturing and household sectors.

"The scope for the private sector to make up for public-sector layoffs therefore still looks limited, meaning unemployment could stay stubbornly high for some time."

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