More UK insurers may focus on the bulk annuities market if they expect to write fewer individual annuities under the new pensions regime announced in the recent budget, according to Towers Watson.
The firm's latest research into the bulk annuity market shows 2013 was dominated by three big players, with one insurer writing half of the total premiums.
Tower Watson's Settlement in Focus showed that in 2013 eight insurers wrote 186 bulk annuity deals worth more than £7.2 billion ($12.17 billion). £3.7 billion ($6.25 billion) was written by one insurer, with two other insurers writing £1.4 billion ($2.37 billion) and £1.3 billion ($2.20 billion) respectively.
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