Why is UK life insurance the cheapest in the world?

The cost of life insurance in the UK is the cheapest in the world, even though some countries, like Japan, Switzerland and Singapore evince superior longevity. This low cost theme also extends to critical illness insurance where, against assumed logic, premiums have been reducing for some time. What are the reasons behind this? Andrew Wibberley, director at Alea Risk, believes there are a number of factors behind this trend. Precision underwriting is one factor, where insurers apply premium loadings more frequently than 15 years ago. Improved technology will also play a part in reduci...