£4.5bn
£XXX.Xm
20,958
120
£X.Xbn
Actuarial consulting firms provide various services to businesses, including pension, insurance, enterprise risk, financial advice and organisational design consulting. Actuarial consulting services are sought after by businesses across all sectors of the economy, providing firms with a steady demand and limiting revenue volatility. Revenue in the Actuarial Consulting Services is expected to swell at a compound annual rate of 4.1% over the five years through 2023-24, including a 3.3% rise in 2023-24 to reach £4.5 billion.Continued pension enrolment through the Automatic Enrolment Scheme and other regulatory pension reforms have benefited demand for actuarial services. However, this has been somewhat dampened by a shift towards Defined Contribution pension schemes, which require simpler estimates of future obligations than Defined Benefit schemes. The range of clients using the services of actuarial consultants has widened. Investment banks and fund management firms have increasingly requested services to improve their investment decisions and manage risk more effectively. Solvency II reforms confirmed in November 2022 are set to be enforced in 2023, reducing regulatory capital requirements and allowing insurers to take on more risk, boosting demand for actuarial services. Profitability has improved, as a greater revenue base has absorbed a higher proportion of operators' fixed costs.Revenue is forecast to expand at a compound annual rate of 3.2% over the five years through 2028-29 to reach £5.3 billion. Demand from the insurance sector will rise, aided by the IFRS 17 regulations that came into effect in January 2023. Continued uncertainty and volatility in emerging markets will likely continue to boost demand from the financial services sectors for actuarial consulting. However, the Brexit-related shift of financial firms out of the UK and into mainland Europe threatens demand from financial services.
Industry revenue has grown at a CAGR of 4.1 % over the past five years, to reach an estimated £4.5bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue (£m)
2024 |
---|---|---|
Marsh & McLennan Companies Inc | 778.0 | |
Willis Towers Watson plc | 644.9 | |
PricewaterhouseCoopers LLP | 344.0 |
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Industry revenue is measured across several distinct product and services lines, including Pension and healthcare benefit consulting, Insurance consulting and Enterprise risk management and strategy consulting. Pension and healthcare benefit consulting is the largest segment of the Actuarial Consulting Services in the UK.
The move to defined contribution plans hinders pension and healthcare benefit consulting
Firms in this industry assess risk and uncertainty by using statistical models, then create policies to minimise the cost of that risk to their clients. The industry excludes actuaries that are employed in-house by non-consulting firms such as insurance companies.
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SIC 66.21 - Actuarial Consulting Services in the UK
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Global uncertainty intensifies demand for actuarial services. With Brexit and COVID-19-related insecurities, plus adverse economic climates, investment banks and fund managem...
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Actuarial consulting in DC and DB plans is evolving. While defined benefit (DB) plans demand more complex calculations, the simpler defined contribution (DC) plans are favore...
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London is a dominant hub for actuarial services. Headquartering in the capital appeals to large national and international companies, particularly in financial services, due ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Mergers and acquisitions dominate actuarial consulting competition. Firms such as Willis Towers Watson and Marsh & McLennan Companies gain considerable market share by consol...
Learn about the performance of the top companies in the industry.
Marsh & McLennan Companies Inc leads the industry. Their market position is due largely to the acquisition of Jardine Lloyd Thompson Group, which significantly boosted their ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Solvency II impacts the Actuarial Consulting Services industry. This EU directive, including the recent governments' reform, changes the capital buffer requirements for insur...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Industry profitability is bolstered by heigtened demand and falling wage costs. A rise in spending on actuarial services has helped absorb fixed costs, while industry consoli...
Including values and annual change:
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The market size of the Actuarial Consulting Services in the UK industry in United Kingdom is £4.5bn in 2024.
There are 120 businesses in the Actuarial Consulting Services in the UK industry in United Kingdom, which has grown at a CAGR of 4.3 % between 2018 and 2023.
The market size of the Actuarial Consulting Services in the UK industry in United Kingdom has been growing at a CAGR of 4.1 % between 2018 and 2023.
Over the next five years, the Actuarial Consulting Services in the UK industry in United Kingdom is expected to grow.
The biggest companies operating in the Actuarial Consulting Services market in United Kingdom are Marsh & McLennan Companies Inc, Willis Towers Watson plc and PricewaterhouseCoopers LLP
Pension and healthcare benefit consulting and Insurance consulting are part of the Actuarial Consulting Services in the UK industry.
The company holding the most market share in United Kingdom is Marsh & McLennan Companies Inc.
The level of competition is moderate and increasing in the Actuarial Consulting Services in the UK industry in United Kingdom.