Standard & Poor’s (S&P’s) has maintained its stable outlook on the UK’s general insurance industry.

The ratings agency, which did not include London market insurers or reinsurers in its report, says stable economic growth and improved risk management have supported the positive outlook.

S&P’s says the UK’s general insurance industry is the fourth-largest in the world.

Credit analyst Nigel Bond says a disciplined approach to underwriting, investments, and capital management, combined with good, steady economic conditions, means another profitable year is expected for this year.

Negative factors include increasing price competition, low interest rates and shifts in distribution channels.