Actuaries are urging UK life assurance companies to target foreign markets.
The call comes in a paper delivered at the Faculty of Actuaries Sessional Meeting in Edinburgh.
The paper analyses the prospects of achieving profitable business in a traditional market and an emerging market. The conclusion is that both offer good prospects for the UK life sector.
It says a traditional market such as Germany's would find it difficult to respond to new innovative entrants, because of its history of strict regulation.
While an emerging market such as India would provide an opportunity for rapid development once opened up to outside competition.
Faculty of Actuaries president Fraser Low says: "Many insurers see the trend towards globalising and consolidating financial markets as a threat.
"While it is true these are a factor in the restructuring of the industry in the UK, this important paper makes it quite clear that there is cause for optimism too."