A large majority of insurance executives in the United Kingdom believe that if the government does not overhaul the tax system, there will be a drop in the number of U.K.-based carriers, one trade group's survey found.

The Association of British Insurers said a survey of 75 member executives revealed that 80 percent feel the number of U.K.-domiciled insurance companies will fall if the tax system remains unchanged over the next five years. Fifty-two percent said they believe the number would fall slightly, while 29 percent warned the fall would be dramatic.

In addition, the survey said that almost two-thirds of senior management is tempted to move abroad because of the nation's current personal tax system.

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