The New business premiums in the income protection and critical illness insurance market in United Kingdom grew by 14.5% in 2012, which coincided with an increase in mortgage sales. However, the income protection gap in the UK has remained significant, rising by 46% between 2002 and 2012. The income protection and critical illness market recorded a decline of 14.6% in 2008, with new business premiums falling by 24.4% in 2009. The recession has affected household finances, reducing the demand for discretionary income protection and critical illness policies.
The fall in mortgage lending from 2008 onwards was accompanied by a decline in the sale of income protection and critical illness policies, usually taken out by homebuyers. Nevertheless, insurers delivered a steady volume of new business in the income protection and critical illness market during the review period. The critical illness category accounted for 48.3% of the total new business premiums, while income protection represented 31.2%. Income protection dominated group policy sales, accounting for 81.0% of group new business premiums in 2012. The group critical illness sub-category achieved significant growth of 99.2% between 2008 and 2012, with its share in total group new business premiums rising from 6.0% to 19.0% in the same period. For more information visit: Income Protection and Critical Illness Insurance in the UK, Key Trends and Opportunities to 2017
The report provides market analysis, information and insights into the UK income protection and critical illness insurance business. The report provides:
- A snapshot of market size and market segmentation
- Comprehensive analysis of claims, market drivers and market outlook
- Analysis of distribution channels for income protection and critical illness insurance products in the UK
- Deals, news and regulatory developments
- Detailed analysis of competitive landscape and key product features
- It provides historical values for the UK’s income protection and critical illness market for the report’s 2008–2012 review period and forecast figures for the 2013–2017 forecast period
- It offers estimates of new business premiums collected in the income protection and critical illness segment
- It analyses the key features of income protection and critical illness products
- It provides an overview of claims, market dynamics and market drivers
- It discusses various distribution channels for income protection and critical illness insurance products in the UK
- It profiles top protection providers in the UK and outlines the key regulatory changes affecting them
Reasons To Buy
- Gain an understanding of the UK income protection and critical illness market size
- Explore the market dynamics across income protection and critical illness categories
- Learn about the performance of claims, market drivers and distribution channels
- Understand the competitive landscape and key product offerings
- Find out more about key deals and recent developments in the market
- Income protection and critical illness market delivers steady performance as protection gap widens
- Income protection and critical illness products will continue to increase their presence
- Stable claim payouts are expected to rebuild consumer trust in the industry
- Advisors will shift their attention towards protection business in the post-RDR world
- Regulatory changes will bring further uncertainty
- Premium growth is expected to settle at 4.3% by 2017
Spanning over 79 pages, 36 tables and 30 figures, “Income Protection and Critical Illness Insurance in the UK, Key Trends and Opportunities to 2017” report provides a comprehensive analysis of the income protection and critical illness market in the UK. Find all Banking and Finance Market Research Reports under a single page.
In addition to covering the Introduction, Market Analysis, Competitive Landscape, Porter’s Five Forces Analysis, Deals, News, Regulation and Compliance, Economic Backdrop, Company Profiles, Statistics. The report covers 10 companies- Aegon UK Plc, Aviva Plc, HSBC Holdings Plc, Legal & General Group, Liverpool Victoria Group, Lloyds Banking Group, Partnership Life Assurance Ltd, Royal London Group, Unum Group, Zurich Financial Services Ltd.
Find all Banking and Finance Market Research Reports under a single page.
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