UK Protection Insurance 2019: Term and Whole of Life

2019-07-22
Price :
Published : Jul-2019
No. of Pages : 40

UK Protection Insurance 2019: Term and Whole of Life

Summary

The UK life protection insurance market for regular individual premiums grew in 2018. This was primarily driven by growth in the term assurance market, with the whole-of-life market growing marginally. Term market growth was primarily due to increased sales of non-mortgage term assurance policies by independent financial advisors. But sales in the direct channel are also increasing, reflecting the demand for purchasing life insurance conveniently online. Underwritten whole-of-life policies continue to be sold by independent advisors, while guaranteed acceptance over-50s products are sold direct without advice. In the future, insurers will look to work with policyholders to improve their lifestyle choices by leveraging the Internet of Things and rewarding positive choices.

This report discusses the term assurance and whole-of-life insurance markets, looking at market size with regards to changes in contracts and premiums. The scope of this report covers the market for individual regular premiums only, concentrating on the main market for all types of consumers seeking their own cover. It highlights how products are distributed, and looks at the key players and their propositions. It provides five-year forecasts of market size in premiums to 2024, and discusses how the market, distribution, and products offered are likely to change in the future.

Scope

– Consumer behavior has shifted to put greater importance on the distribution of protection policies through the direct channel. In the guaranteed acceptance space, the direct channel increased its share of the market by 13%.
– The total protection market grew in 2018, with new contracts rising by 5.9% and premiums by 1.5%.
– The top five players in both term assurance and whole of life accounted for over three quarters of the market in 2017. The dominance of a few key players indicates that startups will struggle to succeed without partnerships.

Reasons to buy

– Understand the future of life insurance products and services that are vital to implement.
– This includes engaging in health and wellbeing, personalizing policies, providing customers with rewards and benefits, and improving underwriting and claims processes.

Filed in: Banking & Finance, Insurance
Publisher : GlobalData
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