Synopsis
This report is the result of extensive research into the income protection and critical illness insurance market in the UK, covering the market dynamics, outlook and competitive landscape. It provides estimates of the market size and projections of new business premiums, and discusses key products and distribution channels. The report also provides an overview of leading companies in the category, alongside details of any strategic initiatives undertaken.
Scope
• This report provides a comprehensive analysis of the income protection and critical illness insurance market in the UK
• It provides historical values for the UK income protection and critical illness insurance market for the report’s 2009-2013 review period and forecast figures for the 2014-2018 forecast period
• It offers estimates of new business premiums collected in the market by product type
• It provides an overview of market dynamics and market drivers
• It profiles top protection providers in the UK and outlines key challenges facing them
Summary
• The report provides market analysis and insights into the UK income protection and critical illness insurance business
• It also provides a snapshot of market size and market dynamics
• Furthermore, the report discusses key drivers, distribution channels and the outlook for the market
• It also summarises deals, news and regulatory developments in the category
Reasons To Buy
• Gain an understanding of the UK income protection and critical illness insurance market
• Learn about the performance of market drivers, distribution channels and market dynamics
• Explore types of products and key competitors in the category
• Find out more on key deals and recent developments in the market
Key highlights
• Protection sales remained flat despite adverse market conditions
• The income protection and critical illness category is expected to expand at a benign rate
• The MMR is expected to highlight protection advice need
• Insurers argue protection is the answer to reducing welfare costs
• Technology is expected to change protection distribution
• ABI shows a rise in protection claims payouts in 2013
Table Of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Market Analysis
3.1 Market Size
3.1.1 Income protection and critical illness insurance, new business premiums by category
3.1.2 Income protection and critical illness insurance, new business premiums by product type
3.1.3 Income protection and critical illness insurance, regular and single new business premiums
3.2 Income Protection Insurance
3.2.1 Income protection insurance, individual and group new business premiums
3.3 Critical Illness Insurance
3.3.1 Critical illness insurance, individual and group new business premiums
3.3.2 Individual critical illness insurance, accelerated and standalone new business premiums
3.4 UK Long-Term Protection Market, New Regular Business Premiums by Category
3.5 The Number of IP and CI Product Sales
3.5.1 Individual IP and CI sales
3.5.2 Group protection sales
3.6 Claims
3.6.1 Claims outlook
3.7 Market Drivers
3.8 Market Outlook
3.9 Distribution Channels
4 Competitive Landscape
4.1 Review - The Best Performers of 2013
4.2 Income Protection and Critical Illness Insurance - SWOT Analysis
4.3 Product Innovation
4.3.1 News
5 Deals and News
5.1 Legal and General Revealed 60% of Claims are Cancer-Related
5.2 AIG Completes Purchase of Ageas Protect
5.3 ABI Publishes Updated Statement of Best Practice for CI Insurance
5.4 Aviva and Friends Life Agree Terms for GBP5.6 billion deal
5.5 Seven Families Campaign Begins
5.6 Lloyds Cuts Protection Advice Ahead of Intermediary Launch
5.7 Protection Surge Mitigates Aviva Annuity Attrition
5.8 TSB Bank Signs Protection Deal with Legal and General
6 Regulation and Compliance
6.1 Regulatory Changes
6.1.1 Compulsory retirement at age 65 abolished
6.1.2 Risk selection by gender has been outlawed
6.1.3 Retail Distribution Review (RDR)
6.1.4 Auto-enrolment
6.1.5 The Welfare Reform Act 2012
6.1.6 End of percentage threshold scheme
6.1.7 The Mortgage Market Review
6.1.8 Solvency II
7 Economic Backdrop
7.1 Real GDP Growth
7.2 Demographics
7.3 Labor Market
7.4 Housing and Mortgage Market
7.5 Employment and Support Allowance and Incapacity Benefits Claimants
7.6 GDP per Capita and Household Disposable Income
8 Company Profiles
8.1 Ageas UK Ltd - Company Overview
8.1.1 Ageas UK Ltd - key facts
8.1.2 Ageas UK Ltd - main products
8.1.3 Ageas UK Ltd - main competitors
8.1.4 Ageas UK Ltd - key employees
8.2 Aviva Plc - Company Overview
8.2.1 Aviva Plc - key facts
8.2.2 Aviva Plc - main products
8.2.3 Aviva Plc - main competitors
8.2.4 Aviva Plc - key employees
8.3 Canada Life Ltd - Company Overview
8.3.1 Canada Life Ltd - key facts
8.3.2 Canada Life Ltd - main products
8.3.3 Canada Life Ltd - main competitors
8.3.4 Canada Life Ltd - key employees
8.4 Friends Life Group Ltd - Company Overview
8.4.1 Friends Life Group Plc - key facts
8.4.2 Friends Life Group Plc - main products
8.4.3 Friends Life Group Plc - main competitors
8.4.4 Friends Life Group Plc - key employees
8.5 Legal & General Group Plc - Company Overview
8.5.1 Legal & General Group Plc - key facts
8.5.2 Legal & General Group Plc - main products
8.5.3 Legal & General Group Plc - main competitors
8.5.4 Legal & General Group Plc - key employees
8.6 Liverpool Victoria Group - Company Overview
8.6.1 Liverpool Victoria Group - key facts
8.6.2 Liverpool Victoria Group - main products
8.6.3 Liverpool Victoria Group - main competitors
8.6.4 Liverpool Victoria Group - key employees
8.7 Lloyds Banking Group Plc - Company Overview
8.7.1 Lloyds Banking Group Plc - key facts
8.7.2 Lloyds Banking Group Plc - main products
8.7.3 Lloyds Banking Group Plc - main competitors
8.7.4 Lloyds Banking Group PLC - key employees
8.8 Partnership Assurance Group Plc - Company Overview
8.8.1 Partnership Assurance Group Plc - key facts
8.8.2 Partnership Assurance Group Plc - main products
8.8.3 Partnership Assurance Group Plc - main competitors
8.8.4 Partnership Assurance Group Plc - key employees
8.9 The Royal London Group - Company Overview
8.9.1 The Royal London Group - key facts
8.9.2 The Royal London Group - main products
8.9.3 The Royal London Group - main competitors
8.9.4 The Royal London Group - key employees
8.10 Unum Ltd - Company Overview
8.10.1 Unum Ltd - key facts
8.10.2 Unum Ltd - main products
8.10.3 Unum Ltd - main competitors
8.10.4 Unum Ltd - key employees
9 Statistics
9.1 Review Period: 2009-2013
9.2 Forecast Period: 2014-2018
10 Appendix
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric’s Services
10.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: UK Pure Protection and Mortgage Sales, April 2005-March 2014
Table 3: UK Group Risk Sales, 2009-2013
Table 4: ABI Individual Protection Claims Data, 2013
Table 5: First-Time Buyers, Number of Loans and Value of Loans (GBP Million), January 2014-November 2014
Table 6: UK Income Protection and Critical Illness Insurance - SWOT Analysis
Table 7: Aviva Plc - Key Facts
Table 8: Aviva Plc - Main Products
Table 9: Aviva Plc - Key Employees
Table 10: Ageas UK Ltd - Key Facts
Table 11: Ageas UK Ltd - Main Products
Table 12: Ageas UK Ltd - Key Employees
Table 13: Canada Life Ltd - Key Facts
Table 14: Canada Life Ltd - Main Products
Table 15: Canada Life Ltd - Key Employees
Table 16: Friends Life Group Plc - Key Facts
Table 17: Friends Life Group Plc - Main Products
Table 18: Friends Life Group Plc - Key Employees
Table 19: Legal & General Group Plc - Key Facts
Table 20: Legal & General Group Plc - Main Products
Table 21: Legal & General Group Plc - Key Employees
Table 22: Liverpool Victoria Group - Key Facts
Table 23: Liverpool Victoria Group - Main Products
Table 24: Liverpool Victoria Group - Key Employees
Table 25: Lloyds Banking Group Plc - Key Facts
Table 26: Lloyds Banking Group Plc - Main Products
Table 27: Lloyds Banking Group Plc - Key Employees
Table 28: Partnership Assurance Group Plc - Key Facts
Table 29: Partnership Assurance Group Plc - Main Products
Table 30: Partnership Assurance Group Plc - Key Employees
Table 31: The Royal London Group - Key Facts
Table 32: The Royal London Group - Main Products
Table 33: The Royal London Group - Key Employees
Table 34: Unum Ltd - Key Facts
Table 35: Unum Ltd - Main Products
Table 36: Unum Ltd - Key Employees
Table 37: UK IP and CI Insurance - Historical Statistics (GBP Thousand), 2009-2013
Table 38: UK IP and CI Insurance - Forecast Statistics (GBP Thousand), 2014-2018
List Of Figures
Figure 1: UK Term Figure 1: UK Income Protection and Critical Illness Insurance - Total New Business Premiums (GBP Million), 2009-2013
Figure 2: UK Income Protection and Critical Illness Insurance - New Business Premiums by Category (GBP Million), 2009?2013
Figure 3: UK Income Protection and Critical Illness Insurance - New Business Premiums by Product Type (GBP Million), 2009?2013
Figure 4: UK Income Protection and Critical Illness Insurance - Regular and Single New Business Premiums (GBP Million), 2009?2013
Figure 5: UK Income Protection Insurance - Total New Business Premiums (GBP Million), 2009?2013
Figure 6: UK Income Protection Insurance - Individual and Group New Business Premiums (GBP Million), 2009?2013
Figure 7: UK Critical Illness Insurance - Total New Business Premiums (GBP Million), 2009?2013
Figure 8: UK Critical Illness Insurance - Individual and Group New Business Premiums (GBP Million), 2009?2013
Figure 9: UK Individual Critical Illness Insurance - Accelerated and Standalone New Business Premiums (GBP Million), 2009?2013
Figure 10: UK Long-Term Protection Market - Total New Regular Business Premiums by Category (GBP Thousand), 2009-2013
Figure 11: UK Pure Protection Product Sales, by Product Type (Thousands), 2005 Q2-2014 Q1
Figure 12: UK Sales of IP and CI Products and Mortgages (Thousands), 2005 Q2-2014 Q1
Figure 13: UK Estimated Number of People Living With Cancer, 2010-2030
Figure 14: Number of Days Lost Due to Sickness (Millions) and Average Number of Days Lost Due to Sickness per Worker, 1993-2013
Figure 15: UK Income Protection and Critical Illness Insurance - Total New Business Premiums (GBP Million), 2014-2018
Figure 16: UK Income Protection and Critical Illness Insurance Growth Dynamics by Category (%), 2009-2018
Figure 17: UK Type of Selling Firm Across Protection Products (Thousands), April 2013-March 2014
Figure 18: UK Market Shares of the Top 10 IP and CI Insurance Providers (%), 2013
Figure 19: The UK’s Insurance Regulatory Framework
Figure 20: UK Real GDP (Billion) and Quarter-on-Quarter Growth (%), 2007-2014
Figure 21: UK Growing and Aging Population (Years), 1995-2013
Figure 22: UK Population Aged Over 65 Years (%), 2007-2018
Figure 23: UK Overall Life Expectancy (Years), 1995-2018
Figure 24: UK Employment and Unemployment Rates (%), 2006-2014
Figure 25: UK Average Earnings and CPI Annual Growth Rates (%), 2007-2014
Figure 26: UK Annual House Prices - Rate of Change, All Dwellings (%), January 2004-November 2014
Figure 27: UK Number of First-Time Homebuyers (Thousands), 2002-2014
Figure 28: UK Gross Mortgage Lending (GBP Million), 2002-2016
Figure 29: UK Working-Age ESA and IB Claimants (Thousands), February 2005-November 2014
Figure 30: UK Improving Living Standards (GBP), 1997-2013
