Synopsis
Timetric’s 'Personal Accident and Health Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK personal accident and health insurance segment, and a comparison of the UK insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UK economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in the UK:
• It provides historical values for the UK personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
• It offers a detailed analysis of the key categories in the UK personal accident and health insurance segment, and market forecasts to 2020.
• It provides a comparison of the UK personal accident and health insurance segment with its regional counterparts
• It provides an overview of the various distribution channels for personal accident and health insurance products in the UK.
• It profiles the top personal accident and health insurance companies in the UK, and outlines the key regulations affecting them.
Summary
Timetric’s 'Personal Accident and Health Insurance in the UK, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the UK personal accident and health insurance segment, including:
• An overview of the UK personal accident and health insurance segment
• The UK personal accident and health insurance segment’s growth prospects by category
• A comprehensive overview of the UK economy and demographics
• A comparison of the UK personal accident and health insurance segment with its regional counterparts
• The various distribution channels in the UK personal accident and health insurance segment
• Details of the competitive landscape in the personal accident and health insurance segment in the UK
• Details of regulatory policy applicable to the UK insurance industry
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the UK personal accident and health insurance segment, and each category within it.
• Understand the demand-side dynamics, key market trends and growth opportunities in the UK personal accident and health insurance segment.
• Assess the competitive dynamics in the personal accident and health insurance segment.
• Identify growth opportunities and market dynamics in key product categories.
• Gain insights into key regulations governing the UK insurance industry, and their impact on companies and the industry's future.
Key highlights
• The UK personal accident and health segment is highly concentrated, with the presence of both domestic and foreign insurers.
• In 2015, the top 10 ABI members accounted for 92.3% of the gross written premium – up from 63.2% in 2014.
• The penetration of the segment marginally increased from 0.34% in 2011 to 0.38% in 2015.
• On June 1, 2017, the insurance premium tax (IPT) was raised from 10% to 12%, with effect from October 2016.
Table Of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Direct written premium and penetration
4.2.2 Claims
4.2.3 Profitability
5 Distribution Channel Outlook
5.1 Analysis by Distribution Channel
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Axa UK Plc - company overview
6.1.2 Aviva Plc - company overview
6.1.3 Discovery Holdings Ltd - company overview
6.1.4 SimplyHealth - company overview
6.1.5 Cigna Life Insurance - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Employer’s liability insurance
7.4.2 Motor third-party liability insurance
7.4.3 Merchant shipping compulsory insurance
7.4.4 National Insurance Scheme
7.4.5 Professional indemnity insurance
7.4.6 Air carriers and aircraft operators insurance
7.4.7 Clinical trials liability insurance
7.4.8 Liability for ships with respect to oil pollution
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 European Insurance and Occupational Pensions Authority
7.5.3 Prudential Regulation Authority
7.5.4 Financial Conduct Authority
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and Penalties
7.7 Company Registration and Operations
7.7.1 Type of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margin
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution
8 Databook
8.1 Policies and Premium
8.2 Claims and Expenses
8.3 Direct Marketing and E-Commerce
8.4 Insurance Brokers and Agencies
8.5 Bancassurance and Other Distribution Channels
8.6 Personal Accident Insurance
8.7 Health Insurance
8.8 Travel Insurance
9 Definitions and Methodology
9.1 Definitions
9.2 Methodology
10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric’s Services
10.4 Disclaimer
List Of Tables
Table 1: UK Personal Accident and Health Insurance - Key Facts, 2015
Table 2: UK Personal Accident and Health Insurance - Top Five Insurers, 2015
Table 3: UK Government Credit Ratings
Table 4: UK Personal Accident and Health Insurance - Direct Written Premium (GBP Billion and US$ Billion), 2011-2015
Table 5: UK Personal Accident and Health Insurance - Penetration (%), 2011-2015
Table 6: UK Personal Accident and Health Insurance - Direct Written Premium (GBP Billion and US$ Billion), 2015-2020
Table 7: UK Personal Accident and Health Insurance - Penetration (%), 2015-2020
Table 8: UK Personal Accident and Health Insurance - Premium per Capita (GBP and US$), 2011-2015
Table 9: UK Personal Accident and Health Insurance - Premium per Capita (GBP and US$), 2015-2020
Table 10: UK Personal Accident and Health Insurance - Paid Claims (GBP Billion and US$ Billion), 2011-2015
Table 11: UK Personal Accident and Health Insurance - Paid Claims (GBP Billion and US$ Billion), 2015-2020
Table 12: UK Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
Table 13: UK Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
Table 14: UK Personal Accident and Health Insurance - Direct Written Premium by Distribution Channel (GBP Billion), 2011-2015
Table 15: UK Personal Accident and Health Insurance - Direct Written Premium by Distribution Channel (GBP Billion), 2015-2020
Table 16: UK Personal Accident and Health Insurance - Percentage of Direct Written Premium, by Distribution Channel, 2011-2020
Table 17: UK Personal Accident and Health Insurance - Top Insurers, 2015
Table 18: Axa UK Plc - Key Facts
Table 19: Aviva Plc - Key Facts
Table 20: Discovery Holdings Limited - Key Facts
Table 21: Simply Health - Key Facts
Table 22: Cigna Life Insurance - Key Facts
Table 23: UK - Insurance Regulatory Framework Key Features
Table 24: UK - Life Insurance Regulatory Framework
Table 25: UK - Property Insurance Regulatory Framework
Table 26: UK- Motor Insurance Regulatory Framework
Table 27: UK - Liability Insurance Regulatory Framework
Table 28: UK - Benefits Under National Insurance Scheme
Table 29: UK - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 30: UK - Corporate Tax Rates for the Financial Year 2017
Table 31: UK- VAT Rates in UK for Insurance Products
Table 32: UK Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
Table 33: UK Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
Table 34: UK Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 35: UK Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 36: UK Personal Accident and Health Insurance - Direct Marketing, 2011-2015
Table 37: UK Personal Accident and Health Insurance - Direct Marketing, 2015-2020
Table 38: UK Personal Accident and Health Insurance - Insurance Brokers and Agencies, 2011-2015
Table 39: UK Personal Accident and Health Insurance - Insurance Brokers and Agencies, 2015-2020
Table 40: UK Personal Accident and Health Insurance - Insurance Brokers and Agencies, 2011-2015
Table 41: UK Personal Accident and Health Insurance - Insurance Brokers and Agencies, 2015-2020
Table 42: UK Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2013
Table 43: UK Personal Accident and Health Insurance - Health Insurance, 2011-2013
Table 44: UK Personal Accident and Health Insurance - Travel Insurance, 2011-2013
Table 45: Insurance Industry Definitions
List Of Figures
Figure 1: UK Real GDP (GBP Trillion), 2011-2020
Figure 2: UK Consumer Price Inflation (%), 2011-2020
Figure 3: UK Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 4: UK Unemployment Rate, 2011-2020
Figure 5: UK Population by Age Group, 2011-2025
Figure 6: UK Non-Life Insurance Penetration - Regional Comparison (%), 2015
Figure 7: UK Personal Accident and Health Insurance - Direct Written Premium (GBP Billion), 2011-2020
Figure 8: UK Personal Accident and Health Insurance - Penetration (%), 2011-2020
Figure 9: UK Personal Accident and Health Insurance - Premium per Capita (GBP), 2011-2020
Figure 10: UK Personal Accident and Health Insurance - Paid Claims (GBP Billion), 2011-2020
Figure 11: UK Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2020
Figure 12: UK Personal Accident and Health Insurance - Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 13: UK - The Three Pillars of Solvency II
Figure 14: UK - Insurance Supervision and Control at Various Levels
Figure 15: UK - Insurance Regulatory Frameworks for Company Registration and Operation
