UK Protection Insurance Market Size , Share , Key Trends , Critical Illness and Income Protection
UK Protection Insurance Market Size , Share , Key Trends , Critical Illness and Income Protection
Summary Individual product performance in the protection market is a turbulent and confusing picture , with erratic premium behavior across the board .
While term ( and specifically non-mortgage term ) products are still the dominant force with over 70 % of protection share , there has been downward pressure on every product line in recent times , reflecting the uncertain , fragile national macroeconomic picture . Indeed , in the absence of major market-driven change it is the macroenvironment that dictates performance .
Synopsis Verdict Financial ' s “ UK Protection Insurance : Critical Illness and Income Protection ” examines the protection market , focusing on two products : critical illness and income protection . It examines how the market has performed and explores the key drivers shaping the market going forward . It also highlights the impact of RDR and provides a forecast for the next five years .
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Key Findings - Although the Retail Distribution Review ( RDR ) was aimed at the retail investment market , and commission-based business is still permitted for protection products , the net effect has been that advisors offering a range of services have had to adapt their models . In addition to RDR , a new emphasis on conduct has been ushered in with the Financial Conduct Authority , and key protagonists in the financial services markets have been overwhelmed with the volume of regulatory change in the last few years .
- Individual product performance in the protection market is a turbulent and confusing picture , with erratic premium behavior across the board . While term ( and specifically non-mortgage term ) products are still the dominant force with over 70 % of protection share , there has been downward pressure on every product line in recent times , reflecting the uncertain , fragile national macroeconomic picture .
Reasons To Buy - Review your strategy against both existing and new challenges regarding the critical illness and income protection markets .
- See where the opportunities are for digital disruption and how insurers need to respond .