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.