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Life Insurance Market Report 2014

  • November 2014
  • -
  • Key Note Publications Ltd

Executive Summary

In this Market Report, Key Note has covered the market for life protection products in the UK, which are better known by the collective name of life insurance. For the purposes of this report, life insurance refers to the two major branches of life protection: term insurance and life assurance (also known as whole-of-life assurance). Both products have similarities in that they are products that involve a contract between the insured and the insurer, whereby the insurer agrees to pay a sum of money on the death of the insured within the period of the contract. The policyholder usually makes regular premium contributions (although single premium policies are available) in exchange for a lump sum payout on their death.

Table Of Contents

Life Insurance Market Report 2014
Life Insurance 2014
Foreword
Introduction and Definition
REPORT COVERAGE AND DEFINITIONS
Association of British Insurers
MARKET SECTORS
Executive Summary
What's KEY in the Market?
KEY DRIVERS
Low Rates Threaten Life Insurers' Business Models
The Mortgage Market
Household Debt
MARKET TRENDS
Sales of Life Insurance Arms
Continued Underrepresentation of Women
Number of Deaths in the UK
ECONOMIC TRENDS
KEY CURRENT ISSUES
Sergeant Review of Simple Financial Products and the BSI Kitemark
Financial Conduct Authority's Probe into Financial Products
With-Profits Funds Come Under Scrutiny
The Budget: Collapse in Annuity Sales Hits Life Protection Providers
MARKET POSITION
The UK
HOW ROBUST IS THE MARKET?
Market Size, Segmentation and Forecasts
MARKET SIZE AND SEGMENTATION
The Total Market
Market Sectors
FORECASTS
Future Trends
Regulatory Pressure on Industry to Increase Capital
Future Economic Trends
Forecast Total Market
Market Growth
An International Perspective
GLOBAL LIFE EXPECTANCY
At Birth
At Age
Healthy Life Expectancy at Birth
GLOBAL INDEBTEDNESS
OVERVIEW OF GLOBAL ECONOMIC CONDITIONS
Europe and the Eurozone
The US
Australia
Canada
Japan
Emerging Markets
THE GLOBAL INSURANCE MARKET
The World's Largest Life Insurance Markets
Emerging Markets
THE STATE OF THE LIFE INSURANCE MARKET
North America
Western Europe
Advanced Asian Economies
Oceania
Emerging Markets
Competitor Analysis
THE MARKETPLACE
MARKET LEADERS
Aviva Life and Pensions UK Ltd
Canada Life Ltd
Friends Life Ltd
Legal and General Assurance Society Ltd
Liverpool Victoria Friendly Society Ltd
National Farmers Union Mutual Insurance Society Ltd (The)
Old Mutual PLC
Pearl Group Holdings (No) Ltd
Prudential Assurance Company Ltd (The)
Royal London Mutual Insurance Society Ltd (The)
Scottish Equitable PLC
Scottish Widows PLC
Standard Life Assurance Ltd
Zurich Assurance Ltd
OTHER COMPANIES
Ageas Protect Ltd
AXA Wealth Services Ltd
The Co-operative Banking Group
Forester Life Ltd
Homeowners Friendly Society Ltd
HSBC Life (UK) Ltd
Neilson Financial Services Ltd
Wesleyan Assurance Society
NUMBER OF COMPANIES
By Turnover
By Employment
Regional Variations in the Marketplace
DISTRIBUTION
MARKETING ACTIVITY
KEY TRADE ASSOCIATIONS
Buying Behaviour
CONSUMER PENETRATION
BUYING BEHAVIOUR - LIFE ASSURANCE
Payment Method
Method of Purchase
Value of Policy
CONSUMER DYNAMICS
Summary of Results
"I Am Confident That My Family Would Cope Financially If I Died"
"I Think Men and Women Should Pay the Same for Life Insurance"
"I Am the Main Wage Earner in my Household"
Policy Benefits
Reasons for Purchasing Life Protection
Attitudes Towards Purchasing
"I Have Less Confidence in the Life Insurance Industry Than in the Past"
Strengths, Weaknesses, Opportunities and Threats
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
PESTEL
POLITICAL
Changes to the I Minus E Tax Regime for Life Protection Products
Reduction in Life Insurance Tax Relief
ECONOMIC
Low Interest Rates Hit Profitability
SOCIAL
The Cost of Dying
Health Problems Affecting the Population
Inheritance Tax Planning and Writing Policies into Trust
Reasons for Buying Life Protection Products
Women in the Workforce
TECHNOLOGICAL
Price Comparison Websites
Online Purchase of Life Insurance
ENVIRONMENTAL
Green Funds
Paperless Policies
LEGISLATIVE
The Consumer Insurance (Disclosure and Representations) Act
Directive/113/EC - The EU Gender Directive: Gender Neutral Pricing
Global Systemically Important Insurers and Reinsurers
The Insurance Bill
Missing Persons: Presumption of Death Act and Proposals to Create Financial Guardians
Probe into Life Insurers' Conduct by Information Commissioner's Office
Retail Distribution Review
Solvency II
Further Sources
Associations
Publications
General Sources
Government Publications
Other Sources
Understanding Consumer Survey Data
Number, Profile, Penetration
Social Grade
Standard Region
Key Note Research
The Key Note Range of Reports

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