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  4. > UK Business (Life) Protection Insurance: Market Dynamics, Affinities and Partnerships

UK Business (Life) Protection Insurance: Market Dynamics, Affinities and Partnerships is a report investigating the market for key person, shareholder / partner protection and 'relevant life' insurance in the UK. Key features include: an outline of market drivers and the value, growth and segmentation of the market from 2010 to 2014; quantification and commentary concerning the segmentation of policies in force by distribution channels used to buy them in 2014; estimates for underwriter market shares in 2014; a comprehensive listing of major affinity and partnership marketing relationships visible at the time of the research in 2015 for these types of policy; and forecasts for the value of the market up to 2018.

Key person insurance (sometimes known as ‘key man insurance’) is defined as an insurance policy taken out by a business to compensate it for financial losses that would arise from the death or extended incapacity of an important employee albeit not indemnifying the actual losses incurred but rather paying out a fixed sum as specified in the insurance policy.

Shareholder / partner protection insurance is a similar concept but is designed to allow remaining shareholders or partners to remain in control of a business following the death or extended incapacity of another shareholder or partner. It does this by paying out a lump sum to the remaining shareholders or partners which they can use to buy out any interest in the business held by the incapacitated shareholder or partner or dependents in the event of his or her death.

Meanwhile, 'relevant life' insurance is a policy type that allows companies to offer a death-in-service benefit to its employees. Most often, it is used to help smaller businesses to attract and retain high-calibre staff by offering them attractive benefits packages that are also tax-efficient and can also be a tax-efficient way for directors to take out life insurance.

In keeping with 19 other studies in this series, research processes and sources used to create it include the following: primary interviews with leading brokers, underwriters and affinity / corporate partners active in this field; in-house data drawn from other Finaccord reports; and comprehensive analysis of secondary information from a diverse range of data sources including UK government departments and financial regulators, relevant lifestyle organisations and trade associations, specialist publications and published disclosures by competitors active in the market.

Table Of Contents

UK Business (Life) Protection Insurance: Market Dynamics, Affinities and Partnerships
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is the report and the rationale for it? 3
Methodology 3
Definitions 3
Business (life) protection insurance 3
Key person insurance 3
Shareholder / partner protection insurance 4
Relevant life insurance 4
Operating models 4
Partner table syntax 5
Finaccord 5
UK affinity and partnership marketing publications 5
UK market research publications 6
UK consumer research publications 6
20 MARKET ANALYSIS 8
Market drivers 8
Up to 364 million small enterprises constitute the core market for this type of cover 8
Market size and growth 10
The business (life) protection insurance market has increased steadily in value in recent years 10
Distribution channels 11
Most business is distributed through IFAs although some underwriters sell directly 11
A number of intermediaries have clearly-articulated expertise in this type of cover… 12
… and a number of specialised online brokers are also active in it 12
Affinities and partnerships 13
Few affinity or corporate partnerships exist specifically for this category of insurance… 13
… although there are many for financial advice in general with professional and trade associations 13
Market shares 17
Aviva is likely to lead a market in which there are at least a dozen competing underwriters 17
Market forecast 19
Premiums for relevant life cover will continue to outgrow those for other forms of business (life) protection 19
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for UK business (life) protection insurance, 2010 to 2014 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 8
Eligible enterprises with annual turnover below GBP 5 million in the UK segmented by annual turnover band, 2010 to 2014 9
Eligible enterprises with annual turnover below GBP 5 million in the UK segmented by annual turnover band, 2010 to 2014 (table) 9
Gross written premiums for business (life) protection insurance in the UK, 2010 to 2014 10
Gross written premiums for business (life) protection insurance in the UK, 2010 to 2014 (table) 11
Segmentation of distribution channels used for business (life) protection insurance in the UK, 2014 12
Affinity and partnership marketing relationships for financial advice among professional and trade associations in the UK, 2015 13
Affinity and partnership marketing relationships for financial advice among professional and trade associations in the UK, 2015 (continued) 14
Affinity and partnership marketing relationships for financial advice among professional and trade associations in the UK, 2015 (continued) 15
Affinity and partnership marketing relationships for financial advice among professional and trade associations in the UK, 2015 (continued) 16
Estimated market shares of underwriters of business (life) protection insurance in the UK, 2014 17
Estimated market shares of underwriters of business (life) protection insurance in the UK, 2014 (table) 18
Gross written premiums for business (life) protection insurance in the UK, 2018 (forecast) 19
Gross written premiums for business (life) protection insurance in the UK, 2018 (forecast) (table) 20

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