The report provides in depth market analysis, information and insights into the UK life insurance market, including:
- The UK life insurance market’s growth prospects by life insurance categories and customer segments
- The various distribution channels in the UK life insurance market
- The competitive landscape in the UK life insurance market
- A description of the life reinsurance market in the UK
The UK life insurance segment is the largest segment in the UK insurance industry, accounting for 68.1% of total industry premiums in 2011. It is also one of the largest life insurance segments in Europe in terms of gross written premium. During the review period (2007–2011), the impact of the global financial crisis and the European debt crisis resulted in a decline in consumer confidence. This decline then adversely affected long-term insurance products, something that played a key role in the overall decline of the UK life insurance segment during the review period. However, the complete implementation of Solvency II in 2013 is expected to result in market growth.
This report provides a comprehensive analysis of the life insurance market in the UK:
- It provides historical values for the UK life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
- It offers a detailed analysis of the key sub-segments in the UK life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for insurance products in the UK
- Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in UK for life insurance business
- It provides a detailed analysis of the reinsurance market in the UK and its growth prospects
- It profiles top life insurance companies in the UK, and outlines the key regulations affecting them
Reasons To Buy
- Make strategic business decisions using in depth historic and forecast market data related to the UK life insurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the UK life insurance market
- Assess the competitive dynamics in the life insurance market, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the UK insurance market and its impact on companies and the market's future
- The financial crisis of 2008-2009 severely affected sales of life insurance products, particularly unit-linked single premiums, causing a strong decline in overall premiums in the UK.
- During the review period, the profitability of life insurers operating in the UK was being affected by factors such as a decline in the demand for long-term savings products, competition from other types of investment or savings products, and changes in regulatory and legislative laws.
- New government initiatives and the launch of revised annuity initiatives alongside a compulsory code of conduct, to ensure the best possible retirement income to each and every individual, is expected to drive the UK life insurance segment over the forecast period.
- There are 309 insurance companies operating in the life insurance segment, out of which only 129 are authorized by FSA. The life insurance segment faced great pressure in terms of capital and solvency positions during the financial crisis, although some of these pressures have now eased and the economy is in recovery.