Income Protection - United Kingdom (UK) Protection Insurance 2020
The UKs income protection market has grown strongly in recent years. Of the main protection products, income protection was the only product to register double-digit growth in premiums in 2019. Advised sales remain far more common than non-advised sales. However, the non-advice channel has experienced the fastest growth over recent years in terms of new business premiums.
Income protection providers face the prospects of increased claims due to job losses and increased illnesses as a result of COVID-19. As such, insurers have been forced to withdraw unemployment cover from the market and add exclusions to the wording of those policies that remain. The market is anticipated to plunge in 2020 before returning to growth. Financial hardship will highlight how vulnerable people are without a regular income, be it the result of unemployment or illness. This will generate strong demand for income protection products over the coming years.
The report provides an in-depth assessment of the income protection market, looking at current and historical market sizes with regards to changes in contracts and premiums. It examines how income protection products are distributed and highlights key changes in the competitive landscape, as well as the proposition of the key market players. It provides five-year forecasts of contracts and premiums to 2024 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.
- New business premiums in the income protection market grew 18.3% to reach £65.5m in 2019, making it the only protection product to register double-digit growth by this measure.
- Aviva strengthened its position as the largest provider of income protection insurance, with a 32.3% stake of the market in terms of contracts sold in 2018.
- 2019 saw the first product launches of renter-specific income protection insurance.
- The income protection market is forecast to plunge in 2020 before growing out to 2024. New business premiums are forecast to reach £79.3m by 2024.
Reasons to Buy
- Examine the size of the income protection market.
- Discover who the leading providers of income protection are.
- Learn about the short-term and longer-term implications of COVID-19 on the market.
- Understand the influence of other factors on growth.
Table of Contents
1. Background: The Protection Market
2. The Income Protection Insurance Market
3. Market Drivers
Impact of COVID-19
4. Product Launches & Innovation
5. Competitive Landscape
Methodology & Appendix
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Published By: GlobalData
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United Kingdom (UK) Income Protection Insurance Market to 2025 - Analysing Market Drivers and Forecast, Product Launches and Innovation, and Competitive Landscape
The report provides an in-depth assessment of the inc...
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