UK: Protection Insurance Market 2019 Profiling Key Players like The Exeter, Zurich, Guardian Financial Services, Legal & General, Aviva, Vitality, Friends Life, Royal London, LV=, AIG

"UK Protection Insurance 2018: Critical Illness & Income Protection", the report discusses the IP and CII market, looking at market size with regards to changes in contracts and premiums, in addition to claims. It highlights the barriers to consumer engagement, how products are distributed, and the main players and their propositions. It provides five-year forecasts of market size in premiums to 2022 and discusses how the market is likely to change as healthcare technology is developed.

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Both the income protection (IP) and critical illness insurance (CII) markets experienced strong growth in 2017. Combined, they increased their share of the total protection market for the fourth year in a row, accounting for 10% of premiums in 2017. This indicates growing demand for illness-and injury-oriented products. The IP and CII markets remain locked in a dynamic where products are sold as opposed to bought; as a result, the advisory channel has remained the main way in which IP and CII products are distributed. But consistent growth is occurring in the non-advisory channel (to a greater extent in the CII market), which suggests that over the coming years we may see a shift towards products being bought rather than sold.

Scope

-The number of contracts in the IP market increased in 2017 to 132,949, up 11.3% compared with the previous year. Premiums grew by 11% compared with 2016, reaching £53.63m.
-The standalone CII market experienced considerable growth in 2017, with premiums and contracts increasing by 37% and 46.2% respectively.
-Legal & General remained the largest provider of CII products in 2017, accounting for 25.5% of new contract sales. Meanwhile Aviva accounted for 24.6%, with its strong performance largely due to the incorporation of Friends Life.

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Reasons to buy

-Understand the barriers of uptake for CII and IP, and learn how to increase consumer engagement.
-Explore how the distribution landscape is changing for these products.
-Discover which providers lead the way in CII and IP.
-See how the CII and IP markets are forecast to grow over the next five years.

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This release was published on openPR.