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UK Income Protection Insurance Market Report-Analysing Market Drivers and Forecast, Product Launches and Innovation, and Competitive Landscape

10-28-2021 08:21 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: ReportsandReports

The development variables of the UK Income Protection Insurance Market are discussed in the research report. Furthermore, distinctive end clients of the market are clarified exhaustively. Information and data by the market player, by district, by type, by application. The UK Income Protection Insurance Market report contains the SWOT examination of the worldwide market. UK Income Protection Insurance Market investigation covers subjective discourse on territorial development drivers, affecting patterns to creates, openings, and difficulties that permit clients to base current realities and assessments at the extremely miniature level.

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UK Income Protection Insurance Market Report provides an in-depth assessment of the income protection insurance 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 propositions of the key market players. The value of claims is also assessed. The report provides five-year forecasts of contracts and premiums to 2025 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.

The income protection market contracted in 2020 - new business premiums decreased by 10.1% and the number of contracts fell by 1.7%. Despite the contraction in 2020, new business premiums and contracts are expected to return to growth by 2021, experiencing 10.0% and 10.8% increases. IP market growth is expected to be driven by the high demand for IP products in light of the pandemic’s continued prominence and consumers’ increasing awareness of their financial vulnerability.

Scope of this Report-
- There were 171,457 IP contracts sold in 2020, and new business premiums totalled £59.3m, representing contractions of 1.7% and 10.1%, respectively, since 2019.
- Aviva, the leading provider of IP, experienced a 6.2 percentage point contraction in market share in 2019, now accounting for 26.1% of the market. However, the top three leading providers have remained unchanged.
- Cancer, musculoskeletal conditions, and mental illness accounted for 63.6% of IP claim costs in 2020. Due to an increase in remote working, isolation, and the suspension of NHS health screenings, payouts for these conditions are expected to rise.

Reasons to Buy this Report-
- 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.

Get Discount on Purchase this Report @ https://www.reportsnreports.com/purchase.aspx?name=4870315

Table of Contents
Background The Protection Market
The Income Protection Market
Market Drivers
Product Launches and Innovation
Competitive Landscape
Forecasts
Appendix

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