Research and Markets: UK Life Insurance Market 2014 - Key Trends and Opportunities to 2018

Business Wire

DUBLIN--(BUSINESS WIRE)--

Research and Markets (http://www.researchandmarkets.com/research/fvncg2/life_insurance_in) has announced the addition of the "Life Insurance in the UK, Key Trends and Opportunities to 2018" report to their offering.

The life insurance segment in the UK accounted for 69.3% of the total industry's gross written premium in 2013 after posting a review-period (2009-2013) compound annual growth rate (CAGR) of 0.4%. The slower growth was associated with lower consumer confidence after the global financial and European debt crises, which led to a decline in the segment from 2008 until 2011. However, due to government actions and regulatory changes, the overall life segment increased at a CAGR of 4.0% during 2011-2013. Group life insurance recorded positive growth, although individual life insurance declined due to low levels of confidence in investments, increased regulatory scrutiny by the Financial Conduct Authority (FCA), and changes in pensions during the review period.

Key Highlights

  • The life insurance segment in the UK accounted for 69.3% of the total industry's gross written premium in 2013.
  • The life insurance segment in the UK is very well developed, with a high penetration rate of 8.7% of GDP in 2013.
  • The introduction of the Retail Distribution Review (RDR) in December 2012, a government initiative designed to increase consumer trust and confidence in insurance products and services, is expected to drive future growth in the life segment.
  • Group life insurance recorded positive growth when compared to individual life insurance, due to the high volume of overseas business.
  • In 2014, the UK government announced changes in the pension regime, including giving workers more control over their pension funds after retirement.
  • The UK life segment is concentrated, with the top 10 companies accounting for 78.7% of the segment's gross written premium in 2012.

Key Topics Covered:

1 Executive Summary

2 Introduction

3 Regional Market Dynamics

4 Life Insurance Segment - Regional Benchmarking

5 UK Insurance Industry Attractiveness

6 Life Insurance Outlook

7 Analysis by Distribution Channel

8 Porter's Five Forces Analysis - UK Life Insurance

9 Reinsurance Growth Dynamics and Challenges

10 Governance, Risk and Compliance

11 Competitive Landscape and Strategic Insights

12 Business Environment and Country Risk

13 Appendix

Companies Mentioned

  • Aegon NV
  • Aviva Life Plc
  • Friends Life Group Plc
  • Legal & General Group Plc
  • Lloyds Banking Group Plc
  • Old Mutual Plc
  • Prudential Plc
  • Standard Life Plc
  • The Royal London Mutual Insurance Society Ltd
  • Zurich Insurance Co. (UK) Ltd

For more information visit http://www.researchandmarkets.com/research/fvncg2/life_insurance_in

Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Life Insurance

Rates

View Comments (0)