MarketResearchReports.Biz has announced addition of new report “UK Protection Insurance: Term And Whole Of Life” to its database.

1. UK Protection Insurance Market Research Report: Term And Whole Of Life
Summary
MarketResearchReports.Biz has announced addition of new report “UK Protection Insurance:
Term And Whole Of Life” to its database.
Description
The life market has contracted significantly over the last couple of years since the introduction of
the Retail Distribution Review (RDR) and the subsequent exodus of banks providing advice, so that
now both the number of contracts and the value of premiums are at much lower levels than before.
With minimal change in either variable over 2014 and 2015, a new normal is taking hold in the
market.
Key Findings
- The sheer size of the total term market dictates the overall protection market direction, with the
reduction in premium value every year from 2012 pinning the protection market back. Following a
3.6% drop in term premium income in 2015, the total protection market was only able to register
0.2% growth.
- There has been very little activity within the term market itself to inspire growth, and the product
is reasonably commoditized to make it a price-driven market. As a population, many UK consumers
are under-insured, but are failing to engage with the product. Term is still a product that is sold
rather than bought, and for a product which might well never pay out, the new business figures
suggest that a sale is increasingly difficult for consumers and advisors alike.
Synopsis
This report examines the protection side of the life insurance market, the side that broadly provides
financial compensation in the risk-measured event of death or severe health issues. Taking
protection as a whole, it focuses on the major and closely related product lines of term and whole of
life insurance. It also highlights the impact of the RDR and provides a forecast for the next five
years.
Reasons To Buy
- Review your strategy against both the existing and new challenges facing the term and whole of
life insurance markets.
- See where the opportunities are for digital disruption and how insurers need to respond.
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2. Table of Contents
Table of Contents
EXECUTIVE SUMMARY
Protection has reached a new normal and needs to reinvigorate itself
Key findings
Critical success factors
MARKET DYNAMICS
Introduction
The protection market has reached a 'new normal' of lower business levels
Contract levels have reduced due to the RDR
Banks have retrenched to core business and reduced their advisory capabilities
Non-mortgage term insurance remains the dominant product
Protection products are performing differently
The term insurance sector is facing a challenging time
Term continues to dictate the protection market
The mortgage market heavily affects opportunities for term insurance
The number of term contracts has declined
Premiums dropped across all product types in 2015
Product market share echoes the premium performance
The whole of life market is a market of two halves
Guaranteed acceptance is the dominant whole of life product
Whole of life contracts have declined
Premiums have held their own due to rate increases
The whole of life market is more dynamic than term
Pressure from new regulation is currently minimal
The protection market is out of the spotlight for now
All is quiet on the regulation front
The RDR has effectively excluded less affluent consumers from the market
Digital and societal changes are being felt
Subtle social change is taking place, while a lack of proactive customer engagement means the
market has stalled
Industry disruption has been catching its breath
Insurers are focused on operational pressures
PRODUCT DISTRIBUTION TRENDS
The RDR has changed the distribution landscape for protection products
The total protection market picture reveals the collapse of restricted advice
However, the premiums story shows the value of advice
Distribution of term products is still dominated by IFAs
IFAs are well placed to upsell to wealthier customers as part of conversations about savings and
mortgage protection
Direct channels have not been able to fill the advice gap yet
Distribution of whole of life products is as divided as ever
Guaranteed acceptance products are predominantly sold through the non-advised channel
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3. IFAs are upselling with critical illness to drive up the underwritten market
Frustrations are creeping in among advisors
THE MARKET GOING FORWARD
The national climate of uncertainty will hold the protection market back
It will be a long road back for customers shut out by the RDR
Post-Brexit, the UK's future is uncertain
The domestic political picture is also in turmoil and could change everything
The term market forecast will see an overall drop in premiums to 2020
Sales growth will be driven by the mortgage market and digital technologies
Sales will be inhibited by the advice gap and weak engagement
Whole of life market forecast predicts growth at the expense of term
Sales growth will be driven by changes in inheritance tax
Sales will be inhibited by product perception
INSURERS NEED TO ADAPT THEIR BUSINESS MODELS
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Connect With Us U.S. Office: State Tower 90 State Street,
Suite 700, AlbanyNY 12207,
United States
Toll Free: 866-997-4948
sales@marketresearchreports.biz