2014-01-27 08:57:05 - New Insurance market report from Timetric: "Term Life Assurance in the UK, Key Trends and Opportunities to 2017"
New business premiums in the term life assurance category grew by 7.7% in 2012, accompanied by an increase in mortgage-related protection sales. Term life assurance (excluding accelerated critical illness benefit) dominated the UK long-term protection market, accounting for 26.8% of the total new business regular premium in 2012. Household finances continued to be squeezed, which reduced the demand for discretionary term life and other protection products. The fall in mortgage lending led to a decline in sales of term life policies taken out with interest-only or repayment mortgages. The term life assurance category remained resilient, however, recording a compound annual growth rate (CAGR) of -2.53% during the review period (2008-2012).
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Level-term assurance products, offering the
same level of cover throughout the period of the policy, accounted for 72.2% of the total term life new business premiums. Decreasing-term assurance policies, usually purchased by individuals who may only wish to protect their mortgage, represented 27.8% of the total new business premiums. Despite the difficult economic background and mortgage market instability, life insurers delivered a steady volume of new business in both the level and decreasing-term assurance sub-categories during the review period.
* Term life assurance category shows resilience amid challenging economic conditions.
* The category will record modest growth over the next five years.
* Both advised and non-advised channels expected to drive term assurance sales.
* Regulatory changes will bring further uncertainty.
* Premium growth is expected to settle at 2.6% by 2017.
* This report provides a comprehensive analysis of the term life assurance market in the UK.
* It provides historical values for the UK's term life assurance market for the report's 2008-2012 review period and forecast figures for the 2013-2017 forecast period.
* It offers estimates of new business premiums collected in the term life assurance category.
* It analyses the key features of term life assurance products.
* It provides an overview of market dynamics and market drivers.
* It discusses various distribution channels for term life assurance products in the UK.
* It profiles top term life assurance providers in the UK, and outlines the key regulatory changes affecting them.
Reasons to Get this Report
* Gain an understanding of the UK term life assurance market size.
* Explore the market dynamics across the level-term and decreasing-term sub-categories.
* Learn about the performance of market drivers and distribution channels.
* Understand the competitive landscape and key product offerings.
* Find out more about key deals and recent developments in the market.
Companies Mentioned in this Report: Aegon UK Plc, Aviva Plc, Ageas UK Ltd, Friends Life Group Plc, Legal and General Group, Liverpool Victoria Group, Lloyds Banking Group, Prudential Plc, Royal London Group, Zurich Financial Services Ltd
Partial Table of Contents:
1 Executive Summary
2.1 What is this Report About?
2.4 Market Size
2.4.1 Level-term and decreasing-term assurance new business premiums
2.4.2 UK long-term protection market, new business regular premiums by category
2.4.3 Number of new term life assurance policies sold
2.5 Market Drivers
2.6 Market Outlook
2.7 Distribution Channels
3 Competitive Landscape
3.1 Best Performers of 2012
3.2 Term Life Assurance - SWOT Analysis
4 Porter's Five Forces Analysis
4.1 Bargaining Power of Suppliers: Low to Medium
4.2 Bargaining Power of Buyers: Medium to High
4.3 Barriers to Entry: Medium
4.4 Intensity of Rivalry: High
4.5 Threat of Substitutes: Medium
5 Deals and News
5.1 Aviva Launches Life Insurance Radio Advertising Campaign
5.2 Royal London Completes Co-Op Acquisitions
5.3 Aegon Improves Financial and Non-Medical Underwriting Limits for Protection
5.4 LV= Develops Corporate Life Product
5.5 Aviva Predicts Rise in Non-Advised Protection Sales As It Closes Direct Advice Arm
5.6 Ageas Launches Business Protection Product Suite
5.7 Ageas Adds 'Life of Another' Option to Product Range
5.8 Zurich and Guardian Launch Life Navigator Campaign
6 Regulation and Compliance
6.1 Regulatory Changes
6.1.1 Risk selection by gender has been outlawed
6.1.2 Retail Distribution Review
6.1.3 'I minus E' taxation change
6.1.4 Consumer Insurance Act
6.1.5 Mortgage Market Review
6.1.6 Solvency II
7 Economic Backdrop
7.1 Real GDP Growth
7.2 Housing and Mortgage Market
8 Company Profiles
8.1 Aegon UK Plc
8.1.1 Aegon UK Plc - key facts
8.1.2 Aegon UK Plc - main products
8.1.3 Aegon UK Plc - main competitors
8.1.4 Aegon UK Plc - key employees
8.2 Aviva Plc - Company Overview
8.2.1 Aviva Plc - key facts
8.2.2 Aviva Plc - main products
8.2.3 Aviva Plc - main competitors
8.2.4 Aviva Plc - key employees
8.3 Ageas UK Ltd - Company Overview
8.3.1 Ageas UK Ltd - key facts
8.3.2 Ageas UK Ltd - main products
8.3.3 Ageas UK Ltd - main competitors
8.3.4 Ageas UK Ltd - key employees
8.4 Friends Life Group Plc - Company Overview
8.4.1 Friends Life Group Plc - key facts
8.4.2 Friends Life Group Plc - main products
Full Table of Contents is available at:
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