2014-04-04 15:28:04 - Income Protection and Critical Illness Insurance in the UK, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
New business premiums in the income protection and critical illness market grew by 14.5% in 2012, which coincided with an increase in mortgage sales. However, the income protection gap in the UK has remained significant, rising by 46% between 2002 and 2012. The income protection and critical illness market recorded a decline of 14.6% in 2008, with new business premiums falling by 24.4% in 2009.
The recession has affected household finances, reducing the demand for discretionary income protection and critical illness policies. The fall in mortgage lending from 2008 onwards was accompanied by a decline in the sale of income protection and critical illness policies, usually taken out by homebuyers. Nevertheless, insurers delivered a steady volume of new business in the
income protection and critical illness market during the review period.
The critical illness category accounted for 48.3% of the total new business premiums, while income protection represented 31.2%. Income protection dominated group policy sales, accounting for 81.0% of group new business premiums in 2012. The group critical illness sub-category achieved significant growth of 99.2% between 2008 and 2012, with its share in total group new business premiums rising from 6.0% to 19.0% in the same period.
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