United Kingdom life insurance market: Accounts for over 70% of total industry premiums
Life Insurance in the United Kingdom, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-17 10:27:04
Life insurance was the largest segment in the UK insurance industry in 2012, accounting for 70.4% of total industry premiums. It is also one of the largest life insurance segments in Europe in gross written premium terms. The impact of the financial crisis, and subsequent European debt crisis, during the review period (2008â2012) resulted in a decline in consumer confidence.
This decline adversely affected the demand for long-term insurance products, resulting in an overall decline in the UK life segment. However, the segment is expected to record growth over the forecast period following various initiatives taken by the government and life insurers. Life insurance products are predominantly distributed through brokers, with this channel accounting for 66.2% of the segment´s new business written premiums in 2012.
The segment´s value declined at a review-period CAGR of 3.9%, however, the segment is expected to record a forecast-period CAGR of 1.5%. Growth will be driven by improvements in the UK´s economy, with IMF estimates expecting GDP to grow at a forecast-period CAGR of 2.2%. In addition, the expected implementation of Solvency II in January 2015 will result in stricter solvency and capital requirements, better risk management and higher profits.
The RDR was implemented by the Financial Conduct Authority (FCA) and includes measures designed to implement professional standards for insurance advisers, as well as regulate both commissions earned, and fees paid by, financial professionals. Life insurance products are predominantly distributed through brokers, with this channel accounting for 66.2% of the segment´s new business written premiums in 2012.
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