UK Protection Insurance 2019: Critical Illness & Income Protection
Summary This report focuses on the major (and closely related) IP and CI product lines.It examines the market size of both IP and standalone CI products with regards to the changes in new contracts and premiums written.
It also examines the most frequent and expensive reason to claim on these policies.It highlights the most dominant players in the market and their propositions, and provides market sizing forecasts up to 2024.
Finally, the report discusses how the market is likely to change, with a focus on technology as a key influencer.
Both the income protection (IP) and critical illness (CI) insurance markets experienced strong growth in 2018. Combined, they increased their share of the total protection market for the fourth year in a row, accounting for 10.2% of premiums in 2018. This indicates growing demand for illness- and injury-oriented products. The IP and CI markets remain locked in a dynamic where products are sold rather than bought; as a result, the advisory channel has remained the main way in which IP and CI products are distributed. But consistent growth is occurring in the non-advisory channel (to a greater extent in the CI market), which suggests that over the coming years we may see a shift towards products being bought rather than sold.
Scope - The number of new contracts in the IP market increased in 2018 to 149,193, up 12.2% compared with the previous year.
- The standalone CI market experienced measured growth in 2018, with premiums and contracts increasing by 2.0% and 9.2% respectively.
- Legal & General was the largest provider of CI products in 2017, accounting for over a quarter of new contract sales in 2017.
Reasons to buy - Understand the barriers of uptake for CI and IP, and learn how to increase consumer engagement.
- Explore how the distribution landscape is changing for these products.
- Discover who the leading providers of CI and IP are.
- See how the CI and IP markets are forecast to grow over the next five years.
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