Boston, MA -- (SBWIRE) -- 08/04/2014 -- The life insurance segment in the UK accounted for 69.3% of the total industry's gross written premium in 2013 after posting a review-period (2009-2013) compound annual growth rate (CAGR) of 0.4%. The slower growth was associated with lower consumer confidence after the global financial and European debt crises, which led to a decline in the segment from 2008 until 2011. However, due to government actions and regulatory changes, the overall life segment increased at a CAGR of 4.0% during 2011-2013. Group life insurance recorded positive growth, although individual life insurance declined due to low levels of confidence in investments, increased regulatory scrutiny by the Financial Conduct Authority (FCA), and changes in pensions during the review period.
- The life insurance segment in the UK accounted for 69.3% of the total industry's gross written premium in 2013.
- The life insurance segment in the UK is very well developed, with a high penetration rate of 8.7% of GDP in 2013.
- The introduction of the Retail Distribution Review (RDR) in December 2012, a government initiative designed to increase consumer trust and confidence in insurance products and services, is expected to drive future growth in the life segment.
- Group life insurance recorded positive growth when compared to individual life insurance, due to the high volume of overseas business.
- In 2014, the UK government announced changes in the pension regime, including giving workers more control over their pension funds after retirement.
- The UK life segment is concentrated, with the top 10 companies accounting for 78.7% of the segment's gross written premium in 2012.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the life insurance segment in the UK:
- It provides historical values for the UK life insurance segment for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key categories in the UK life insurance segment, along with market forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life insurance products in the UK.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in the UK for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in the UK and its growth prospects.
- It profiles the top life insurance companies in the UK and outlines the key regulations affecting them.
Reasons to Get this Report
- Make strategic business decisions using in depth historic and forecast market data related to the UK life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the UK life insurance segment
- Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the UK insurance industry and its impact on companies and the market's future
Companies Mentioned in this Report: Standard Life Plc, Aviva Life Plc, Prudential Plc, Lloyds Banking Group Plc, Legal & General Group Plc, Friends Life Group Plc, Aegon NV, Zurich Insurance Co. (UK) Ltd, Old Mutual Plc, The Royal London Mutual Insurance Society Ltd
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Insurance research reports at Fast Market Research
You may also be interested in these related reports:
- Non-Life Insurance in Indonesia, Key Trends and Opportunities to 2018
- Non-Life Insurance in the UK, Key Trends and Opportunities to 2018
- Life Insurance in Indonesia, Key Trends and Opportunities to 2018
- Life Insurance in Germany, Key Trends and Opportunities to 2018
- Non-Life Insurance in Germany, Key Trends and Opportunities to 2018
- Life Insurance in the Czech Republic, Key Trends and Opportunities to 2018
- Life Insurance in Hungary, Key Trends and Opportunities to 2018
- Life Insurance in Turkey, Key Trends and Opportunities to 2018
- Non-Life Insurance in the Czech Republic, Key Trends and Opportunities to 2018
- Non-Life Insurance in Hungary, Key Trends and Opportunities to 2018