Lewes, DE -- (SBWIRE) -- 07/23/2014 -- 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 report provides in-depth market analysis, information and insights into the UK life insurance segment, including:
- The UK life insurance segment’s growth prospects by life insurance categories
- Key trends and drivers for the life insurance segment
- The various distribution channels in the UK life insurance segment
- The detailed competitive landscape in the life insurance segment in the UK
- Detailed regulatory policies of the UK insurance industry
- A description of the life reinsurance segment in the UK
- Porter's Five Forces analysis of the life insurance segment
- A benchmarking section on the UK life insurance segment in comparison with other countries with GWP>$150 billion
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 Buy
- 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
- 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.
Spanning Over 314 pages, “Life Insurance in the UK, Key Trends and Opportunities to 2018” report covering the Regional Market Dynamics, Life Insurance Segment – Regional Benchmarking, UK Insurance Industry Attractiveness, Life Insurance Outlook, Analysis by Distribution Channel, Porter’s Five Forces Analysis – UK Life Insurance, Reinsurance Growth Dynamics and Challenges, Governance, Risk and Compliance, Competitive Landscape and Strategic Insights, Business Environment and Country Risk, Appendix. The report covered companies are - 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
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