New Financial Services research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 06/22/2012 -- The UK life insurance segment is the largest segment in the UK insurance industry, accounting for 68.1% of total industry premiums in 2011. It is also one of the largest life insurance segments in Europe in terms of gross written premium. During the review period (2007-2011), the impact of the global financial crisis and the European debt crisis resulted in a decline in consumer confidence. This decline then adversely affected long-term insurance products, something that played a key role in the overall decline of the UK life insurance segment during the review period. However, the complete implementation of Solvency II in 2013 is expected to result in market growth.
- The financial crisis of 2008-2009 severely affected sales of life insurance products, particularly unit-linked single premiums, causing a strong decline in overall premiums in the UK.
- During the review period, the profitability of life insurers operating in the UK was being affected by factors such as a decline in the demand for long-term savings products, competition from other types of investment or savings products, and changes in regulatory and legislative laws.
- New government initiatives and the launch of revised annuity initiatives alongside a compulsory code of conduct, to ensure the best possible retirement income to each and every individual, is expected to drive the UK life insurance segment over the forecast period.
- There are 309 insurance companies operating in the life insurance segment, out of which only 129 are authorized by FSA. The life insurance segment faced great pressure in terms of capital and solvency positions during the financial crisis, although some of these pressures have now eased and the economy is in recovery.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the life insurance market in the UK:
- It provides historical values for the UK life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the UK life insurance market, along with market forecasts until 2016
- 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 insurance products in the UK
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in UK for life insurance business
- It provides a detailed analysis of the reinsurance market in the UK and its growth prospects
- It profiles top life insurance companies in the UK, and outlines the key regulations affecting them
Companies Mentioned in this Report: Aviva Plc, Standard Life Plc, Lloyds Banking Group plc, AEGON UK plc, Prudential plc, Legal & General Group Plc, Zurich Financial Services ltd, Old Mutual plc, Royal London Mutual
About Fast Market Research
Fast Market Research is an online aggregator and 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 will 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 Financial Services research reports at Fast Market Research
You may also be interested in these related reports:
- Life Insurance in South Africa, Key Trends and Opportunities to 2016: Micro Insurance Programs and Rural Insurance Penetration Key to Market Expansion
- Non-Life Insurance in South Africa, Key Trends and Opportunities to 2016: Introduction of Compulsory Motor Third-Party Liability Insurance to Drive Market Growth
- Life Insurance in the Czech Republic, Key Trends and Opportunities to 2016
- Non-Life Insurance in the UK, Key Trends and Opportunities to 2016
- Life Insurance in Mexico, Trends and Opportunities to 2016: Tax Incentives to Continue to Encourage Investment in Life Insurance Retirement Products
- Life Insurance in Germany, Key Trends and Opportunities to 2016
- Non-Life Insurance in Vietnam, Trends and Opportunities to 2016: Increase in Minimum Capital Requirements Will Lead to Market Consolidation
- Life Insurance in Malaysia, Key Trends and Opportunities to 2016
- Life Insurance in the Philippines, Key Trends and Opportunities to 2016
- Non-Life Insurance in the Czech Republic, Key Trends and Opportunities to 2016