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Life Insurance in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Life Insurance Market Research Report | SIC K65.110 | Jun 2016

High life: Growing investment returns have counteracted declining premium income

IBISWorld’s Life Insurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
Aviva plc Aviva plc market share
Legal & General Group plc Legal & General Group plc market share
Lloyds Banking Group Lloyds Banking Group market share
Prudential plc Prudential plc market share
Industry Statistics & Market Size
Revenue
£51bn
Annual Growth 12-17
5.0%
Annual Growth 17-22
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Profit
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Employment
96,235
Businesses
310
Industry Analysis & Industry Trends

The industry has been adversely affected by weak demand for life insurance policies for much of the past five years, while regulatory changes have also affected performance. Weak business confidence levels and severe household spending pressures hampered demand at the start of the period. The Retail Distribution Review, which came into effect in January 2013 to ensure more transparency and fairness in the industry, is also expected to have negatively influenced demand for some products because brokers were compelled to charge customers a fee instead of earning a commission. In addition, annuity reforms that came into effect in April 2015 eroded demand for annuities. Industry revenue is comprised of both premium income and investment income... purchase to read more

Industry Report - Starting a New Business Chapter

The Life Insurance industry has high barriers to entry. There are large capital requirements imposed on businesses considering entering the industry, as well as the need to comply with stringent government regulations. The level of capital required is dependent on the size of insurers' operations, but they must be able to meet benefit payment costs, secure facilities, organise distribution contracts, hire staff and fund other general costs associated with the insurance business.

To compete as an insurer, operators must conform to strict legislation. The overseeing body is the Prudential Regulation Authority (formerly known as the Financial Services Authority). Ins.. purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Life Insurance Industry?

Industry firms provide life insurance cover and life-based investment products. Life insurance obliges the insurer to pay designated beneficiaries a sum of money in the event of the insured individual suffering death, disablement, serious illness or injury. As with all insurance contracts, exclusions may apply that limit the insurer's liability, such as suicide, riot or war.

Industry Products
AnnuitiesLife insurance Disability and long-term care insurance
 
Industry Activities
Providing term life insuranceProviding permanent life insuranceProviding annuitiesProviding life-based savings and investment schemes


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