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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 offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

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 - Industry Products Chapter

The revenue generated by the Life Insurance industry comes from premium income and investment earnings. However, the product segmentation of the industry is based on premium income only, as this gives a better indication of the types of products that consumers purchase. Premium income is expected to account for 45.2% of industry revenue in 2016-17.

Life insurance

Life insurance can be split into term life insurance and permanent life insurance. Term life insurance only provides coverage for a specified period of time (such as five, 10 or 20 years) and a benefit is only paid out if the insured person dies during this period. Permanent life insurance on the other hand has no such time limits and pays out benefits when the insured person dies. Per.. 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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