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Life Insurance in the UK, Key Trends and Opportunities to 2020

Life Insurance in the UK, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK life insurance segment, and a comparison of the UK insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UK economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the UK life insurance segment, including:

  • An overview of the UK life insurance segment
  • The UK life insurance segment’s growth prospects by category
  • A comprehensive overview of the UK economy and demographics
  • A comparison of the UK life insurance segment with its regional counterparts
  • The various distribution channels in the UK life insurance segment
  • Details of the competitive landscape in the life insurance segment in the UK
  • Details of regulatory policy applicable to the UK insurance industry
Scope

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 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the UK life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the UK life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in the UK.
  • 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 in the UK life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the UK insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • Life insurance was the largest segment in the UK insurance industry, accounting for 64.1% of the overall gross written premium in 2015.
  • Group life insurance recorded positive growth compared to individual life insurance during the review period.
  • To ensure transparency, on November 30, 2016 the FCA proposed that retiring policyholders should have access to an annuity comparator before purchasing an annuity contract.
  • In 2015, ABI-registered life insurers accounted for 94.2% of the UK life gross written premium.
  • In 2016, the UK government cancelled plans to establish a secondary annuities market by 2017.


  • Key Facts and Highlights
    • Table UK Life Insurance - Key Facts, 2015
    • Table UK Life Insurance - Top Five Life Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table UK Government Credit Ratings
  • Segment Outlook
    • Segment Indicators
      • Gross written premium and penetration
        • Table UK Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2011-2015
        • Table UK Life Insurance - Penetration (%), 2011-2015
        • Table UK Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2015-2020
        • Table UK Life Insurance - Penetration (%), 2015-2020
        • Table UK Life Insurance - New Business Direct Written Premium (GBP Billion and US$ Billion), 2011-2015
        • Table UK Life Insurance - New Business Direct Written Premium (GBP Billion and US$ Billion), 2015-2020
        • Table UK Life Insurance - Premium per Capita (GBP and US$), 2011-2015
        • Table UK Life Insurance - Premium per Capita (GBP and US$), 2015-2020
      • Claims
        • Table UK Life Insurance - Paid Claims (GBP Billion and US$ Billion), 2011-2015
        • Table UK Life Insurance - Paid Claims (GBP Billion and US$ Billion), 2015-2020
      • Investments
        • Table UK Life Insurance - Total Investment Income (GBP Billion and US$ Billion), 2011-2015
        • Table UK Life Insurance - Total Investment Income (GBP Billion and US$ Billion), 2015-2020
        • Table UK Life Insurance - Investment Portfolio (GBP Billion), 2011-2015
        • Table UK Life Insurance - Investment Portfolio (GBP Billion), 2015-2020
  • Outlook by Sub-Segment
    • Table UK Life Insurance - Gross Written Premium by Sub-Segment (GBP Billion),2011-2015
    • Table UK Life Insurance - Gross Written Premium by Sub-Segment (GBP Billion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table UK Individual Life Insurance - Gross Written Premium by Category (GBP Billion), 2011-2015
        • Table UK Individual Life Insurance - Gross Written Premium by Category (GBP Billion), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table UK Group Life Insurance - Gross Written Premium by Category (GBP Billion), 2011-2015
        • Table UK Group Life Insurance - Gross Written Premium by Category (GBP Billion), 2015-2020
      • Penetration
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table UK Life Segment - Product and Market Share (%) of Top Insurers , 2015
    • Table UK Life Segment - Top Insurers , 2015
    • Company Profiles
      • Aviva Plc - company overview
        • Table Aviva Plc - Key Facts
      • Standard Life Plc - company overview
        • Table Standard Life Plc - Key Facts
      • Prudential Plc - company overview
        • Table Prudential Plc - Key Facts
      • FIL Life Insurance Ltd - company overview
        • Table FIL Life Insurance Ltd - Key Facts
      • Legal & General Group Plc - company overview
        • Table Legal & General Group Plc - Key Facts
  • Governance, Risk and Compliance
    • Table UK - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table UK - Life Insurance Regulatory Framework
      • Property insurance
        • Table UK - Property Insurance Regulatory Framework
      • Motor insurance
        • Table UK- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table UK - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Employer's liability insurance
      • Motor third-party liability insurance
      • Merchant shipping compulsory insurance
      • National Insurance Scheme
        • Table UK - Benefits Under National Insurance Scheme
      • Professional indemnity insurance
      • Air carriers and aircraft operators insurance
        • Table UK - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
      • Clinical trials liability insurance
      • Liability for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority
      • Prudential Regulation Authority
      • Financial Conduct Authority
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table UK - Corporate Tax Rates for the Financial Year 2017
      • VAT
        • Table UK- VAT Rates in UK for Insurance Products
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table UK Life Insurance - Policies and Premium, 2011-2015
      • Table UK Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table UK Life Insurance - Claims and Expenses, 2011-2015
      • Table UK Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table UK Life Insurance - Assets and Investments, 2011-2015
      • Table UK Life Insurance - Assets and Investments, 2015-2020
    • Individual Life Insurance
      • Table UK Life Insurance - Individual Life Insurance, 2011-2015
      • Table UK Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table UK Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table UK Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table UK Life Insurance - Group Life Insurance, 2011-2015
      • Table UK Life Insurance - Group Life Insurance, 2015-2020
    • Group Life Insurance by Product
      • Table UK Life Insurance - Group Life Insurance by Product, 2011-2015
      • Table UK Life Insurance - Group Life Insurance by Product, 2015-2020
    • Individual Life - Single vs Non-Single Premium
      • Table UK Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table UK Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Group Life - Single vs Non-Single Premium
      • Table UK Life Insurance - Group Life Insurance by Premium, 2011-2015
      • Table UK Life Insurance - Group Life Insurance by Premium, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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