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Life Insurance in the UK, Key Trends and Opportunities to 2019

Life Insurance in the UK, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'Life Insurance in the UK, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the UK life insurance segment.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 (2010–2014) and forecast period (2014–2019).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 2019' 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 category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the UK economy and demographics
  • 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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key categories in the UK life insurance segment, and market forecasts to 2019.
  • 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 is the largest segment in the UK insurance industry, accounting for 72.8% of the industry’s gross written premium in 2014.
  • In 2014, life insurance penetration stood at 8.0%.
  • By October 2018 all UK-based employers are required to enroll their employees to workplace pension scheme.
  • Due to low interest rate environment and impending Solvency II legislation, it becomes difficult for pension scheme providers to meet their obligation to pensioners. In order to compensate for their liabilities they are buying bulk annuities.
  • According to Aegon Insurance, the UK pension category is the largest in the Europe and the third-largest in the world after the US and Japan.


  • Key Facts and Highlights
    • Table UK Life Insurance - Key Facts, 2014
  • Executive Summary
  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Economy and Demographics
    • Table UK Government Credit Ratings
  • Life Insurance Outlook
    • Key Drivers
    • Key Trends
    • Challenges
    • Life Insurance Growth Prospects by Category
      • Table UK Life Insurance - Gross Written Premium by Category (GBP Billion), 2010-2014
      • Table UK Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
      • Table UK Life Insurance - Gross Written Premium by Category (GBP Billion), 2014-2019
      • Table UK Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
      • Table UK Life Insurance - New Business Direct Written Premium (GBP Billion), 2010-2014
      • Table UK Life Insurance - New Business Direct Written Premium (GBP Billion), 2014-2019
      • Table UK Life Insurance - Net Earned Premium (GBP Billion), 2010-2014
      • Table UK Life Insurance - Net Earned Premium (GBP Billion), 2014-2019
      • Table UK Life Insurance - Paid Claims (GBP Billion), 2010-2014
      • Table UK Life Insurance - Paid Claims (GBP Billion), 2014-2019
      • Table UK Life Insurance - Incurred Loss (GBP Billion), 2010-2014
      • Table UK Life Insurance - Incurred Loss (GBP Billion), 2014-2019
      • Table UK Life Insurance - Number of Policies per Capita, 2010-2014
      • Table UK Life Insurance - Number of Policies per Capita, 2014-2019
      • Table UK Life Insurance - Commissions and Expenses (GBP Billion), 2010-2014
      • Table UK Life Insurance - Commissions and Expenses (GBP Billion), 2014-2019
      • Table UK Life Insurance - Net Written Premium (% of GWP), 2010-2014
      • Table UK Life Insurance - Net Written Premium (% of GWP), 2014-2019
      • Table UK Life Insurance - Renewal Business Direct Written Premium (GBP Billion), 2010-2014
      • Table UK Life Insurance - Renewal Business Direct Written Premium (GBP Billion), 2014-2019
      • Table UK Life Insurance - Total Assets (GBP Billion), 2010-2014
      • Table UK Life Insurance - Total Assets (GBP Billion), 2014-2019
      • Table UK Life Insurance - Total Investment Income (GBP Billion), 2010-2014
      • Table UK Life Insurance - Total Investment Income (GBP Billion), 2014-2019
      • Table UK Life Insurance - Net Written Premium (GBP Billion), 2010-2014
      • Table UK Life Insurance - Net Written Premium (GBP Billion), 2014-2019
    • Individual Life Insurance
      • Table UK Individual Life Insurance - Gross Written Premium by Category (GBP Billion), 2010-2014
      • Table UK Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
      • Table UK Individual Life Insurance - Gross Written Premium by Category (GBP Billion), 2014-2019
      • Table UK Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
      • Table UK Individual Life Insurance - Direct Written Premium by Category (GBP Billion), 2010-2014
      • Table UK Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
      • Table UK Individual Life Insurance - Direct Written Premium by Category (GBP Billion), 2014-2019
      • Table UK Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
      • Table UK Individual Life Insurance - Policies by Category (Million), 2010-2014
      • Table UK Individual Life Insurance - Policies by Category (Million), 2014-2019
      • Individual whole life insurance
        • Table UK Individual Whole Life Insurance - Number of Active Policies (Million), 2010-2014
        • Table UK Individual Whole Life Insurance - Number of Active Policies (Million), 2014-2019
        • Table UK Individual Whole Life Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Individual Whole Life Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Individual general annuity insurance
        • Table UK Individual General Annuity Insurance - Number of Active Policies (Million), 2010-2014
        • Table UK Individual General Annuity Insurance - Number of Active Policies (Million), 2014-2019
        • Table UK Individual General Annuity Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Individual General Annuity Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Individual pension insurance
        • Table UK Individual Pension Insurance - Number of Active Policies (Million), 2010-2014
        • Table UK Individual Pension Insurance - Number of Active Policies (Million), 2014-2019
        • Table UK Individual Pension Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Individual Pension Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Other individual life insurance
        • Table UK Other Individual Life Insurance - Number of Active Policies (Thousand), 2010-2014
        • Table UK Other Individual Life Insurance - Number of Active Policies (Thousand), 2014-2019
        • Table UK Other Individual Life Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Other Individual Life Insurance - Direct Written Premium (GBP Billion), 2014-2019
    • Group Life Insurance
      • Table UK Group Life Insurance - Gross Written Premium by Category (GBP Billion), 2010-2014
      • Table UK Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
      • Table UK Group Life Insurance - Gross Written Premium by Category (GBP Billion), 2014-2019
      • Table UK Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
      • Table UK Group Life Insurance - Direct Written Premium by Category (GBP Billion), 2010-2014
      • Table UK Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
      • Table UK Group Life Insurance - Direct Written Premium by Category (GBP Billion), 2014-2019
      • Table UK Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
      • Table UK Group Life Insurance - Policies by Category (Million), 2010-2014
      • Table UK Group Life Insurance - Policies by Category (Million), 2014-2019
      • Group whole life insurance
        • Table UK Group Whole Life Insurance - Number of Active Policies (Million), 2010-2014
        • Table UK Group Whole Life Insurance - Number of Active Policies (Million), 2014-2019
        • Table UK Group Whole Life Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Group Whole Life Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Group superannuation insurance
        • Table UK Group Superannuation Insurance - Number of Active Policies (Million), 2010-2014
        • Table UK Group Superannuation Insurance - Number of Active Policies (Million), 2014-2019
        • Table UK Group Superannuation Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Group Superannuation Insurance - Direct Written Premium (GBP Billion), 2014-2019
    • Life Insurance Growth Prospects by Product Type
      • Individual single-premium insurance
        • Table UK Individual Single-Premium Insurance - Gross Written Premium (GBP Billion), 2010-2014
        • Table UK Individual Single-Premium Insurance - Gross Written Premium (GBP Billion), 2014-2019
        • Table UK Individual Single-Premium Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Individual Single-Premium Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Individual non-single-premium insurance
        • Table UK Individual Non-Single-Premium Insurance - Gross Written Premium (GBP Billion), 2010-2014
        • Table UK Individual Non-Single-Premium Insurance - Gross Written Premium (GBP Billion), 2014-2019
        • Table UK Individual Non-Single-Premium Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Individual Non-Single-Premium Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Group single-premium insurance
        • Table UK Group Single-Premium Insurance - Gross Written Premium (GBP Billion), 2010-2014
        • Table UK Group Single-Premium Insurance - Gross Written Premium (GBP Billion), 2014-2019
        • Table UK Group Single-Premium Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Group Single-Premium Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Group non-single-premium insurance
        • Table UK Group Non-Single-Premium Insurance - Gross Written Premium (GBP Billion), 2010-2014
        • Table UK Group Non-Single-Premium Insurance - Gross Written Premium (GBP Billion), 2014-2019
        • Table UK Group Non-Single-Premium Insurance - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Group Non-Single-Premium Insurance - Direct Written Premium (GBP Billion), 2014-2019
      • Total linked insurance business
        • Table UK Linked Insurance Business - Number of Active Policies (Million), 2010-2014
        • Table UK Linked Insurance Business - Number of Active Policies (Million), 2014-2019
        • Table UK Linked Insurance Business - Gross Written Premium (GBP Billion), 2010-2014
        • Table UK Linked Insurance Business - Gross Written Premium (GBP Billion), 2014-2019
        • Table UK Linked Insurance Business - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Linked Insurance Business - Direct Written Premium (GBP Billion), 2014-2019
      • Total non-linked insurance business
        • Table UK Non-Linked Insurance Business - Number of Active Policies (Million), 2010-2014
        • Table UK Non-Linked Insurance Business - Number of Active Policies (Million), 2014-2019
        • Table UK Non-Linked Insurance Business - Gross Written Premium (GBP Billion), 2010-2014
        • Table UK Non-Linked Insurance Business - Gross Written Premium (GBP Billion), 2014-2019
        • Table UK Non-Linked Insurance Business - Direct Written Premium (GBP Billion), 2010-2014
        • Table UK Non-Linked Insurance Business - Direct Written Premium (GBP Billion), 2014-2019
  • Analysis by Distribution Channel
    • Direct Marketing
      • Table UK Life Insurance - Direct Marketing Value of Commissions (GBP Million), 2010-2014
      • Table UK Life Insurance - Direct Marketing Value of Commissions (GBP Million), 2014-2019
      • Table UK Life Insurance - Direct Marketing New Business Direct Written Premium (GBP Billion), 2010-2014
      • Table UK Life Insurance - Direct Marketing New Business Direct Written Premium (GBP Billion), 2014-2019
      • Table UK Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2010-2014
      • Table UK Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2014-2019
    • Agencies
      • Table UK Life Insurance - Agencies' Value of Commissions (GBP Million), 2010-2014
      • Table UK Life Insurance - Agencies' Value of Commissions (GBP Million), 2014-2019
      • Table UK Life Insurance - Agencies' New Business Direct Written Premium (GBP Billion), 2010-2014
      • Table UK Life Insurance - Agencies' New Business Direct Written Premium (GBP Billion), 2014-2019
      • Table UK Life Insurance - New Policies Sold Through Agencies (Thousand), 2010-2014
      • Table UK Life Insurance - New Policies Sold Through Agencies (Thousand), 2014-2019
    • Brokers
      • Table UK Life Insurance - Brokers' Value of Commissions (GBP Billion), 2010-2014
      • Table UK Life Insurance - Brokers' Value of Commissions (GBP Billion), 2014-2019
      • Table UK Life Insurance - Brokers' New Business Direct Written Premium (GBP Billion), 2010-2014
      • Table UK Life Insurance - Brokers' New Business Direct Written Premium (GBP Billion), 2014-2019
      • Table UK Life Insurance - New Policies Sold Through Brokers (Million), 2010-2014
      • Table UK Life Insurance - New Policies Sold Through Brokers (Million), 2014-2019
  • Competitive Landscape and Strategic Insights
    • Overview
    • Leading Companies in the UK Life Insurance Segment
      • Table UK Life Insurance Written Premium Shares by Leading Companies (%), 2013
      • Standard Life Plc - company overview
        • Table Standard Life Plc - Key Facts
        • Table Standard Life Plc - Key Financials (GBP Million), 2010-2013
      • Lloyds Banking Group Plc - company overview
        • Table Lloyds Banking Group Plc - Key Facts
        • Table Lloyds Banking Group Plc - Key Financials (GBP Million), 2010-2013
      • Aviva Life Plc - company overview
        • Table Aviva Life Plc - Key Facts
        • Table Aviva Life Plc - Key Financials (GBP Million), 2010-2013
      • Legal & General Group Plc - company overview
        • Table Legal & General Group Plc - Key Facts
        • Table Legal & General Group Plc - Key Financials (GBP Million), 2010-2013
      • Aegon NV - company overview
        • Table Aegon NV - Key Facts
        • Table Aegon NV - Key Financials (GBP Million), 2010-2013
      • Prudential Plc - company overview
        • Table Prudential Plc - Key Facts
        • Table Prudential Plc - Key Financials (GBP Million), 2010-2013
      • Friends Life Group Plc - company overview
        • Table Friends Life Group Plc - Key Facts
        • Table Friends Life Group Plc - Key Financials (GBP Million), 2010-2013
      • The Royal London Mutual Insurance - company overview
        • Table Royal London Mutual Insurance Society Ltd - Key Facts
        • Table Royal London Mutual Insurance Society Ltd - Key Financials (GBP Million), 2010-2013
      • Pension Insurance Corporation - company overview
        • Table Pension Insurance Corporation - Key Facts
        • Table Pension Insurance Corporation - Key Financials (GBP Million), 2010-2013
  • Governance, Risk and Compliance
    • Table The UK - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Regulatory Changes
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table The UK - Life Insurance Regulatory Framework
      • Property insurance
        • Table The UK - Property Insurance Regulatory Framework
      • Motor insurance
        • Table The UK - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table The 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 The UK - Benefits Under National Insurance Scheme
      • Professional indemnity insurance
    • 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
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table The UK - Capital Requirements for Long-term Insurers
        • Table The UK - Capital Requirements for General Insurers
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table The UK - Corporate Tax Rates for the Financial Year 2015
      • VAT
        • Table The UK - VAT Rates in UK for Insurance Products
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Appendix
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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