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UK Life Assurance 2004 Overview
Datamonitor, April 2004, Pages: 114
The UK life assurance market has been badly hit by poor stock market returns, weakened consumer confidence, high-profile scandals and ever-changing regulatory reform. This summary report provides data on the total, annual and single premium markets, distribution trends, in-depth competitor analysis and gives forecasts of market size and distribution channel premiums up to 2008.
Scope of this Report:
The report uses ABI statistics, SynThesys Life database, Swiss Re information, extensive primary & secondary research and Datamonitors Life Forecasts
Gives total, single & annual premiums from 2000-3, split by product and role within savings and protection life markets
Competitor analysis of the total market, focusing on the top ten players, their premium income and Life strategies, strengths and weaknesses
Provides forecasts for the total, annual and single premium markets, analyzing growth drivers and trends in distribution
Report Highlights
The total UK life market will grow by over £1.8 bn in the next five years to £4.9 bn. This will be driven by increases in consumer appetite for investment products as a result of improved stock market returns, while growth in protection products will be dampened by a slowdown in the housing market. Single premiums will increase by £1.5 bn by 2008.
Annual premiums suffered a 1.7% decline in 2003 as premiums fell to £1.29 bn as a result of continuing endowment shortfalls and misselling scandals. Term products have replaced endowments, benefiting from the UK mortgage boom. Although a slowdown in term growth is forecast, total annual premiums will pick up again to reach £1.6 bn in 2008.
The 10 largest players have exhibited a strong rise in premiums. As times have become tough, larger players have been able to use their size and access to capital markets to ride out the storm. The largest competitors with household names and strong finances have been able to create bancassurance and retail partnerships, helping to boost sales.
Reasons to Purchase
1. Market forecasts: Identify the future of the market, its potential and opportunities for developing winning products
2. Competitor intelligence: Appreciate the key market competitors, their strengths and weaknesses to build successful strategies and boost business
Market data: Understand market and distribution trends and drivers in the total life market and its individual product areas
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