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UK Term Assurance 2011
Datamonitor, Sep 2011
The UK term assurance market is in an increasingly tough market where financial conditions have not managed to strengthen enough to witness annual growth. Providers and distributors will need to adopt a dynamic approach to advertising and identify key prohibitors of the market. This report focuses on the strengths and weaknesses of the mortgage and non- mortgage related term assurance markets.
Scope of the report:
- Strategies to achieve growth in new business as RDR encourages advisors to gravitate towards the protection market.
- Identify new distribution opportunities as providers expand their levels of consumer engagement.
- Benchmark against peers within the UK term assurance market.
- Enhance knowledge of the macro economy and how it drives or inhibits the sale of term assurance.
Highlights:
- In line with a falling and now stagnant mortgage market, mortgage related term has continued to decline in new business premiums since 2008 where new business recorded £242.7m and declined further to £228.5m in 2010.
- Current RDR proposals state that advisor charging will not apply to pure protection products allowing IFAs to continue receiving commission on its sales. It is predicted these proposals to be a positive driver of protection sales through IFAs.
- Demand for the product relies heavily on consumers' attitudes towards the product as well as on the macroeconomic environment of the industry. The circumstances surrounding consumer engagement will differ and the market will see demand increase the more the consumer has to protect.
Reasons to buy:
- How to grow and develop strategies to boost consumer engagement with term assurance.
- Understand the protection market, the distribution trends and the key drivers of new business for term.
- Access forecasts for the market and valuable insight of how the sector is set to develop.
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