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UK Income Protection and Critical Illness Insurance 2011
Datamonitor, Sep 2011
The protection industry continues to face the longer term issue of protection products being seen as an unnecessary luxury. This threatens to leave consumers with a shortfall in protection that they need. However, the industry may experience resurgence in future through current commitments from providers, IFAs, and government bodies in increasing consumer education on the benefits of protection.
Scope of the report:
- Plan your strategy effectively by having primary consumer insight to consumer attitudes and needs towards protection.
- Access a comprehensive analysis of the income protection and critical illness markets to drive future innovations.
- Assess the latest developments from major players to see what it means for your company.
Highlights:
- The total protection market has observed little movement in terms of new business over the past five years between 2006 and 2010 with a compound annual growth rate of 0.2%. It is worthy to note that given the difficult operating economic conditions, new business has held instead of declining; a positive point for the protection industry.
- The industry may experience resurgence in future through current commitments from providers and advisors as well as Government bodies in increasing consumer education on the benefits of protection. Simplicity is key to regaining consumers’ and IFAs' trust in CII with advisors having a vital role to play in curbing any confusion at the outset.
Reasons to buy:
- How do players involved plan on making consumers more engaged with income protection and critical illness?
- Which providers are at the forefront of innovation in the income protection and critical illness markets?
- What factors limit the success of new product innovations in income protection and critical illness?
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