1h Free Analyst TimeThe report provides an in-depth assessment of the income protection insurance market, looking at current and historical market sizes with regards to changes in contracts and premiums. It examines how income protection products are distributed and highlights key changes in the competitive landscape, as well as the propositions of the key market players. The value of claims is also assessed. The report provides five-year forecasts of contracts and premiums to 2025 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.
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The income protection market contracted in 2020 - new business premiums decreased by 10.1% and the number of contracts fell by 1.7%. Despite the contraction in 2020, new business premiums and contracts are expected to return to growth by 2021, experiencing 10.0% and 10.8% increases. IP market growth is expected to be driven by the high demand for IP products in light of the pandemic’s continued prominence and consumers’ increasing awareness of their financial vulnerability.
- There were 171,457 IP contracts sold in 2020, and new business premiums totalled £59.3m, representing contractions of 1.7% and 10.1%, respectively, since 2019.
- Aviva, the leading provider of IP, experienced a 6.2 percentage point contraction in market share in 2019, now accounting for 26.1% of the market. However, the top three leading providers have remained unchanged.
- Cancer, musculoskeletal conditions, and mental illness accounted for 63.6% of IP claim costs in 2020. Due to an increase in remote working, isolation, and the suspension of NHS health screenings, payouts for these conditions are expected to rise.
Reasons to Buy
- Examine the size of the income protection market.
- Discover who the leading providers of income protection are.
- Learn about the short-term and longer-term implications of COVID-19 on the market.
- Understand the influence of other factors on growth.
Table of Contents
- Background The Protection Market
- The Income Protection Market
- Market Drivers
- Product Launches and Innovation
- Competitive Landscape
A selection of companies mentioned in this report includes:
- Legal & General
- Royal London
- The Exeter
- Friends Life
- Square Health
- Medical Screening Solutions
- Holloway Friendly