United Kingdom (UK) Protection Insurance – Income Protection Market

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United Kingdom (UK) Protection Insurance – Income Protection Market Report Overview

The income protection (IP) market experienced strong growth in 2022. Contracts increased to 213,100, while premiums generated from these contracts was GBP81 million in 2022. The number of IP contracts is expected to witness a surge during the projected period as consumers gain confidence due to minimizing inflation, falling interest rates, and the improving economy. This will further result in the IP premiums growing at a CAGR of more than 2% by 2027.

UK Protection Insurance – Income Protection Market Outlook 2022-2027 (GBP Million)

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This report provides an in-depth assessment of the income protection (IP) insurance market, looking at current and historical market size changes in contracts and premiums. It examines how Income Protection products are distributed and highlights notable changes in the competitive landscape, as well as the propositions of key market players. The value of claims is also assessed. The report provides five-year forecasts of contracts and premiums to 2027 and discusses how the market, distribution, and products offered are likely to change in the future (as well as the reasons for these changes).

Market Size (IP Premiums) GBP81 million
Key Income Protection Contracts by Channel Independent Advice, Restricted Advice, and Non-Advised
Key Income Protection Contracts by Disease Musculoskeletal, COVID-19, Mental Illness, Cancer, Gastrointestinal, Heart Attack or Stroke, and Neurological
Key Companies Legal & General (L&G), Aviva, LV=, Royal London, and The Exeter
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UK Protection Insurance – Income Protection Market Dynamics

The key drivers impacting the IP market growth in the UK include improvement in mental health capabilities to support consumers, growing numbers of private renters, lack of product knowledge by customers, leveraging AI to enhance and streamline the value chain, and implementation of customer duty rules to provide better customer outcomes.

For instance, insurance companies such as Aviva and Royal London are improving their mental health capabilities to make it easier for individuals with mental health issues to obtain insurance. Many insurance companies now offer online resources and mobile apps designed to encourage healthy living and provide mental health assistance. Additionally, tools for assessment, counselling services, and stress management strategies are also being provided.

UK Protection Insurance – Income Protection Market Segmentation by Channel

The key channels in the UK protection insurance – income protection market are independent advice, restricted advice, and non-advised. In 2022, independent advice dominated the market, both in terms of premiums and contracts. Consumers continue to seek out advice to better understand their coverage needs as well as find the best value option.

UK Protection Insurance – Income Protection Market Analysis by Channel, 2022 (%)

UK Protection Insurance – Income Protection Market Analysis by Channel, 2022 (%)

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UK Protection Insurance – Income Protection Market Segmentation by Claims Paid

Some of the medical conditions IP insurance can be claimed for in the UK protection insurance include musculoskeletal, COVID-19, mental illness, cancer, gastrointestinal, heart attack or stroke, and neurological, among others. In 2022, mental illness-related claims accounted for the largest share in terms of total claims value. However, musculoskeletal claims have been rising since the pandemic. This can partly be attributed to changing working habits, with consumers having to work from improvised home offices during lockdowns and office closures. This is why, these claims held the first spot in terms of the number of IP insurance claims made during 2022.

UK Protection Insurance – Income Protection Market Analysis by Claims Paid, 2022 (%)

UK Protection Insurance – Income Protection Market Analysis by Claims Paid, 2022 (%)

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The key companies in the UK protection insurance – income protection market are Legal & General (L&G), Aviva, LV=, Royal London, and The Exeter among others. In 2022, Legal & General (L&G) retained first place by selling the highest number of income protection contracts, followed by Aviva, and LV=.

UK Protection Insurance – Income Protection Market Analysis by Companies, 2022 (%)

UK Protection Insurance – Income Protection Market Analysis by Companies, 2022 (%)

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UK Protection Insurance – Income Protection Market Outlook by Channel (%, 2018-2022)

  • Independent Advice
  • Restricted Advice
  • Non-Advised

UK Protection Insurance – Income Protection Market Outlook by Disease (%, 2018-2022)

  • Musculoskeletal
  • COVID-19
  • Mental Illness
  • Cancer
  • Gastrointestinal
  • Heart Attack or Stroke
  • Neurological

Scope

• The IP market experienced strong growth in 2022. Contracts increased by 11.7% to 213,100 while premiums rose by 20% to GBP81 million.

• The independent advice channel dominates the IP market, with a 70.1% and 70.3% share of contracts and premiums. Consumers continue to seek out advice to better understand their coverage needs as well as find the best value option.

• Legal & General was the top provider of IP insurance in 2022 with a share of 27.4%. The top five accounted for 80.1% of the market.

Key Highlights

  • The IP market experienced strong growth in 2022. Contracts increased by 11.7% to 213,100 while premiums rose by 20% to GBP81 million.
  • The independent advice channel dominates the IP market, with a 70.1% and 70.3% share of contracts and premiums. Consumers continue to seek out advice to better understand their coverage needs as well as find the best value option.
  • Legal & General was the top provider of IP insurance in 2022 with a share of 27.4%. The top five accounted for 80.1% of the market.

Reasons to Buy

  • Examine the size of the standalone income protection insurance market.
  • Identify the leading providers of income protection.
  • Learn about the implications of the cost-of-living crisis on the market.
  • Understand the influence of a variety of factors on market growth.

LV=
Aviva
Royal London
Legal & General
Zurich
Holloway Friendly
Guardian
Vitality
British Friendly
National Friendly
The Exeter
HSBC

Table of Contents

Executive Summary and Critical Success Factors

Background: The Protection Market

The Income Protection Market

Market Drivers

Product Launches and Innovation

Competitive Landscape

Forecasts

Appendix

Frequently asked questions

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