The UK Insurance Market Outlook to 2015
Executive Summary
The Report titled “The UK Insurance Market Outlook to 2015” provides an in-depth analysis of the UK insurance industry. The report covers specific insights on the market size, insurance density, insurance penetration, segmentation and future outlook of the insurance industry in the UK. The report also entails the market size on the basis of gross insurance premium written in case of life and non-life insurance and market share of various companies at the country level. Overall, the report offers a comprehensive analysis of the entire UK insurance industry.
The insurance industry in the UK is one of the largest, sophisticated and competitive markets in the world. There are few barriers to entry in the Insurance market and freedom on rate setting, leading to an increase in the rivalry among insurers. The industry is currently witnessing soft market conditions due to over-capacity and rise in the level of profitability in 2009 due to a kind natural catastrophe season.
In the UK, the life gross insurance premium grew at a CAGR of ~% from 2001-2009 and increased from USD ~ million to USD ~ million. The life premium showed a growth trend from 2001-2007, declining thereafter in 2008 and 2009. Non life premium increased from USD ~ million in 2001 to USD ~ million in 2009, registering a CAGR of ~%. The effect of recession was felt in the UK as well wherein the market declined for two consecutive years i.e. in 2008 and 2009.
In terms of value, life insurance contributed with a premium of USD ~ million. Motor insurance being the second largest segment contributed with USD ~ million followed closely by property insurance with USD ~ million. Health insurance and other non-life insurance also contributed with USD ~ million and USD ~ million respectively.
Motor insurance in the UK grew at a CAGR of ~% from 2001-2009. The premium increased from 2002 onwards and continued to increase till 2005, declining marginally in 2006 and then again increased in 2007. The premium dipped again in 2008 and 2009 because of economic depression.
The UK life insurance market is highly fragmented with the largest player Aviva holding ~ % of the total market. Standard life is another major player with a market share of ~ %. There is stiff competition between HBOS Financial Services, Legal & General, AEGON, Alico and Prudential, having a market share of ~%, ~%, ~%, ~%, ~% respectively. Lloyds TSB is another major player with a market share of ~ % closely followed by AXA with ~ % of the market share. Friends Provident holds a market share of ~ %. There are other players operating in the region who hold approximately ~ % of the market.
Scope of Research
The report entails thorough analysis and offers valuable insights on the insurance industry in the UK. The scope of the report includes:
The Report titled “The UK Insurance Market Outlook to 2015” provides an in-depth analysis of the UK insurance industry. The report covers specific insights on the market size, insurance density, insurance penetration, segmentation and future outlook of the insurance industry in the UK. The report also entails the market size on the basis of gross insurance premium written in case of life and non-life insurance and market share of various companies at the country level. Overall, the report offers a comprehensive analysis of the entire UK insurance industry.
The insurance industry in the UK is one of the largest, sophisticated and competitive markets in the world. There are few barriers to entry in the Insurance market and freedom on rate setting, leading to an increase in the rivalry among insurers. The industry is currently witnessing soft market conditions due to over-capacity and rise in the level of profitability in 2009 due to a kind natural catastrophe season.
In the UK, the life gross insurance premium grew at a CAGR of ~% from 2001-2009 and increased from USD ~ million to USD ~ million. The life premium showed a growth trend from 2001-2007, declining thereafter in 2008 and 2009. Non life premium increased from USD ~ million in 2001 to USD ~ million in 2009, registering a CAGR of ~%. The effect of recession was felt in the UK as well wherein the market declined for two consecutive years i.e. in 2008 and 2009.
In terms of value, life insurance contributed with a premium of USD ~ million. Motor insurance being the second largest segment contributed with USD ~ million followed closely by property insurance with USD ~ million. Health insurance and other non-life insurance also contributed with USD ~ million and USD ~ million respectively.
Motor insurance in the UK grew at a CAGR of ~% from 2001-2009. The premium increased from 2002 onwards and continued to increase till 2005, declining marginally in 2006 and then again increased in 2007. The premium dipped again in 2008 and 2009 because of economic depression.
The UK life insurance market is highly fragmented with the largest player Aviva holding ~ % of the total market. Standard life is another major player with a market share of ~ %. There is stiff competition between HBOS Financial Services, Legal & General, AEGON, Alico and Prudential, having a market share of ~%, ~%, ~%, ~%, ~% respectively. Lloyds TSB is another major player with a market share of ~ % closely followed by AXA with ~ % of the market share. Friends Provident holds a market share of ~ %. There are other players operating in the region who hold approximately ~ % of the market.
Scope of Research
The report entails thorough analysis and offers valuable insights on the insurance industry in the UK. The scope of the report includes:
- The market size of life and non-life insurance industry in terms of gross insurance premium written for the UK, 2001 to 2015
- Life and Non-life insurance density in USD for the UK, 2001 to 2015
- Life and Non-life insurance penetration, premium as a percentage of GDP for the country, 2001 to 2015
- Market segmentation on the basis of Product in the UK, 2009 and 2015
- Non-life insurance market segmentation by motor, health, property on the basis of gross insurance premium written, 2001-2015
- Competitive Landscape of the major life insurers (Aviva, Standard Life, HBOS Financial Services, Legal & General, AEGON) in the UK on the basis of gross premium written
- Competitive Landscape of the major non-life insurers (Aviva, RBS Insurance, AIG,AXA, Royal & Sun Alliance) in the UK on the basis of gross premium written
- Valuable Insights and Future Outlook of the insurance industry in UK.
1. THE UK INSURANCE MARKET INTRODUCTION
2. THE UK LIFE AND NON-LIFE INSURANCE MARKET SIZE BY VALUE, 2001-2015
3. THE UK LIFE AND NON-LIFE INSURANCE DENSITY, PREMIUM PER CAPITA, USD, 2001-2015
4. THE UK LIFE AND NON-LIFE INSURANCE PENETRATION, PREMIUM AS A % OF GDP, 2001-2015
5. THE UK INSURANCE MARKET SEGMENTATION BY PRODUCT, 2009 AND 2015
5.1. The UK Motor Insurance Market Size by Value, 2001-2015
5.2. The UK Health Insurance Market Size by Value, 2001-2015
5.3. The UK Property Insurance Market Size by Value, 2001-2015
6. THE UK LIFE AND NON-LIFE INSURERS’ INVESTMENT PORTFOLIO, USD MILLION, 2001-2009
7. THE UK INSURANCE PREMIUM SEGMENTATION ON THE BASIS OF DISTRIBUTION CHANNEL, IN PERCENTAGE, 2008
7.1. The UK Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
7.2. The UK Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
8. NUMBER OF INSURANCE COMPANIES IN THE UK, 2001-2009
9. HEADCOUNT IN THE UK INSURANCE SECTOR, 2001-2009
10. THE UK INSURANCE COMPETITIVE LANDSCAPE
10.1. The UK Life Insurance Competitive Landscape, 2008
10.2. The UK Non-Life Insurance Competitive Landscape, 2008
11. THE UK INSURANCE MARKET FUTURE OUTLOOK
12. APPENDIX
12.1. Market Definition
12.2. Abbreviations
12.3. Disclaimer
2. THE UK LIFE AND NON-LIFE INSURANCE MARKET SIZE BY VALUE, 2001-2015
3. THE UK LIFE AND NON-LIFE INSURANCE DENSITY, PREMIUM PER CAPITA, USD, 2001-2015
4. THE UK LIFE AND NON-LIFE INSURANCE PENETRATION, PREMIUM AS A % OF GDP, 2001-2015
5. THE UK INSURANCE MARKET SEGMENTATION BY PRODUCT, 2009 AND 2015
5.1. The UK Motor Insurance Market Size by Value, 2001-2015
5.2. The UK Health Insurance Market Size by Value, 2001-2015
5.3. The UK Property Insurance Market Size by Value, 2001-2015
6. THE UK LIFE AND NON-LIFE INSURERS’ INVESTMENT PORTFOLIO, USD MILLION, 2001-2009
7. THE UK INSURANCE PREMIUM SEGMENTATION ON THE BASIS OF DISTRIBUTION CHANNEL, IN PERCENTAGE, 2008
7.1. The UK Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
7.2. The UK Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
8. NUMBER OF INSURANCE COMPANIES IN THE UK, 2001-2009
9. HEADCOUNT IN THE UK INSURANCE SECTOR, 2001-2009
10. THE UK INSURANCE COMPETITIVE LANDSCAPE
10.1. The UK Life Insurance Competitive Landscape, 2008
10.2. The UK Non-Life Insurance Competitive Landscape, 2008
11. THE UK INSURANCE MARKET FUTURE OUTLOOK
12. APPENDIX
12.1. Market Definition
12.2. Abbreviations
12.3. Disclaimer
LIST OF FIGURES
Figure 1: The UK Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 2: The UK Life and Non Life Insurance Density, Premium per Capita, in USD, 2001-2015
Figure 3: The UK Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2001-2015
Figure 4: The UK Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2009
Figure 5: The UK Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2015
Figure 6: The UK Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 7: The UK Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 8: The UK Property Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 9: The UK Life and Non-life Insurers’ Contribution in the Total Investment Portfolio, in Percentage, 2001-2009
Figure 10: The UK Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
Figure 11: The UK Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
Figure 12: The Total Number of Insurance Companies in the UK, 2001-2009
Figure 13: The Total Number of Employees in the Insurance Sector in the UK, 2001-2009
Figure 14: The UK Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2008
Figure 15: The UK Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2008
Figure 1: The UK Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 2: The UK Life and Non Life Insurance Density, Premium per Capita, in USD, 2001-2015
Figure 3: The UK Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2001-2015
Figure 4: The UK Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2009
Figure 5: The UK Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2015
Figure 6: The UK Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 7: The UK Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 8: The UK Property Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 9: The UK Life and Non-life Insurers’ Contribution in the Total Investment Portfolio, in Percentage, 2001-2009
Figure 10: The UK Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
Figure 11: The UK Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008
Figure 12: The Total Number of Insurance Companies in the UK, 2001-2009
Figure 13: The Total Number of Employees in the Insurance Sector in the UK, 2001-2009
Figure 14: The UK Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2008
Figure 15: The UK Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2008
LIST OF TABLES
Table 1: The UK Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 2: The UK Life and Non Life Insurance Density, Premium per Capita, in USD, 2001-2015
Table 3: The UK Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2001-2015
Table 4: The UK Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 5: The UK Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 6: The UK Property Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 7: The UK Life and Non-life Insurers’ Contribution in the Total Investment Portfolio, in USD Million, 2001-2009
Table 8: The Total Number of Insurance Companies in the UK, 2001-2009
Table 9: The Total Number of Employees in the Insurance Sector in the UK, 2001-2009
Table 10: The UK Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2008
Table 11: The UK Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2008
Table 1: The UK Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 2: The UK Life and Non Life Insurance Density, Premium per Capita, in USD, 2001-2015
Table 3: The UK Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2001-2015
Table 4: The UK Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 5: The UK Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 6: The UK Property Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 7: The UK Life and Non-life Insurers’ Contribution in the Total Investment Portfolio, in USD Million, 2001-2009
Table 8: The Total Number of Insurance Companies in the UK, 2001-2009
Table 9: The Total Number of Employees in the Insurance Sector in the UK, 2001-2009
Table 10: The UK Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2008
Table 11: The UK Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2008
