Life Insurance in the UK, Key Trends and Opportunities to 2020

Date: May 31, 2017
Pages: 153
Price:
US$ 1,450.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: L5469054104EN
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Life Insurance in the UK, Key Trends and Opportunities to 2020
SYNOPSIS

Timetric’s 'Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK life insurance segment, and a comparison of the UK insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UK economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the UK life insurance segment, including:
  • An overview of the UK life insurance segment
  • The UK life insurance segment’s growth prospects by category
  • A comprehensive overview of the UK economy and demographics
  • A comparison of the UK life insurance segment with its regional counterparts
  • The various distribution channels in the UK life insurance segment
  • Details of the competitive landscape in the life insurance segment in the UK
  • Details of regulatory policy applicable to the UK insurance industry
SCOPE

This report provides a comprehensive analysis of the life insurance segment in the UK:
  • It provides historical values for the UK life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the UK life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the UK life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in the UK.
  • It profiles the top life insurance companies in the UK and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the UK life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the UK life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the UK insurance industry, and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • Life insurance was the largest segment in the UK insurance industry, accounting for 64.1% of the overall gross written premium in 2015.
  • Group life insurance recorded positive growth compared to individual life insurance during the review period.
  • To ensure transparency, on November 30, 2016 the FCA proposed that retiring policyholders should have access to an annuity comparator before purchasing an annuity contract.
  • In 2015, ABI-registered life insurers accounted for 94.2% of the UK life gross written premium.
  • In 2016, the UK government cancelled plans to establish a secondary annuities market by 2017.
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Segment Indicators
  4.1.1 Gross written premium and penetration
  4.1.2 Claims
  4.1.3 Investments

5 OUTLOOK BY SUB-SEGMENT

5.1 Individual Life Insurance
  5.1.1 Premium
  5.1.2 Penetration
5.2 Group Life Insurance
  5.2.1 Premium
  5.2.2 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles
  7.1.1 Aviva Plc – company overview
  7.1.2 Standard Life Plc – company overview
  7.1.3 Prudential Plc – company overview
  7.1.4 FIL Life Insurance Ltd – company overview
  7.1.5 Legal & General Group Plc – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
  8.3.1 Life insurance
  8.3.2 Property insurance
  8.3.3 Motor insurance
  8.3.4 Liability insurance
  8.3.5 Marine, aviation and transit insurance
  8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
  8.4.1 Employer’s liability insurance
  8.4.2 Motor third-party liability insurance
  8.4.3 Merchant shipping compulsory insurance
  8.4.4 National Insurance Scheme
  8.4.5 Professional indemnity insurance
  8.4.6 Air carriers and aircraft operators insurance
  8.4.7 Clinical trials liability insurance
  8.4.8 Liability for ships with respect to oil pollution
8.5 Supervision and Control
  8.5.1 International Association of Insurance Supervisors
  8.5.2 European Insurance and Occupational Pensions Authority
  8.5.3 Prudential Regulation Authority
  8.5.4 Financial Conduct Authority
8.6 Non-Admitted Insurance Regulations
  8.6.1 Overview
  8.6.2 Intermediaries
  8.6.3 Market practices
  8.6.4 Fines and Penalties
8.7 Company Registration and Operations
  8.7.1 Type of insurance organization
  8.7.2 Establishing a local company
  8.7.3 Foreign ownership
  8.7.4 Types of license
  8.7.5 Capital requirements
  8.7.6 Solvency margin
  8.7.7 Reserve requirements
  8.7.8 Investment regulations
  8.7.9 Statutory return requirements
  8.7.10 Fee structure
8.8 Taxation
  8.8.1 Insurance premium or policy taxation
  8.8.2 Withholding taxes on premium paid overseas
  8.8.3 Corporate tax
  8.8.4 VAT
  8.8.5 Captives
8.9 Legal System
  8.9.1 Introduction
  8.9.2 Access to court
  8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Group Life Insurance
9.7 Group Life Insurance by Product
9.8 Individual Life – Single vs. Non-Single Premium
9.9 Group Life – Single vs. Non-Single Premium

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions
10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

LIST OF TABLES

Table 1: UK Life Insurance – Key Facts, 2015
Table 2: UK Life Insurance – Top Five Life Insurers, 2015
Table 3: UK Government Credit Ratings
Table 4: UK Life Insurance – Gross Written Premium (GBP Billion and US$ Billion), 2011–2015
Table 5: UK Life Insurance – Penetration (%), 2011–2015
Table 6: UK Life Insurance – Gross Written Premium (GBP Billion and US$ Billion), 2015–2020
Table 7: UK Life Insurance – Penetration (%), 2015–2020
Table 8: UK Life Insurance – New Business Direct Written Premium (GBP Billion and US$ Billion), 2011–2015
Table 9: UK Life Insurance – New Business Direct Written Premium (GBP Billion and US$ Billion), 2015–2020
Table 10: UK Life Insurance – Premium per Capita (GBP and US$), 2011–2015
Table 11: UK Life Insurance – Premium per Capita (GBP and US$), 2015–2020
Table 12: UK Life Insurance – Paid Claims (GBP Billion and US$ Billion), 2011–2015
Table 13: UK Life Insurance – Paid Claims (GBP Billion and US$ Billion), 2015–2020
Table 14: UK Life Insurance – Total Investment Income (GBP Billion and US$ Billion), 2011–2015
Table 15: UK Life Insurance – Total Investment Income (GBP Billion and US$ Billion), 2015–2020
Table 16: UK Life Insurance – Investment Portfolio (GBP Billion), 2011–2015
Table 17: UK Life Insurance – Investment Portfolio (GBP Billion), 2015–2020
Table 18: UK Life Insurance – Gross Written Premium by Sub-Segment (GBP Billion),2011–2015
Table 19: UK Life Insurance – Gross Written Premium by Sub-Segment (GBP Billion), 2015–2020
Table 20: UK Individual Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2015
Table 21: UK Individual Life Insurance – Gross Written Premium by Category (GBP Billion), 2015–2020
Table 22: UK Group Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2015
Table 23: UK Group Life Insurance – Gross Written Premium by Category (GBP Billion), 2015–2020
Table 24: UK Life Segment – Product and Market Share (%) of Top Insurers , 2015
Table 25: UK Life Segment – Top Insurers , 2015
Table 26: Aviva Plc – Key Facts
Table 27: Standard Life Plc – Key Facts
Table 28: Prudential Plc – Key Facts
Table 29: FIL Life Insurance Ltd – Key Facts
Table 30: Legal & General Group Plc – Key Facts
Table 31: UK – Insurance Regulatory Framework Key Features
Table 32: UK – Life Insurance Regulatory Framework
Table 33: UK – Property Insurance Regulatory Framework
Table 34: UK– Motor Insurance Regulatory Framework
Table 35: UK – Liability Insurance Regulatory Framework
Table 36: UK – Benefits Under National Insurance Scheme
Table 37: UK – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 38: UK – Corporate Tax Rates for the Financial Year 2017
Table 39: UK– VAT Rates in UK for Insurance Products
Table 40: UK Life Insurance – Policies and Premium, 2011–2015
Table 41: UK Life Insurance – Policies and Premium, 2015–2020
Table 42: UK Life Insurance – Claims and Expenses, 2011–2015
Table 43: UK Life Insurance – Claims and Expenses, 2015–2020
Table 44: UK Life Insurance – Assets and Investments, 2011–2015
Table 45: UK Life Insurance – Assets and Investments, 2015–2020
Table 46: UK Life Insurance – Individual Life Insurance, 2011–2015
Table 47: UK Life Insurance – Individual Life Insurance, 2015–2020
Table 48: UK Life Insurance – Individual Life Insurance by Product, 2011–2015
Table 49: UK Life Insurance – Individual Life Insurance by Product, 2015–2020
Table 50: UK Life Insurance – Group Life Insurance, 2011–2015
Table 51: UK Life Insurance – Group Life Insurance, 2015–2020
Table 52: UK Life Insurance – Group Life Insurance by Product, 2011–2015
Table 53: UK Life Insurance – Group Life Insurance by Product, 2015–2020
Table 54: UK Life Insurance – Individual Life Insurance by Premium, 2011–2015
Table 55: UK Life Insurance – Individual Life Insurance by Premium, 2015–2020
Table 56: UK Life Insurance – Group Life Insurance by Premium, 2011–2015
Table 57: UK Life Insurance – Group Life Insurance by Premium, 2015–2020
Table 58: Insurance Industry Definitions


LIST OF FIGURES

Figure 1: UK Real GDP (GBP Trillion), 2011–2020
Figure 2: UK Consumer Price Inflation (%), 2011–2020
Figure 3: UK Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 4: UK Unemployment Rate, 2011–2020
Figure 5: UK Population by Age Group, 2011–2025
Figure 6: UK Life Insurance – Gross Written Premium (GBP Billion), 2011–2020
Figure 7: UK Life Insurance – Penetration (%), 2011–2020
Figure 8: UK Life Insurance – New Business Direct Written Premium (GBP Billion), 2011–2020
Figure 9: UK Life Insurance – Premium per Capita (GBP), 2011–2020
Figure 10: UK Life Insurance – Paid Claims (GBP Billion), 2011–2020
Figure 11: UK Life Insurance – Total Investment Income (GBP Billion), 2011–2020
Figure 12: UK Life Insurance – Investment Portfolio (GBP Billion), 2011–2020
Figure 13: UK Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 14: UK Life Insurance – Gross Written Premium by Sub-Segment (GBP Billion), 2011–2020
Figure 15: UK Life Insurance – Gross Written Premium Share by Sub-Segment, 2011–2020
Figure 16: UK Life Insurance – Gross Written Premium Dynamics by Sub-Segment, 2011–2020
Figure 17: UK Individual Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2020
Figure 18: UK Individual Life Insurance – Gross Written Premium Share by Category, 2011–2020
Figure 19: UK Individual Life Insurance – Gross Written Premium Dynamics by Category, 2011–2020
Figure 20: UK Individual Life Insurance – Penetration (%), 2011–2015
Figure 21: UK Individual Life Insurance – Penetration (%), 2015–2020
Figure 22: UK Group Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2020
Figure 23: UK Group Life Insurance – Gross Written Premium Share by Category (GBP Billion), 2011–2020
Figure 24: UK Group Life Insurance – Gross Written Premium Dynamics by Category (GBP Billion), 2011–2020
Figure 25: UK Group Life Insurance – Penetration (%), 2011–2015
Figure 26: UK Group Life Insurance – Penetration (%), 2015–2020
Figure 27: UK – The Three Pillars of Solvency II
Figure 28: UK – Insurance Supervision and Control at Various Levels
Figure 29: UK – Insurance Regulatory Frameworks for Company Registration and Operation


COMPANIES MENTIONED

Aviva plc
Standard Life
Prudential
FIL Ltd
Legal & General
Lloyds Banking Group
Royal London Mutual
Rothesay Life
Pension Insurance Corporation (PIC)
Old Mutual
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