The protection market will see improvements at a time when the economy is at a pivotal point of recovery. Consumers are more financially aware of risks in the aftermath of the financial which will have a positive effect on the uptake of protection products.
*Sizes the UK protection market and identifies lucrative consumer segment opportunities for providers.
*Highlights barriers to entry into the protection market for consumers and assess strategies to combat these barriers.
*Identifies the top competitors and distribution channels of the UK protection market.
Consumers have become more financially aware given the financial crisis however they lack understanding of the product and where to seek advice. Advisors are perfectly positioned to educate consumers in hedging protection risks.
Reasons to Purchase
*Understand of the size, shape and key drivers of the protection market.
*Gain invaluable insight in to the latest innovations and developments in the market
*Access Datamonitor's forecasts for the market and distribution channels and gain valuable understanding of market development.
Table Of Contents :
Executive Summary 2
The protection market continued to contract in 2009 2
Providers need to innovate products and improve clarity in order to attract consumers 2
Regulatory issues will impact on the protection market 2
IFAs are the dominant channel, but non-intermediated channels are forecast to increase 2
Table of Contents 3
Table of figures 4
Table of tables 5
Market context 6
The full suite of protection consists of five main types of products 6
Whole of life policies have guaranteed payouts 6
Term assurance is the most basic form of life assurance 7
Critical illness products provide a helping hand in difficult circumstances 8
Income protection products provide an income stream in times of need 9
Long-term care Insurance 10
New business in the protection market has seen a decline of 0.5% 10
Whole of life has maintained 2008 levels despite a contacting protection market 10
Savings related term assurance continues its upward swing of growth in 2009 11
Sales of IP have fallen by 8.5% compared to the previous year's new business 12
Standalone CII is losing popularity among consumers 13
CII as a rider to term assurance accounts for a majority of the market 13
Long-term care accounted for only 1.3% of the protection market new business premiums in 2009 15
The total protection market is forecast to grow at a CAGR of 1.2% between 2010 and 2014 15
Mortgage related term assurance 16
Savings related term assurance will return to pre-recessionary levels 17
Whole of life will peak in 2011 before declining thereafter 17
Income protection will experience low growth of 1.5% over 2010-14 18
Critical illness 18
CII as a rider to term assurance will see growth of 5%
To know more about this report & to buy a copy please visit :