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(MoneyNewsWire.Net, October 04, 2018 ) "UK Protection Insurance 2018: Critical Illness & Income Protection", the report discusses the IP and CII market, looking at market size with regards to changes in contracts and premiums, in addition to claims. It highlights the barriers to consumer engagement, how products are distributed, and the main players and their propositions. It provides five-year forecasts of market size in premiums to 2022, and discusses how the market is likely to change as healthcare technology is developed.
Both the income protection (IP) and critical illness insurance (CII) markets experienced strong growth in 2017. Combined, they increased their share of the total protection market for the fourth year in a row, accounting for 10% of premiums in 2017. This indicates growing demand for illness-and injury-oriented products. The IP and CII markets remain locked in a dynamic where products are sold as opposed to bought; as a result, the advisory channel has remained the main way in which IP and CII products are distributed. But consistent growth is occurring in the non-advisory channel (to a greater extent in the CII market), which suggests that over the coming years we may see a shift towards products being bought rather than sold.
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Scope
-The number of contracts in the IP market increased in 2017 to 132,949, up 11.3% compared with the previous year. Premiums grew by 11% compared with 2016, reaching £53.63m.
-The standalone CII market experienced considerable growth in 2017, with premiums and contracts increasing by 37% and 46.2% respectively.
-Legal & General remained the largest provider of CII products in 2017, accounting for 25.5% of new contract sales. Meanwhile Aviva accounted for 24.6%, with its strong performance largely due to the incorporation of Friends Life.
Reasons to buy
-Understand the barriers of uptake for CII and IP, and learn how to increase consumer engagement.
-Explore how the distribution landscape is changing for these products.
-Discover which providers lead the way in CII and IP.
-See how the CII and IP markets are forecast to grow over the next five years.
Table of Contents
EXECUTIVE SUMMARY 2
1.1. Market summary 2
1.2. Key findings 2
1.3. Critical success factors 2
MARKET DYNAMICS 8
DISTRIBUTION DYNAMICS 24
COMPETITOR DYNAMICS 28
4.1. The protection market is ruled by a small number of players 28
4.1.1. Legal & General and Aviva dominated the CII market in 2017 by number of new contracts 28
4.1.2. IP gets a new market leader following Aviva and Friends Life tie-up 29
4.2. Competitor profiles for the leading CII and IP providers 31
4.2.1. Legal & General's CII product gives policyholders access to a number of additional benefits 31
4.2.2. Legal & General's IP product can be tailored to reduce premiums 32
4.2.3. Aviva offers two types of CII products to consumers tailored for different circumstances 32
4.2.4. Aviva's Income Protection+ provides flexibility that allows product tailoring 33
4.2.5. LV='s CII product is only available as a rider alongside term life insurance 33
4.2.6. LV= offers two main types of IP products to consumers 33
4.2.7. Zurich to launch new protection platform in September 2018 34
4.2.8. Guardian Financial Services aims to shake up the protection market 34
4.2.9. Vitality's cover operates on a severity scale when assessing claims 34
4.3. The continued complexity of products could result in a new classification system 35
4.3.1. CII and IP could look to other markets to help consumers understand products 35
4.3.2. The number of conditions offered by the top five CII providers varies considerably 35
4.3.3. The increasing number of individuals purchasing without advice may lead to the development of more comparison services 37
THE FUTURE MARKET 38
APPENDIX 43
List of Tables
Table 1: Total protection market split by mortgage-and non-mortgage related products, 2011-17 10
Table 2: The number of contracts in the IP and CII markets, 2011-17 11
Table 3: Premiums in the IP and CII markets (£000), 2011-17 11
Table 4: Contracts and premiums in the IP market, 2011-17 13
Table 5: Contracts and premiums in the standalone CII market, 2011-17 15
Table 6: Contracts and premiums in the CII rider market, 2014-17 16
Table 7: The composition of the CII as a rider market, 2017 17
Table 8: Uptake rates of CII as a rider across different products, 2017 18
Table 9: Number of contracts in the total group market, 2011-17 19
Table 10: Premiums in the total group market (£000), 2011-17 19
Table 11: The cost of claims in the CII market, 2016-17 20
Table 12: IP claims landscape, 2016-17 23
Table 13: Distribution of IP products, 2014-17 25
Table 14: Distribution of standalone CII products, 2014-17 27
Table 15: Top five providers by share of new CII contracts, 2016-17 29
Table 16: Top five providers by share of new IP contracts, 2016-17 31
Table 17: Percentage payout of claims by severity and Vitality serious illness cover by type 35
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