DUBLIN, September 17, 2021--(BUSINESS WIRE)--The "United Kingdom (UK) Income Protection Insurance Market to 2025 - Analysing Market Drivers and Forecast, Product Launches and Innovation, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The report provides an in-depth assessment of the income protection insurance market, looking at current and historical market sizes with regards to changes in contracts and premiums. It examines how income protection products are distributed and highlights key changes in the competitive landscape, as well as the propositions of the key market players. The value of claims is also assessed. The report provides five-year forecasts of contracts and premiums to 2025 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.
The income protection market contracted in 2020 - new business premiums decreased by 10.1% and the number of contracts fell by 1.7%. Despite the contraction in 2020, new business premiums and contracts are expected to return to growth by 2021, experiencing 10.0% and 10.8% increases. IP market growth is expected to be driven by the high demand for IP products in light of the pandemic's continued prominence and consumers' increasing awareness of their financial vulnerability.
There were 171,457 IP contracts sold in 2020, and new business premiums totalled £59.3m, representing contractions of 1.7% and 10.1%, respectively, since 2019.
Aviva, the leading provider of IP, experienced a 6.2 percentage point contraction in market share in 2019, now accounting for 26.1% of the market. However, the top three leading providers have remained unchanged.
Cancer, musculoskeletal conditions, and mental illness accounted for 63.6% of IP claim costs in 2020. Due to an increase in remote working, isolation, and the suspension of NHS health screenings, payouts for these conditions are expected to rise.
Key Topics Covered:
Background The Protection Market
The Income Protection Market
Product Launches and Innovation
Legal & General
Medical Screening Solutions
For more information about this report visit https://www.researchandmarkets.com/r/8jsge1
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210917005293/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900