Life Insurance in the UK - Industry Market Research Report

Hurt revenue: The cost-of-living crisis squeezes industry revenue in the current year

Over the five years through 2022-23, premium income has increased and the commercial market and corporate contracts have predominantly driven growth. Bulk annuities have boomed in popularity, fuelled by pension funds de-risking. At the same time, performance from the retail market is mixed and unequal across product segments, with life coverage facing the brunt of the cost-of-living crisis as people consider where they can save money, with individual annuities are making somewhat of a comeback. Industry firms provide life insurance cover and life-based investment products. Life insurance obliges the insurer to pay designated beneficiaries a sum of money in the event of the insured individual suffering death, disablement, serious illness or injury. As with all insurance contracts, exclusions may apply that limit the insurer’s liability, such as suicide, riot or war. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.