The Term assurance market grew by 7.0% to reach GBP551.9 million in new business premiums in 2021, showing a recovery from the contraction in 2020. Mortgage-related term assurance experienced the largest growth in 2021, with new contracts and business premiums recording increases of 10.8% and 11.9% respectively. The pandemic has highlighted the importance of digitalization. The sales process and claims process will require more digital integration to cope with changes in consumers' attitude towards digital channels.
This report provides an in-depth assessment of the term assurance market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how term assurance 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. It provides five-year forecasts of market size in contracts and premiums to 2026f. In addition, the report discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.
This report provides an in-depth assessment of the term assurance market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how term assurance 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. It provides five-year forecasts of market size in contracts and premiums to 2026f. In addition, the report discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.
Scope
- The term assurance market grew by 7.0% to reach GBP551.9 million in new business premiums in 2021. The number of contracts grew by 4.8% to 1.7 million.
- Legal & General remains the largest player in the term assurance market with a 31.6% share of contracts sold in 2021.
- Term assurance dominates the protection market, accounting for 74.4% of contracts and 71.3% of new business premiums.
- Innovation is occurring in the form of platforms such as Anorak that make it easier for advisors to complete and submit online applications, track them in real-time, and create a policy start date all in one place.
Reasons to Buy
- Examine the size of the term assurance market.
- Learn about the impact of legislation in the market.
- Understand the influence of a range of factors on growth.
Table of Contents
- Executive Summary and Critical Success Factors
- Background: The Protection Market
- The Term Assurance Market
- Market Drivers
- Product Launches and Innovation
- Competitive Landscape
- Forecasts
- Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Aegon
- Legal & General
- Aviva
- Royal London
- Vitality
- Zurich
- AIG
- Anorak
- reviti
- Guardian
- LV=
- Holloway Friendly
- Tractable
- Kyobo
- Bupa
- Livi
- Lycainsure
- Iress
- Asanto
- Anthemis
- Smartr365
- Salary Finance
