UK Protection Insurance 2024: Income Protection

The report provides an in-depth assessment of the income protection insurance market, looking at current and historical market size 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 proposition of the key market players. It provides five-year forecasts of contracts and premiums to 2028 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.

In 2023, the income protection market experienced significant growth, with both contracts and premiums increasing. The product experienced high demand amid challenging economic conditions, particularly the cost-of-living crisis. The advised channel is favored for the purchase of income protection products, with intermediary firms dominating the market. Consumers actively seek advice to better understand their insurance needs and find the most cost-effective option.

Scope

• Aviva took the lead in the income protection market, overtaking Legal & General.
• 36.1% of respondents indicated that mortgage protection was the most important feature of income protection products.
• 18% of fully employed individuals have income protection in place, whereas only 11.8% of self-employed individuals have the same coverage.

Reasons to Buy

• Examine the size of the standalone income protection insurance market
• Identify the leading providers of income protection insurance
• Learn about the implications of the cost-of-living crisis on the market
• Understand the influence of a variety of factors on market growth