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The life insurance segment in the UK accounted for 69.3% of the total industry’s gross written premium in 2013 after posting a review-period (2009–2013) compound annual growth rate (CAGR) of 0.4%. The slower growth was associated with lower consumer confidence after the global financial and European debt crises, which led to a decline in the segment from 2008 until 2011. However, due to government actions and regulatory changes, the overall life segment increased at a CAGR of 4.0% during 2011–2013. Group life insurance recorded positive growth, although individual life insurance declined due to low levels of confidence in investments, increased regulatory scrutiny by the Financial Conduct Authority (FCA), and changes in pensions during the review period.
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
UK Life Insurance Market - Forecast to 2018
1. Life Insurance in the UK, Key Trends and Opportunities to
2018
Published: Jul 2014
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2. Life Insurance in the UK, Key Trends and Opportunities to 2018
Synopsis
The report provides in-depth market analysis, information and insights into the
UK life insurance segment, including:
The UK life insurance segment’s growth prospects by life insurance categories
Key trends and drivers for the life insurance segment
The various distribution channels in the UK life insurance segment
The detailed competitive landscape in the life insurance segment in the UK
Detailed regulatory policies of the UK insurance industry
A description of the life reinsurance segment in the UK
Porter's Five Forces analysis of the life insurance segment
A benchmarking section on the UK life insurance segment in comparison with
other countries with GWP>$150 billion
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3. Life Insurance in the UK, Key Trends and Opportunities to 2018
Summary
The life insurance segment in the UK accounted for 69.3% of the total industry’s
gross written premium in 2013 after posting a review-period (2009–2013)
compound annual growth rate (CAGR) of 0.4%. The slower growth was
associated with lower consumer confidence after the global financial and
European debt crises, which led to a decline in the segment from 2008 until
2011. However, due to government actions and regulatory changes, the overall
life segment increased at a CAGR of 4.0% during 2011–2013. Group life
insurance recorded positive growth, although individual life insurance declined
due to low levels of confidence in investments, increased regulatory scrutiny by
the Financial Conduct Authority (FCA), and changes in pensions during the
review period.
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before-buying/?rname=15710 .
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4. Life Insurance in the UK, Key Trends and Opportunities to 2018
Key highlights
The life insurance segment in the UK accounted for 69.3% of the total industry’s
gross written premium in 2013.
The life insurance segment in the UK is very well developed, with a high
penetration rate of 8.7% of GDP in 2013.
The introduction of the Retail Distribution Review (RDR) in December 2012, a
government initiative designed to increase consumer trust and confidence in
insurance products and services, is expected to drive future growth in the life
segment.
Group life insurance recorded positive growth when compared to individual life
insurance, due to the high volume of overseas business.
In 2014, the UK government announced changes in the pension regime,
including giving workers more control over their pension funds after retirement.
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in-the-uk-key-trends-and-opportunities-to-2018/ .
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5. Life Insurance in the UK, Key Trends and Opportunities to 2018
Reasons to buy
Make strategic business decisions using in depth historic and forecast market
data related to the UK life insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth
opportunities within the UK life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the
reinsurance segment
Identify the growth opportunities and market dynamics within key product
categories
Gain insights into key regulations governing the UK insurance industry and its
impact on companies and the market's future
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6. Life Insurance in the UK, Key Trends and Opportunities to 2018
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