Group Risk Insurance Industry Growth, Trend and Research Share in UK, Key Trends and Opportunities to 2018
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- The report provides market analysis, information and insights into the UK group risk insurance business.
- It also provides a snapshot of the market's size and dynamics.
- Furthermore, the report offers a comprehensive analysis of claims, drivers and market outlook.
- It also summarises deals, news and regulatory developments in the category.
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New business premiums in the group risk insurance category grew by 35.8% in 2012, but fell by 2.9% in 2013. This was a result of a sharp rise in new business at Friends Life in 2012 following its consolidation of Bupa’s protection business and Axa’s UK life business, and a subsequent decline in group protection sales reported by the insurer in the 2013 PRA returns.
The majority of group risk insurers achieved solid results in both 2012 and 2013, receiving a boost in new group protection sales due to the introduction of pension auto-enrolment from October 2012. The group risk insurance category recorded a compound annual growth rate (CAGR) of 1.0% during the review period (2009–2013) to reach a value of GBP293.7 million in 2013.
Providers and advisers are expected to benefit from opportunities created by auto-enrolment, as more employers will be willing to consider a wider range of flexible benefits for their staff. Group risk benefits, such as group income protection (IP), group critical illness (CI) or group life schemes, are expected to become more relevant to employers as they aim to reduce sickness absence costs and improve staff retention.
- This report provides a comprehensive analysis of the group risk insurance market in the UK.
- It provides historical values for the UK group risk insurance market for the report’s 2009–2013 review period and forecast figures for the 2014–2018 forecast period.
- It offers estimates of new business premiums collected in the market.
- It provides an overview of market dynamics and market drivers.
- It profiles top group risk insurers in the UK and outlines the key challenges faced in the market.
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Reasons to buy
- Gain an understanding of the UK group risk insurance market.
- Learn about the performance of market drivers, claims and market dynamics.
- Explore group risk products and key providers in the category.
- Find out more on key deals and recent developments in the market.
- Protection providers deliver strong results in the group risk insurance category.
- Auto-enrolment has the potential to widen the appeal of group risk benefits.
- The government is launching a new Health and Work Service (HWS) initiative.
- Online technical solutions are well received by intermediaries.
- The category is forecast to expand at CAGR of 4.5% during the next five years.
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