group risk insurance in the uk, key trends and opportunities to 2018
TRANSCRIPT
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Group Risk Insurance in the UK, Key Trends
and Opportunities to
2018
Category : Banking & Finance
All logos and Images mentioned on this slide belong to their respective owners.
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Introduction to Report
Launch Date: October 18, 2014
Number of Pages: 58
Geography Coverage: United Kingdom
Available Format: PDF
Price For Single User License: USD 2,795
Price For Site User License: USD 5,590
Price For Global User License: USD 8,385
Delivery Time: Within 24 Hours (During Working Days)
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About the Report
The report provides market analysis, information and insights into the UK group risk insurance business. 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.
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Key Highlights
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.
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Key Highlights Continues…
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.
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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Scope:
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.
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Report Coverage
1. Executive Summary2. Introduction 3. Market Analysis4. Competitive Landscape5. Deals and News6. Regulation and Compliance 7. Economic Backdrop 8. Company Profiles9. Statistics10. Appendix
For more details regarding Report coverage see the last slide
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Company Coverage
1. Aviva Plc2. Canada Life Ltd3. Friends Life Group Ltd4. HSBC Holdings Plc 5. Legal & General Group Plc6. Lloyds Banking Group Plc 7. Standard Life Plc8. The Royal London Group9. Unum Ltd10. Wesleyan Assurance Society
For more details regarding Report coverage see the last slide
All logos and Images mentioned on this slide belong to their respective owners.
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