Reportsn Reports Added Last UK income protection market The research report estimates market size by the end of the year based on CAGR through in-depth analysis of historical data over the years. The main purpose of this report is to determine the health of the UK revenue protection market, forecast, growth opportunities, market size by analyzing segments such as key market players, regional classifications, product type and industry. The UK Income Protection Market also provides a comparative analysis of market dynamics before and after the Covid19 outbreak.
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The UK income protection market has grown strongly in recent years. Of the major protection products, Revenue Protection was the only product to see double-digit premium growth in 2019. Selling with recommendations remains much more common than selling without recommendations. However, the non-consulting channel has experienced the fastest growth in recent years in terms of new business markups.
Income protection service providers face the prospect of increased claims due to job loss and increased incidence of COVID-19. Thus, insurers were forced to withdraw unemployment insurance from the market and add exceptions to the wording of those policies that remained. The market is expected to drop in 2020 before returning to growth. Financial hardship will highlight how vulnerable people are without a steady income, whether as a result of unemployment or illness. This will drive strong demand for income protection products in the coming years.
The report provides an in-depth assessment of the income protection market, examines the current and historical market size in relation to changes in contracts and premiums. It examines how revenue protection products are distributed and highlights key changes in the competitive landscape, as well as the offerings of key market players. It provides a five-year forecast for contracts and premiums through 2024 and discusses how the market, distribution and product offerings may change in the future, as well as the reasons for these changes.
The scope of this report is
– New business premiums in the revenue protection market grew 18.3% to reach £ 65.5m in 2019, making it the only protection product to record double-digit growth in this metric.
– Aviva strengthened its position as the largest provider of income protection insurance, with a market share of 32.3% for contracts sold in 2018.
– In 2019, the first tenant income insurance products were launched.
– The revenue protection market is predicted to plummet in 2020 and then rise until 2024. New business allowances are projected to reach £ 79.3 million by 2024.
Reasons to buy this report-
– Study the size of the income protection market.
– Find out who are the top providers of income protection.
– Learn about the short and long term market implications of COVID-19.
– Understand the influence of other factors on growth.
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Table of contents
1. Background: protection market
2. Income protection insurance market
3. Market Drivers
Impact of COVID-19
4. New product launch and innovation
5. Competitive environment
Methodology and application