United Kingdom (UK) Protection Insurance - Income Protection Market

Abstract

The income protection (IP) market experienced strong growth in 2022, with high demand for the product amid the difficult economic climate, including the cost-of-living crisis. The independent advice channel dominates, with consumers continuing to seek out advice to better understand their coverage needs as well as find the best value option. Insurers have continued adapting and adjusting products during these changing times. Innovations have revolved around consolidating multiple IP products into a single, easy-to-understand product and partnering with protection panels to expand distribution networks.

The report provides an in-depth assessment of the income protection (IP) insurance market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how IP products are distributed and highlights key changes in the competitive landscape, as well as the proposition of the key market players. The value of claims is also assessed. It provides five-year forecasts of contracts and premiums to 2027 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.

Scope

• The IP market experienced strong growth in 2022. Contracts increased by 11.7% to 213,100 while premiums rose by 20% to GBP81 million.
• The independent advice channel dominates the IP market, with a 70.1% and 70.3% share of contracts and premiums. Consumers continue to seek out advice to better understand their coverage needs as well as find the best value option.
• Legal & General was the top provider of IP insurance in 2022 with a share of 27.4%. The top five accounted for 80.1% of the market.

Reasons to Buy

• Examine the size of the income protection market
• Discover the leading providers of income protection in the UK market
• Learn about the impact of the cost-of-living crisis on income protection insurance
• Understand how the claims landscape is evolving