Dublin, Dec. 03, 2024 (GLOBE NEWSWIRE) -- The "UK Protection Insurance 2024: Whole of Life Assurance" report has been added to ResearchAndMarkets.com's offering.
This report provides an in-depth assessment of the whole of life market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how whole of life products are distributed, and highlights key changes in the competitive landscape, as well as the propositions of the key players.
It provides five-year forecasts for market size by contracts and premiums to 2028 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.
In 2023, the whole of life market witnessed a resurgence, with the number of contracts increasing after three consecutive years of decline. Premiums also saw an uptick during the same period. Guaranteed acceptance policies represented 83.7% of contracts in 2023, yet only accounted for 47% of premiums. The proportion of premiums attributed to underwritten policies is significantly higher than their share of policies, owing to the inherent nature of the policy and the coverage it offers. The direct channel is the favored distribution channel of guaranteed acceptance products, due to the simplicity of the product being sold.
Report Scope
- SunLife dominated the whole of life insurance market in 2023, holding a 51.9% share of contracts, while second-placed AIG accounted for just 15.8%.
- The use of providers' apps for over-50s insurance purchases saw a notable rise from 4.7% in 2022 to 8.1% in 2023.
- 52.1% of individuals aged 18 to 24 express comfort with AI-powered chatbots, compared to only 12.6% of those aged 70 and above.
Reasons to Buy
- Examine the size of the whole of life assurance market
- Identify the leading providers of whole of life assurance
- Learn about the implications of the cost-of-living crisis on the market
- Understand the influence of a variety of factors on market growth
Key Topics Covered:
- Executive Summary
- Background: The Protection Market
- The Whole of Life Assurance Market
- Market Drivers
- Product Launches and Innovation
- Competitive Landscape
- Forecasts
Company Coverage:
- SunLife
- AIG
- OneFamily
- Square 4
- INSTANDA
- Clark UK
- iptiQ
- Swiss Re
- Aviva
- Iress
- Scottish Friendly
- Legal & General
For more information about this report visit https://www.researchandmarkets.com/r/t66k0b
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