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Protection Products - Critical Illness, Income Protection and Payment Protection - UK - June 2010

  • Consumer engagement is a major challenge for the protection industry as many consumers tend to forget about their insurance policies until they need to claim. Protection providers can improve customer engagement and add an element of exclusivity by sending customers exclusive offers specifically tailored to their individual needs.
  • Government reform of the welfare system has made claiming benefits considerably more difficult and has subsequently created an even greater need for protection products. Although this has been communicated internally within the industry, there needs to be more direct communication with consumers about what this means for them.
  • Over seven million adults over the age of 18 who do not own any type of protection product say they believe the policies are over-priced. Although the handling of claims is one of the most effective ways insurers can demonstrate value for money, many are not doing so because of the lack of an industry standard for publishing claims.
  • With the industry now facing increased scrutiny, the providers who best understand their target audience will prosper. Providers should first define their target audience and then design products geared specifically towards them.
  • The protection industry would be much better off lessening its reliance on the mortgage market going forward. The resiliency of the critical illness sector during the past year provides evidence that other distribution strategies can be as if not more effective in generating new business.
  • Although 9.8 million individuals over the age of 18 say they have insurance policies that would pay out if they were unable to work, nearly double the amount (18.5 million) say they would rather draw on savings. Placing more emphasis on the cost savings individuals can make by holding a protection policy in promotional materials could help boost sales and raise awareness of the need for protection.

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Table of contents

  1. Issues in the Market

      • Key issues
        • Abbreviations
        • Future Opportunities

          • Proving protection’s worth
            • Improving consumer engagement, covertly
            • Market in Brief

              • The protection market is hard hit by falling mortgage business
                • New income protection business falls back in 2009
                  • Figure 1: New individual income protection sales (by volume and value) and average annual premiums, 2005-09
                • Critical illness rebounds in 2009
                  • Figure 2: New individual CI sales, by volume and value, 2005-09
                • Creditor insurance new business down by two fifths
                  • Figure 3: Estimated GWP in the creditor insurance market, 2005-09
                • Challenging economic conditions remain
                  • Protection industry working to improve its image
                    • A regulatory environment in transition
                      • Market share
                        • Overall protection adspend in decline
                          • Figure 4: Advertising spend on select protection products in the UK, 2008-10
                        • Channels to market
                          • Key consumer research findings
                            • How people would cope if unable to work
                              • Protection product ownership
                                • Barriers to purchase
                                • Internal Market Environment

                                  • Key points
                                    • Key factors impacting all segments
                                      • Negative press
                                        • Lack of trust in protection industry
                                          • ABI non-disclosure rules
                                            • Consumer confusion and lack of awareness
                                              • Welfare Reform
                                                • EU Solvency II directive
                                                  • Bankruptcy as an alternative to insurance?
                                                    • FSA proposes to allow commissions on pure protection sales post-RDR
                                                      • More consumers arranging insurance online
                                                        • Income protection
                                                          • Income protection gap hovering at £190 billion
                                                            • Figure 5: Income protection gap, measured by annual benefit, 2005-09
                                                          • Product complexity can make income protection uncompetitive
                                                            • More focus on simple products going forward
                                                              • Critical illness
                                                                • A new approach to claims has increased costs, but helped CI’s image
                                                                  • Successful claims rate nears 90% for top five providers in 2008…
                                                                    • Figure 6: Total CI claims paid and proportion of successful claims, by top five providers, 2007 and 2008
                                                                  • … and 2009 looks to have been another record-breaking year for claims
                                                                    • Proportion of declined claims due to non-disclosure continues to drop
                                                                      • Figure 7: Proportion of CI claims declined due to non-disclosure, by top five providers, 2007 and 2008
                                                                    • Creditor insurance
                                                                      • Competition Commission investigation
                                                                        • PPI point of sale ban upheld despite objection from leading providers
                                                                          • Compensation for mis-sold PPI claims will cost industry dearly
                                                                          • Broader Market Environment

                                                                            • Key points
                                                                              • The economy – a fragile recovery
                                                                                • Demand for credit likely to remain subdued going forward
                                                                                  • Figure 8: Intended consumer financial activity, Q3/4 2002-Q1 2010
                                                                                • Gross lending fell sharply in 2009
                                                                                  • Figure 9: Total gross lending to individuals (not seasonally adjusted), 2000-09
                                                                                • Critical illness cover least affected by lending malaise
                                                                                  • Creditor insurance providers have plenty of outstanding debt to target
                                                                                    • Figure 10: Amounts outstanding of personal sector debt (not seasonally adjusted), and as a proportion of total PDI, 2000-09
                                                                                  • Trends in workforce size and composition
                                                                                    • Figure 11: Total workforce and employment figures, 2004-14
                                                                                  • High unemployment a mixed blessing for creditor insurance market
                                                                                  • SWOT Analysis

                                                                                      • Figure 12: Protection product market SWOT analysis, 2010
                                                                                  • Who’s Innovating?

                                                                                    • Key points
                                                                                      • Friends Provident to work closer with wealth managers on protection
                                                                                        • Fortis Life adds its ‘best doctor’ service to protection products
                                                                                          • Scottish Provident upgrades ‘Life Matrix’ adviser toolkit
                                                                                            • Advised online protection sales via GetLifeRight.co.uk
                                                                                              • Income protection providers focus on simplicity and value
                                                                                                • Legal & General makes it easier for cover to rise in line with income
                                                                                                  • Aviva provides cover during underwriting and introduces ‘tele-claims’
                                                                                                    • Bright Grey teams up with HCML to aid in client rehabilitation
                                                                                                      • Critical illness providers striving to improve claims handling
                                                                                                        • Aegon introduces ‘tele-claims’ service for CI
                                                                                                          • Aviva launches new principles-based CI product
                                                                                                            • Higos targets renters with new PPI product
                                                                                                            • Market Size and Forecast – Income Protection

                                                                                                              • Key points
                                                                                                                • New business levels retreat in 2009
                                                                                                                  • Figure 13: New individual income protection sales (by volume and value) and average annual premiums, 2005-09
                                                                                                                • More focus on simplified products going forward
                                                                                                                  • Average annual benefits rise to £12,675
                                                                                                                    • Figure 14: Average annual benefits for individual income protection policies, 2005-09
                                                                                                                  • Number of policies in-force stagnates but regular premium income rising
                                                                                                                    • Figure 15: Total number of regular premium individual income protection policies in-force, regular-premium income, and maximum benefits insured per annum, 2004-08
                                                                                                                  • Forecast
                                                                                                                    • Market conditions to improve from 2011
                                                                                                                      • Figure 16: Forecast of new individual income protection sales (by volume and value) and average annual premiums, 2005-15
                                                                                                                    • Factors used in the forecast
                                                                                                                    • Market Size and Forecast – Critical Illness Cover

                                                                                                                      • Key points
                                                                                                                        • New business levels recover in 2009
                                                                                                                          • Figure 17: New individual CI sales, by volume and value, 2005-09
                                                                                                                        • 93% of new CI sales sold with other insurance
                                                                                                                          • Figure 18: New individual CI sales, by type, by volume and value, 2005-09
                                                                                                                        • Strong rise in protection-related term assurance new CI rider sales
                                                                                                                          • Figure 19: New individual CI rider benefit sales, by volume and value and type of insurance, 2005-09
                                                                                                                        • Forecast
                                                                                                                          • Further growth expected
                                                                                                                            • Figure 20: Forecast of new individual CI sales, by volume and value, 2005-15
                                                                                                                          • Factors used in the forecast
                                                                                                                          • Market Size – Creditor Insurance

                                                                                                                            • Key points
                                                                                                                              • New GWP down 40% in 2009
                                                                                                                                • Figure 21: Estimated GWP in the creditor insurance market, 2005-09
                                                                                                                              • MPPI and PLPPI see their proportion of GWP decline in 2009
                                                                                                                                • Figure 22: Estimated GWP in the creditor insurance market, by sector, 2005-09
                                                                                                                              • An uncertain future
                                                                                                                              • Market Share

                                                                                                                                • Key points
                                                                                                                                  • Income protection
                                                                                                                                    • Top five account for 60% of new sales
                                                                                                                                      • Figure 23: Top five providers of new individual income protection policies, by volume of sales, 2009
                                                                                                                                    • Critical illness cover
                                                                                                                                      • Legal & General continues to stay ahead of the competition
                                                                                                                                        • Figure 24: Top five product providers, by volume of new individual CI sales, 2009
                                                                                                                                      • Creditor insurance
                                                                                                                                        • Top four account for 60% of new business
                                                                                                                                          • Figure 25: Estimated market share of the main creditor insurance underwritters, by GWP, 2009
                                                                                                                                      • Companies and Products

                                                                                                                                        • Major players – Critical illness and income protection
                                                                                                                                          • Aviva
                                                                                                                                            • Friends Provident
                                                                                                                                              • Legal and General
                                                                                                                                                • LV=
                                                                                                                                                  • Resolution – Scottish Provident and Royal London
                                                                                                                                                    • Scottish Widows
                                                                                                                                                      • Major players – Creditor insurance
                                                                                                                                                        • Lloyds TSB
                                                                                                                                                          • HBOS
                                                                                                                                                            • Barclays
                                                                                                                                                              • Royal Bank of Scotland (RBS)
                                                                                                                                                              • Brand Communication and Promotion

                                                                                                                                                                • Key points
                                                                                                                                                                  • Protection adspend down to £1.9 million in the year to February 2010
                                                                                                                                                                    • Figure 26: Advertising spend on select protection products in the UK, 2008-10
                                                                                                                                                                  • Top ten advertisers of protection products lead by Chartis Direct
                                                                                                                                                                    • Figure 27: Advertising expenditure by the top ten advertisers of select protection products, 2009 and 2010
                                                                                                                                                                  • Direct mail accounts for half of all adspend
                                                                                                                                                                    • Figure 28: Overview of media type used to advertise select protection products, 2010*
                                                                                                                                                                • Channels to Market

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Most protection product sales are sold with advice
                                                                                                                                                                      • Income protection
                                                                                                                                                                        • IFAs regain dominance
                                                                                                                                                                          • Figure 29: New individual sales of income protection policies, by distribution channel, 2008-09
                                                                                                                                                                        • Critical illness
                                                                                                                                                                          • IFAs continue to increase their share of new CI rider benefit sales
                                                                                                                                                                            • Figure 30: Distribution of new individual CI rider benefit premiums, by channel, 2005-09
                                                                                                                                                                          • IFAs generated over 80% of all standalone CI premiums in 2009
                                                                                                                                                                            • Figure 31: Distribution of new individual standalone CI premiums, by channel, 2005-09
                                                                                                                                                                          • Creditor insurance
                                                                                                                                                                            • Distribution strategy will be altered by Competition Commission’s ruling
                                                                                                                                                                              • Distribution has typically followed that of the lending market
                                                                                                                                                                                • Mortgages – 45% direct, 55% intermediary
                                                                                                                                                                                  • Figure 32: Proportional distribution of regulated mortgage sales, by channel, 2006/07-2008/09
                                                                                                                                                                                • Personal loans – bank branches playing the leading role
                                                                                                                                                                                  • Figure 33: Method used for arranging loans, 2006-09
                                                                                                                                                                                • Credit cards – more than half still apply in-branch
                                                                                                                                                                                  • Figure 34: How consumers applied for credit cards, 2008
                                                                                                                                                                              • The Consumer – How People Would Cope if Unable to Work

                                                                                                                                                                                • Key points
                                                                                                                                                                                  • More than a third say they would draw on savings if unable work
                                                                                                                                                                                    • Figure 35: How people would support themselves in the event of illness or loss of employment, March 2010
                                                                                                                                                                                  • Industry needs to do more to raise awareness and prove its reliability
                                                                                                                                                                                    • More also need to know about the impact of welfare reform
                                                                                                                                                                                      • 45-54s more likely than average to ‘self-insure’
                                                                                                                                                                                        • Figure 36: How people would support themselves in the event of illness or loss of employment, by gender and age, March 2010
                                                                                                                                                                                      • Those in the family lifestage most likely to have thought things out
                                                                                                                                                                                        • Figure 37: How people would support themselves in the event of illness or loss of employment, by lifestage, March 2010
                                                                                                                                                                                      • Income levels a strong indicator of how consumers would cope
                                                                                                                                                                                        • Figure 38: How people would support themselves in the event of illness or loss of employment, by gross annual household income, March 2010
                                                                                                                                                                                      • Industry is over-reliant on mortgages for sales and raising awareness
                                                                                                                                                                                        • Figure 39: How people would support themselves in the event of illness or loss of employment, by housing tenure, March 2010
                                                                                                                                                                                    • The Consumer – Protection Product Ownership

                                                                                                                                                                                      • Key points
                                                                                                                                                                                        • Reported ownership levels indicate providers need to raise their game
                                                                                                                                                                                          • Figure 40: Protection product ownership, March 2010
                                                                                                                                                                                        • Existing policyholders more likely to buy other types of protection
                                                                                                                                                                                          • Figure 41: Ownership of select protection products by overall product ownership, March 2010
                                                                                                                                                                                        • Protection ownership concentrated among 35-54-year-olds
                                                                                                                                                                                          • Figure 42: Ownership of select protection products, by age, March 2010
                                                                                                                                                                                        • Reported ownership of CCPPI unusually high among over-65s
                                                                                                                                                                                          • Higher than average earners more likely to have cover…
                                                                                                                                                                                            • Figure 43: Ownership of select protection products, by socio-economic group, March 2010
                                                                                                                                                                                            • Figure 44: Ownership of select protection products, by gross annual household income, March 2010
                                                                                                                                                                                          • …suggesting that the cost of cover must come down in order to accommodate the lower end
                                                                                                                                                                                            • Direct link between home ownership and protection ownership
                                                                                                                                                                                              • Figure 45: Ownership of select protection products, by housing tenure, March 2010
                                                                                                                                                                                          • The Consumer – Barriers to Purchase

                                                                                                                                                                                            • Key points
                                                                                                                                                                                              • Lack of affordability and apathy the main barriers
                                                                                                                                                                                                • Figure 46: Barriers to buying protection products, March 2010
                                                                                                                                                                                              • Industry having a hard time reaching a wider market
                                                                                                                                                                                                • Quality direct-to-consumer advertising needed to spark interest
                                                                                                                                                                                                  • Apathy prevalent among the young while distrust higher among over-35s
                                                                                                                                                                                                    • Figure 47: Barriers to buying protection products, by gender and age, March 2010
                                                                                                                                                                                                  • Well-off the most likely to say policies are over-priced
                                                                                                                                                                                                    • Figure 48: Barriers to buying protection products, by socio-economic group and gross annual household income, March 2010
                                                                                                                                                                                                • The Consumer – Key Target Groups

                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                    • Key target groups based on coping strategies
                                                                                                                                                                                                      • Figure 49: Target groups based on how people would support themselves in the event of illness or loss of employment, March 2010
                                                                                                                                                                                                    • Family ties (16% of sample)
                                                                                                                                                                                                      • Self-sufficient (19% of sample)
                                                                                                                                                                                                        • Dependant (52% of sample)
                                                                                                                                                                                                          • Protected (13% of sample)
                                                                                                                                                                                                            • Critical illness top product owned by the ‘Protected’
                                                                                                                                                                                                              • Figure 50: Target groups based on how people would support themselves in the event of illness or loss of employment by types of protection products owned, March 2010
                                                                                                                                                                                                            • Key target groups based on barriers to purchase
                                                                                                                                                                                                              • Figure 51: Target groups based on barriers to buying protection products, March 2010
                                                                                                                                                                                                            • Unaffordable (14% of sample)
                                                                                                                                                                                                              • Over-priced and confused (23% of sample)
                                                                                                                                                                                                                • Unattached (15% of sample)
                                                                                                                                                                                                                  • Apathetic (48% of sample)
                                                                                                                                                                                                                  • Appendix – Internal Market Environment

                                                                                                                                                                                                                    • CI claims segmented by cause and supplementary data
                                                                                                                                                                                                                      • Figure 52: CI claims segmented by cause and supplementary data, by top five providers, 2008 (unless specified)
                                                                                                                                                                                                                  • Appendix – Broader Market Environment

                                                                                                                                                                                                                      • Figure 53: Intended consumer credit activity, Q3/4 2002-Q1 2010
                                                                                                                                                                                                                      • Figure 54: Intended mortgage borrowing activity, Q3/4 2002-Q1 2010
                                                                                                                                                                                                                      • Figure 55: Total lending to individuals, amounts outstanding (seasonally adjusted), 2004 Q4-2009 Q4
                                                                                                                                                                                                                      • Figure 56: Number of loan approvals secured on dwellings, seasonally adjusted, January 2007-January 2010
                                                                                                                                                                                                                  • Appendix – Market Size and Forecast – Critical Illness Cover

                                                                                                                                                                                                                      • Figure 57: Mortgage-related CI sales as a proportion of total new individual CI sales, 2005-09
                                                                                                                                                                                                                  • Appendix – Market Share

                                                                                                                                                                                                                      • Figure 58: Top five product providers, by volume of new individual CI sales, 2005-08
                                                                                                                                                                                                                  • Appendix – Brand Communication and Promotion

                                                                                                                                                                                                                      • Figure 59: Spend by media type by company in the protection products category in the UK, 2010
                                                                                                                                                                                                                  • Appendix – The Consumer: How People Would Cope if Unable to Work

                                                                                                                                                                                                                      • Figure 60: How people would support themselves in the event of illness or loss of employment, by full demographics, March 2010
                                                                                                                                                                                                                      • Figure 61: How people would support themselves in the event of illness or loss of employment, by full demographics, March 2010
                                                                                                                                                                                                                      • Figure 62: How people would support themselves in the event of illness or loss of employment, by full demographics, March 2010
                                                                                                                                                                                                                  • Appendix – The Consumer – Protection Product Ownership

                                                                                                                                                                                                                      • Figure 63: Most popular types of protection cover taken, by demographics, March 2010
                                                                                                                                                                                                                      • Figure 64: Next most popular types of protection cover taken, by demographics, March 2010
                                                                                                                                                                                                                  • Appendix – The Consumer – Barriers to Purchase

                                                                                                                                                                                                                      • Figure 65: Barriers to buying protection products, by full demographics, March 2010
                                                                                                                                                                                                                      • Figure 66: Barriers to buying protection products continued, by full demographics, March 2010
                                                                                                                                                                                                                  • Appendix – The Consumer – Key Target Groups

                                                                                                                                                                                                                      • Figure 67: Target groups based on how people would support themselves in the event of illness or loss of employment, March 2010
                                                                                                                                                                                                                      • Figure 68: Target groups based on how people would support themselves in the event of illness or loss of employment, by demographics, March 2010
                                                                                                                                                                                                                      • Figure 69: Target groups based on barriers to buying protection products, March 2010
                                                                                                                                                                                                                      • Figure 70: Target groups based on barriers to buying protection products, by demographics, March 2010

                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                  • Aegon UK
                                                                                                                                                                                                                  • AIG Europe, SA
                                                                                                                                                                                                                  • Alliance & Leicester
                                                                                                                                                                                                                  • Allianz Group
                                                                                                                                                                                                                  • Ant Insurance
                                                                                                                                                                                                                  • Asda Group Ltd
                                                                                                                                                                                                                  • Association of British Insurers
                                                                                                                                                                                                                  • Assurant Solutions
                                                                                                                                                                                                                  • Aviva Plc
                                                                                                                                                                                                                  • AXA Sun Life
                                                                                                                                                                                                                  • AXA UK plc
                                                                                                                                                                                                                  • Bank of England
                                                                                                                                                                                                                  • Bankhall Investment Associates Ltd
                                                                                                                                                                                                                  • Barclaycard
                                                                                                                                                                                                                  • Barclays Bank plc
                                                                                                                                                                                                                  • BNP Paribas
                                                                                                                                                                                                                  • Bright Grey
                                                                                                                                                                                                                  • British Market Research Bureau (BMRB)
                                                                                                                                                                                                                  • BUPA
                                                                                                                                                                                                                  • Capita Insurance Services
                                                                                                                                                                                                                  • Cardif Pinnacle
                                                                                                                                                                                                                  • Cattles plc
                                                                                                                                                                                                                  • Chelsea Building Society
                                                                                                                                                                                                                  • Cheltenham & Gloucester plc
                                                                                                                                                                                                                  • Cirencester Friendly Society Limited
                                                                                                                                                                                                                  • Co-operative Group
                                                                                                                                                                                                                  • Co-operative Insurance Society Ltd
                                                                                                                                                                                                                  • Competition Commission
                                                                                                                                                                                                                  • Council of Mortgage Lenders
                                                                                                                                                                                                                  • Defaqto
                                                                                                                                                                                                                  • Direct Line Group Limited
                                                                                                                                                                                                                  • Domestic & General Group PLC
                                                                                                                                                                                                                  • Fidelity Investment Services Limited
                                                                                                                                                                                                                  • Financial Ombudsman Service
                                                                                                                                                                                                                  • Financial Services Authority (The)
                                                                                                                                                                                                                  • Football Association (The)
                                                                                                                                                                                                                  • Formula One Administration Ltd
                                                                                                                                                                                                                  • Fortis Group SA/NV
                                                                                                                                                                                                                  • Freeview
                                                                                                                                                                                                                  • Friends Provident plc
                                                                                                                                                                                                                  • Gfk NOP
                                                                                                                                                                                                                  • Government Actuary's Department (GAD)
                                                                                                                                                                                                                  • Grupo Santander Central Hispano S.A.
                                                                                                                                                                                                                  • Hamilton Insurance
                                                                                                                                                                                                                  • Harlequins Rugby Union Club
                                                                                                                                                                                                                  • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                                                                                  • HSBC Private Bank (UK) Limited
                                                                                                                                                                                                                  • John Gilbert Financial Research
                                                                                                                                                                                                                  • Legal & General Assurance Society Limited
                                                                                                                                                                                                                  • Legal & General Group PLC
                                                                                                                                                                                                                  • Lloyds Banking Group
                                                                                                                                                                                                                  • Lloyds TSB Insurance
                                                                                                                                                                                                                  • London General Insurance Co. Ltd.
                                                                                                                                                                                                                  • LV=
                                                                                                                                                                                                                  • Market & Opinion Research International (MORI)
                                                                                                                                                                                                                  • MBNA Europe
                                                                                                                                                                                                                  • MetLife Investors Insurance
                                                                                                                                                                                                                  • MINT
                                                                                                                                                                                                                  • Nationwide Building Society
                                                                                                                                                                                                                  • NatWest
                                                                                                                                                                                                                  • Norwich Union
                                                                                                                                                                                                                  • Office of Fair Trading
                                                                                                                                                                                                                  • Pearl Group Limited
                                                                                                                                                                                                                  • Post Office Limited
                                                                                                                                                                                                                  • Prudential plc
                                                                                                                                                                                                                  • Resolution plc
                                                                                                                                                                                                                  • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                  • Royal London Group
                                                                                                                                                                                                                  • RSA
                                                                                                                                                                                                                  • Sainsbury's Bank
                                                                                                                                                                                                                  • Scottish Provident
                                                                                                                                                                                                                  • Scottish Widows Bank plc
                                                                                                                                                                                                                  • Sesame
                                                                                                                                                                                                                  • Skandia UK
                                                                                                                                                                                                                  • Skipton Building Society
                                                                                                                                                                                                                  • St Andrew's Group
                                                                                                                                                                                                                  • Standard Life Bank Limited
                                                                                                                                                                                                                  • Swiss Re
                                                                                                                                                                                                                  • Tenet Group Ltd
                                                                                                                                                                                                                  • Tesco Personal Finance Limited
                                                                                                                                                                                                                  • Ulster Bank Ltd
                                                                                                                                                                                                                  • Unum Provident
                                                                                                                                                                                                                  • Woolwich plc
                                                                                                                                                                                                                  • Yorkshire Building Society
                                                                                                                                                                                                                  • Zurich Financial Services

                                                                                                                                                                                                                  Protection Products - Critical Illness, Income Protection and Payment Protection - UK - June 2010

                                                                                                                                                                                                                  £1,995.00 (Excl.Tax)